Forecast Report on Global Assisted Reproductive Technology Market Size & Share [2022-2028] Worth USD 41.45 Billion | Exhibiting a CAGR of 6.25%: Industry Trends, Demand, Companies, Sales & Analysis | Zion Market Research
NEW YORK, Aug. 12, 2022 /PRNewswire/ -- As per Zion Market Research study, The global assisted reproductive technology market size was worth around USD 20 billion in 2021 and is predicted to grow to around USD 41.45 billion by 2028 with a compound annual growth rate (CAGR) of roughly 6.25% between 2022 and 2028.
Assisted Reproductive Technology Market: Overview
Assisted reproductive technology (ART) is used to treat medical conditions related to infertility. As per definition by the World Health Organization (WHO) infertility is a disease of the female or male reproductive system causing failure in achieving pregnancy even after 12 months or more of regular unprotected sex. In male reproductive systems, infertility can be caused by issues in sperm ejection, abnormal shape or movement of sperm, and absence or low sperm count. In female reproductive systems, infertility can be related to a variety of abnormalities concerning the ovary, uterus, endocrine system, and fallopian tubes to name a few. Infertility can be either primary or secondary. Primary infertility is when a person has never been pregnant in the entire lifetime, second infertility is when at least one pregnancy has been achieved previously. Assisted reproductive technology deals with treating the conditions related to infertility by working on both sperm and eggs. The process involves removing eggs and sperm separately and then mixing them together outside the human body to create embryos. With the help of technology, once the embryo is developed and functional, it is put back in the human body willing to carry it till the end-term of the pregnancy.
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Key Industry Insights & Findings of the Assisted Reproductive Technology Market Reports:
- As per the analysis shared by our research analyst, the Assisted Reproductive Technology Market is expected to grow annually at a CAGR of around 6.25 % (2022-2028).
- Through the primary research, it was established that the Assisted Reproductive Technology Market was valued at approximately USD 20 billion in 2021 and is projected to reach roughly USD 41.45 billion by 2028.
- As per statistics from WHO, over 48 million coupled, and over 186 million people suffer from infertility issues. The global male infertility market is expected to grow at a CAGR of 4.9% by 2030.
- In the case of male reproductive systems, hormonal disorders, abnormal sperm quality of functionality, reproductive tract obstruction, failure of testicles to produce sperm, along with other reasons can cause infertility.
- In several cases, couples or people have had to undergo multiple tests, appointments, procedures, medicines, etc., and even still the technology has failed to give positive results.
- With the adoption of technologies like artificial intelligence and machine learning, it has become easier to detect even exceptional cases of infertility and find the root cause.
- The global assisted reproductive technology market is anticipated to be dominated by North America during the next few years owing to the higher adoption rate of ART driven by the presence of high-income groups that can afford the treatment procedure.
- Europe is also anticipated to grow significantly during the projection period because of various schemes through which public institutes and private companies encourage couples or individuals seeking assisted reproductive technology.
Zion Market Research published the latest report titled "Global Assisted Reproductive Technology Market By Technology (In Vitro-Fertilization, Artificial Insemination, and Others), By Product (Instrument, Accessory & Disposable, and Reagent & Media), By End-Users (Fertility Clinics, Hospital, Surgical Centers, and Clinical Research Institutes), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
Assisted Reproductive Technology Market: Growth Drivers
- Rising cases of infertility to expand the market cap.
The global assisted reproductive technology market is anticipated to be driven by the rising number of infertility cases across the globe. As per statistics from WHO, over 48 million coupled, and over 186 million people suffer from infertility issues. The global male infertility market is expected to grow at a CAGR of 4.9% by 2030. These rising numbers can be attributed to multiple factors. For example, in the case of female reproductive systems, there is a chance of blocked fallopian tubes and uterine disorders that are either inflammatory, congenial, or benign in nature. Ovary disorders like polycystic ovarian syndrome are an extremely common type of fertility-related concern among the women population. In the case of male reproductive systems, hormonal disorders, abnormal sperm quality of functionality, reproductive tract obstruction, failure of testicles to produce sperm, along with other reasons can cause infertility. Since there is a lot of permutation & combination involved in concluding the final reason why a person is unable to conceive, the global market is expected to be rising owing to the number of years it takes in some cases, to resolve these issues.
Assisted Reproductive Technology Market: Restraints
- High cost of ART to restrict the market growth.
Assisted reproductive technology is extremely expensive rendering it unaffordable for lower-income groups. In several cases, couples or people have had to undergo multiple tests, appointments, procedures, medicines, etc., and even still the technology has failed to give positive results. Once the procedure fails, the person, after taking a few months off, has to repeat the process if they wish to try again which may not be feasible for many. The slim chances or odds of assisted reproductive technology providing the desired results at the first go may restrict the global market growth.
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Global Assisted Reproductive Technology Market: Opportunities
- Advancements in technology to provide market growth opportunities.
Since the complications related to infertility have taken a huge jump, the healthcare sector has managed to modify its ways of dealing with the issue. With the adoption of technologies like artificial intelligence and machine learning, it has become easier to detect even exceptional cases of infertility and find the root cause. Until some years ago, the global assisted reproductive technology market lacked the necessary advanced technology to study the small changes of abnormalities in human reproductive systems which has been taken care of by the adoption of better technical systems which may provide global market growth opportunities.
Global Assisted Reproductive Technology Market: Challenges
- Low success rate and emotional quotient to challenge the market expansion.
In many cases, the success rate of assisted reproductive technology is now as high as individuals undergoing the medical treatment would expect. The failure of the treatment has emotional and financial implications for the parties involved in the process. In vitro fertilization (IVF) is known to be psychologically and emotionally stressful because of the heavy medications involved in the process and their effects on the body resulting in challenging situations for global market growth.
Global Assisted Reproductive Technology Market: Segmentation
- The global assisted reproductive technology market is segmented based on technology, product, end-user, and region.
Based on technology, the global market segments are in vitro-fertilization (IVF), artificial insemination, and others. IVF leads the global market segment. Since the introduction of the technology, over 1.9% of babies in the USA are born through IVF and other ART. Even though artificial insemination is less painful and costs less money than IVF, it may not be enough for a healthy pregnancy and may need other measures for the desired outcome.
Based on technology, the global market is divided into the instrument, accessory & disposable, and reagent & media. Accessory & disposable are highly used in the global market because of the various tests that have to be conducted during the entire process. IVF devices and consumables market may grow at a CAGR of 19.72% by 2030.
Based on end-users, the global market is divided into fertility clinics, hospitals, surgical centers, and clinical research institutes. Fertility clinics lead the segmental growth since they specialize in treating infertility. The fertility clinics market is expected to generate a revenue of around USD 25,00 million in the next five years.
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List of Key Players in Assisted Reproductive Technology Market:
- Fujifilm Holdings Corporation (Irvine Scientific Sales Company Inc.)
- Oxford Gene Technology
- Cook Medical Inc.
- Genea Biomedx
- Millendo Therapeutics Inc.
- Merck KGaA (EMD Serono Inc.)
- The Cooper Companies Inc. (CooperSurgical Inc.)
- Progyny Inc.
- Vitrolife AB
- Thermo Fisher Scientific Inc.
Key questions answered in this report:
- What are the growth rate forecast and market size for Assisted Reproductive Technology Market?
- What are the key driving factors propelling the Assisted Reproductive Technology Market forward?
- What are the most important companies in the Assisted Reproductive Technology Market Industry?
- What segments does the Assisted Reproductive Technology Market cover?
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Recent Developments
- In February 2021, TMRW Life Sciences announced the launch of the first automated cryo specimen management solution which is first-of-its-kind across the globe. The solution is meant for embryos and eggs that are used during IVF. The solution is installed across various premium-grade facilities in the USA. With this, the company has managed to take a step toward digital management of embryos and eggs
- In September 2019, Monash IVF Group Ltd. acquired Fertility Solutions based in Queensland for a value of A$2.1 million. With this move, the company expanded its global reach along with the addition of two clinics in the area.
Regional Dominance:
- North America to hold significant market share during the projection period.
The global assisted reproductive technology market is anticipated to be dominated by North America during the next few years owing to the higher adoption rate of ART driven by the presence of high-income groups that can afford the treatment procedure. The regional growth may also be attributed to the high number of medical institutes offering ART-based services. As per the Centers for Disease Control and Prevention (CDC), more than 4 million births in the USA are with the help of IVF every year. The government's role in taking initiatives toward eliminating the stigma or hesitancy around ART like creating mass awareness with the help of advertisements and policies is expected to propel regional growth.
Europe is also anticipated to grow significantly during the projection period because of various schemes through which public institutes and private companies encourage couples or individuals seeking assisted reproductive technology. The high adoption of advanced technology for ART-related processes may also assist regional growth trends.
Global Assisted Reproductive Technology Market is segmented as follows:
Assisted Reproductive Technology Market: By Technology Outlook (2022-2028)
- In Vitro-Fertilization
- Artificial Insemination
- Others
Assisted Reproductive Technology Market: By Product Outlook (2022-2028)
- Instrument
- Accessory & Disposable
- Reagent & Media
Assisted Reproductive Technology Market: By End-Users Outlook (2022-2028)
- Fertility Clinics
- Hospital
- Surgical Centers
- Clinical Research Institutes
Assisted Reproductive Technology Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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