Assisted Reproductive Technology Market Growth 8.6% by 2026
The global assisted reproductive technology (ART) market size is poised to be worth around US$ 44.59 billion by 2026, study by Acumen Research and Consulting
LOS ANGELES, Feb. 10, 2020 /PRNewswire/ -- The Assisted Reproductive Technology Market growth is driven by growing number of cases of infertility and increase in chronic diseases across the globe.
The global assisted reproductive technology (ART) market is expected to grow at a noteworthy CAGR of around 8.6% during the forecast period 2019 to 2026.
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Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled "Assisted Reproductive Technology (ART) Market (By Technology: In-Vitro Fertilization, Artificial Insemination-Intrauterine Insemination, Frozen Embryo Replacement; By End-Use: Hospitals, Fertility Clinics, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast 2019 to 2026".
North America dominated the global assisted reproductive technology (ART) market in the year 2018. The region has experienced the potential growth owing to the presence of assisted reproductive technology (ART) companies such as Thermo Fisher Scientific, Inc., Cooper Surgical Inc. and OvaScience Inc. among others. The presence of a large customer base along with favorable reimbursement policies is additionally accelerating the regional market growth. Moreover, government support for the treatment and growing number of laboratories and clinic centers are expected to enhance the market growth in the global assisted reproductive technology (ART) market in future. The European Medicines Agency (EMA) and the US Food and Drug Administration (FDA) require all biopharmaceutical products and vaccines to undergo stringent testing to ensure the treatment is safe and free of contaminants. Growing prevalence infertility cases further expected to raise the demand for assisted reproductive technology (ART)in North America. The Europe region is expected to exhibit a second-largest share in the assisted reproductive technology (ART) market. R&D investments in new birth technology and growing investment in healthcare industry, growing number of clinic centersin countries, such as Germany, the UK, France, Spain, and Italy, are expected to enhance the market growth in the global assisted reproductive technology (ART)market during the forecast.
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Asia-Pacific region is expected to exhibit highest CAGR in the assisted reproductive technology (ART) market. The rapid growth in the urbanization, growing healthcare industry in developing countries, and liberalization of foreign direct investment in the healthcare sector are the major driving factor for the region in the global market. Moreover, the rising awareness about ARTand growing demand for treatment increases its dominance in the global assisted reproductive technology (ART) market in future.
Growing demand for assisted reproductive technology (ART) in various applications, increase demand for new products and drugs in healthcare industry across the globe and rising number of pharmaceutical and biological firmsare the main drivers for the market growth of the global assisted reproductive technology (ART) market over the forecast period. Furthermore, supportive government investment in life science and growing number of laboratory and research centers further grows the demand for assisted reproductive technology (ART) over the forecast the period. Moreover, technological advancement and increase in the number of applications, and availability of advanced healthcare facilities in developing countries are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, high cost of treatment and lower success rate of treatment, time consuming process are expected to hamper the growth of the global assisted reproductive technology (ART) market during the forecast period.
Fertility clinics segment have dominated the end-use segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. The end-use segment further classified intohospitals, fertility clinics, and others. Several guidelines and recommendations issued by regulatory authorities, growing number of clinics and laboratories across the globe, and escalating demand for new technology advancement in infertility further expected to drive the demand for the segment.
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In-Vitro Fertilization segment dominated the assisted reproductive technology (ART) market on the basis of technology in the year 2018. The major factors that are driving the growth of this segment are high procedural success rate coupled with continuous advancements in IVF technology and growing number of test centers and laboratories drives the demand for new technologyacross the globe. This expected to enhance the dominance of the in-vitro fertilization in the global market over the forecast period.The manufacturers such as Vitro Life, Cooper Surgical Inc., Genea Limited, Cook Medical, and Hamilton Thorne are the mainly investing in the development of in-vitro fertilization, which expected the lead the market in the coming years.
Some of the leading competitors are IVFtechApS, Irvine scientific, Merck, Nidacon International AB, OvaScience Inc., Thermo Fisher Scientific, Inc., Vitro Life, Cooper Surgical Inc., Genea Limited, Cook Medical, and Hamilton Thorne.
Some of the key observations regarding assisted reproductive technology (ART) industry include:
- In September 2018, Merck KGaA announced opening of new scientific laboratory in Singapore. This expansion of new laboratory focuses on developing new treatment technology and enhance customer base.
- In April 2018, Thermo Fisher Scientific Inc.launched new cloud-enabled biological safety cabinet. This product is designed to fortify workflow connectivity and contamination control and helped company to enhance its customer base in assisted reproductive technology (ART) market.
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