Assisted Reproductive Technology Market worth over $34bn by 2027

Assisted Reproductive Technology (ART) Market size is set to surpass USD 34 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Growing demographic changes in acceptance of assisted reproductive technology (ART) will positively impact the market growth. Delayed childbearing is one of the major factors for increasing adoption of ART in the European region. Demand for ART in France, Denmark and Norway is considerably rising. In addition, lower cost of ART in developing countries is facilitating faster acceptance of the technology. Thus, growing per capita income, increasing disposable income, changing social factors and awareness along with growing incidence of infertility will drive the global market during the forecast period.
 

Increasing awareness about ART benefits and rising disposable income in developed countries will boost the market expansion during forecast timeframe. Growing awareness about assisted reproductive technology will highly impact utilization of ART. The awareness regarding success rate of assisted reproductive technology affects decision-making of population at a greater extent. This results in high usage of ART among population. Adding to this, increasing initiatives by government as well as healthcare facilities to educate the population about the benefits of ART will positively impact the industry growth.
 

Rising use of ART products during procedures will fortify the segment growth

Product segment in the assisted reproductive technology market was valued at more than USD 1 billion in 2020. For effective embryonic development and preimplantation procedures, various products are used. Media in product segment is widely used to meet the metabolic needs of preimplantation embryos by addressing various nutrient requirements. With growing number of procedures, the demand for ART procedures will expand over the coming years.
 

Browse key industry insights spread across 196 pages with 303 market data tables & 12 figures & charts from the report, “Assisted Reproductive Technology Market Size By Type (Product {Media, Catheters, Needles, Vitrification Devices, Incubators}, Procedure {Fresh Donor, Fresh Nondonor, Frozen Donor, Frozen Nondonor, Embryo/Egg Banking}, Procedure Technology [In-Vitro Fertilization (IVF) [IVF with Intracytoplasmic Sperm Injection (ICSI), IVF without ICSI], Artificial Insemination-Intrauterine Insemination (AI-IUI), Frozen Embryo Replacement (FER)]}), By End-use/provider (Hospitals, Fertility Clinics), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/assisted-reproductive-technology-market
 

Growing adoption of technologically advanced equipment in hospitals will influence the assisted reproductive technology market market progression

Hospitals segment is projected witness 7.7% growth rate through 2027. Rising incidence of infertility along with increasing awareness regarding assisted reproductive technology and its success rate will foster the segment revenue. According to the Centers for Disease Control and Prevention data, several U.S. states offer insurance coverage for infertility treatment, that positively impacts the customer preference. Additionally, presence of sophisticated facilities in hospitals along with advanced equipment will further spur the segment demand.
 

Expansion of fertility clinics will impel the market value in North America

North America assisted reproductive technology market captured 30% of revenue share in 2020. Market revenue is attributed to the increasing rate of infertility coupled with growing acceptance of fertility services such as IVF and ART among patients in the region. According to the data published by CDC in fertility clinic success rate report, over 306,000 ART cycles were performed at 456 clinics in the U.S. in 2018 and nearly 1.9% of all infants born in U.S. are conceived using ART every year. Furthermore, availability of advanced technologies and increasing disposable income will further accelerate the usage of fertility service in this region during the forecast period.
 

Strategic collaboration and product launch will fortify business expansion capabilities of the industry players

Some of the notable companies operating in the assisted reproductive technology market market are Cook Medical, Fujifilm Irvine Scientific, The Cooper Companies Inc., Hamilton Thorne and Thermo Fisher Scientific. Growth strategies such as mergers & acquisitions and partnerships are being undertaken by these companies to expand their market presence.