Healthcare is a growing segment. With innovations happening every day, it is expanding to become a wide market which needs to be explored well. Fertility treatment market has provided consumers who face problems in conceiving a ray of hope to have a little one of their own. IVF or In-vitro fertilisation market has been booming with treatment techniques and consumers have been making good use of it. Infertility is a big problem in today’s time and various couples look up to IVF to give a happy ending to their problems of not conceiving or not being able to start a family.
The Market
Healthcare is a market which has provided with the best solutions to the mankind. The global In-vitro fertilisation market has been growing well and shows a lot of potentials to give patients the perfect family they have always wanted to have. The global industry is expected to reach USD 3.72 billion by 2021 from USD 1.75 billion in 2016. The industry has been expanding at a CAGR of 16.4% during 2015-2020.
According to a new report by Allied Market Research, the In-vitro fertilisation market in India is expected to reach USD 775.9 million by 2022 at a CAGR of 16.6% from 2016-2022.
The Reasons
The increasing number of delayed pregnancies in women, raising awareness pertaining to infertility consequences and the presence of favourable reimbursement methods are some of the reasons for the high demands in the fertility treatments market. The increasing technological inventions for IVF procedures, growing gynaecological and fertility disorders and various other reasons leading to lifestyle disorders are some of the other reasons for the growth in the industry.
The growing number of cases of couples not able to conceive in India is alarming. Stress, pollution, lifestyle patterns etc are the reasons which have led to the increase in infertility rates among Indian couples. India is also becoming a medical tourist destination and the low service rates have contributed to it being preferred more than other countries.
The Segments
The IVF market is huge enough to have various segments in itself. It has given way to the growth of many other areas and methods which suit consumers accordingly. The industry is divided into segments like reagents and media, instruments, technology and end users. These segments are further branched out and have various other sub-segments. Each segment has developed because of changing needs of consumers. The global In-vitro fertilisation market has many segments in it and each segment caters to different purpose and needs of consumers who are childless or are unable to conceive. This has helped and provided the consumers with wide options to choose from methods, techniques, procedures, technology etc.
Key Players
The global In-vitro fertilisation market has enormous brands contributing to the cause of fighting infertility and providing a healthy family to childless couples. The key players globally are CooperSurgical Inc (U.S.), Vitrolife AB (Sweden), Cook Medical Inc.(U.S.), Genea Limited (Australia) and many others. The key players in the IVF market are Sun Pharmaceuticals Industries Ltd., Cadila Healthcare Ltd., Bourn Hall Clinic, Southend Fertility, Indira IVF, Corion Fertility Clinic etc.
Expert Speak
“The IVF market has grown at a CAGR of 18% in the last decade despite this the IVF market is highly under-penetrated with demand being 9 to 12 times higher than the current market, even in large metro cities. We face a serious challenge of high infertility rate and significantly low treatment rates. IVF market is expected to grow at a CAGR of ~20% thus estimating 260,000 cycles in the year 2020. India is also becoming the preferred destination for medical tourism. Indian IVF industry is seeing a surge in foreign investments e.g. Goldman Sachs, Medicover etc. The ART bill and Surrogacy bill aim to regulate the IVF industry providing for safe and ethical practices and disclosures on outcomes. To sum up, the IVF market in India is a very fast growing market. There is a need for increased awareness in the population, both about infertility and about the availability of treatments and a need to de-stigmatize infertility. This in addition to making affordable treatments available will increase the penetration of services in the market”, says Dr.Rajalaxmi Walavalkar, Consultant, IVF and Reproductive surgery, Cocoon Fertility
Conclusion
Infertility is a big problem which couples face. It has affected many couples worldwide leading them to choose fertility treatments as a solution. India also has a high rate of infertility problems among couples basically due to reasons like stress, lifestyle problems, pollution etc. The growth in the IVF market is mainly due to the introduction of new technologies, more awareness about the problems and the procedures, wide category of options available etc. The Indian IVF market has surely seen growth over the years and is expected to go further. With the involvement of new techniques, more focus on clinical researchers, awareness among the consumers and many other reasons, more expansion in the market is seen in the times to come.
