Global In-Vitro Fertilization (IVF) Market Research and Forecast, 2018-2023
In-Vitro Fertilization is a process to fertilize the egg and the sperm outside the body in a lab inside a glass (in-vitro). The need for In-Vitro Fertilization in modern day is due to the mutating genes of the human body due to many factors that have begun to affect the health of the general population. The factors that can be thought of as such are pollution, stress, junk food and no proper pattern for sleep. In a nutshell, this can be called as a lifestyle change and modern-day culture that can be avoided but are inevitable in the long run. The lack of physical activity restricts the growth of sperms and eggs respectively in both the males and females. All in all, the body tends to lean towards infertility and you can’t blame any particular sex (male/female) in that. Countries that are yet emerging but have an ancient culture of shaming a woman for the infertility is one reason that makes the market to grow. Lack of sexual knowledge and practice of unnatural sex coupled with sexual accidents has also lead to the growth of the market.
In-Vitro Fertilization process is done by extracting the egg from the female body and inserting the sperm into the egg in a liquid and a controlled environment. Then the zygote (fertilized egg) is matured externally for 2-6 days before being planted in the uterus of the female; all of this while reciprocating the environment for the zygote that simulates the interior of the uterus. The process is not that complicated in today’s date but was amongst the complicated in those days. There fertilized egg can be planted in a surrogate womb which may not need to be biologically related.
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The cost for the process discussed above does not come easy on the pockets and are on an exorbitant rate for the common man’s value for the emerging economies across the globe. The cost is on a higher side which averages to ~$12,000 which may be to a maximum of ~$15,000 and ~$10,000 minimum. This IVF cost cycle does not include the medication that is prescribed during the ongoing process which cumulates to ~$1,500-$2,000. The In-Vitro Fertilization cost may not be that exorbitant when it comes to the emerging countries but in any circumstance, the common man can’t afford its expense. This may be a restraining factor in emerging countries due to the aforementioned reasons.
But on the contrary, there are more drivers that are acting as a catalyst to grow the market in unchartered waters and one of the foremost reasons is increasing infertility rates. Infertility rates are at a higher rate in today’s hectic schedule with no proper nourishment and care given to the body coupled with an unhealthy change in lifestyle habits across the globe. More so, increasing trends of assisted reproduction technology are on an ever-increasing trend and the reason could be many and among those are psychological and personal reasons of homosexuality and incompatible partners respectively. This has made the IVF market grow with a significant rate in the emerging economies.
Medical Tourism is increasing in South East Asia recently due to the low cost and higher technological results that have catapulted the emerging economies on the list of medical tourism. The more prominent amongst those countries are China, India, and Singapore. There is also a high flow of foreign investments that have been pouring in these countries also among other countries in the Asia-Pacific and South East Asia.
Geographically the market is bifurcated as North America which consists of the US and Canada, Europe that consists of all the major economies in that region with UK, France, Germany to name a few among Rest of Europe. Asia-Pacific is the rising market that consists of major economies such as China, Japan, India, and Australia amongst various other countries that come under the Asia-Pacific. Rest of the World consists of all of the major economies in the middle-east and Latin America respectively. Europe is the dominant market as of the recent analysis with North America another major market after Europe. Asia-Pacific is anticipated to be the fasted growing market in the years to come during the forecast period.
The market consists of major companies in the healthcare industry, to name a few like Abbott Laboratories Inc., GE healthcare, Cooper Surgical Inc., among various other big healthcare conglomerates that influences the market behaviour. These companies use various strategies like merger & acquisition, partnership, product launches, and joint ventures. All these companies may have to acclimatize their strategies to the respective countries or regions regulations that may be similar or contradicting to other regions. These regulations may hamper the growth prospects of the company or may be considered as a blessing in disguise that may differ from market to market and government to government.