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IVF Devices and Consumables Market Overview
The global IVF devices and consumables market was valued at $ 1.6 billion in 2016 and is projected to grow at a significant CAGR of 17.9% during the forecast period (2017-2023). This growth would be mainly led by declining fertility rates, increasing infecundity, growing prevalence of delayed pregnancy, and the subsequent awareness among the population for the available treatment options. Further, the growth in the market is also expected to be supported by the rising success rates of the IVF procedure, due to technological advancements. Among the various type of instruments, ovum aspiration pumps are forecasted to witness the fastest growth in demand, at a CAGR of 28.3%, during the forecast period. The category is expected to achieve a value of $148.6 million, by 2023.
GLOBAL IVF DEVICES AND CONSUMABLES MARKET, BY TECHNIQUE, $M (2014-2023)
Among various reagents and media, cryopreservation accounted for the largest share in the global IVF devices and consumables market in 2016. Further, the semen processing media market is predicted to grow at the fastest CAGR of 21.0% during the forecast period.
The transfer techniques involved in an IVF process are broadly bifurcated as fresh embryo IVF, frozen embryo IVF and donor egg IVF. The fresh embryo IVF transfer technique is expected to generate a revenue of $3.0 billion by 2023, showcasing a CAGR of 18.2% during the forecast period. This growth in the category is mainly attributed to the growing trend of delayed pregnancies and high infertility rates.
The end users in the IVF devices and consumables market include hospitals, fertility clinics, surgical centers and clinical research institutes. Among the various end users, fertility clinics held the largest share of the market, with the same standing at 60.1% in 2016. The category is also expected to maintain its leading position during the forecast period. This is substantiated by the fact that there has been noticeable increase in number of fertility centers, due to the rise in prevalence of infertility rates, globally.
Globally, the Europe held the largest share in the global IVF devices and consumables market. The region is further expected to attain a market size of $1.8 billion by 2023, registering a CAGR of 17.0% during the forecast period.
IVF Devices and Consumables Market Dynamics
Various factors leading to the growth of the IVF devices and consumables industry include the declining fertility rates, growing prevalence of delayed pregnancy, increasing awareness among population with respect to the available treatment options, and increasing male infertility mainly due to the rising consumption of alcohol and cigarettes. The success rate of IVF procedure due to the subsequent advancements in the associated technology is another key factor driving the market demand. The new and advanced techniques used in IVF such as pre-implantation genetic diagnosis (PGD), and in vitro maturation (IVM) have helped in increasing the success rates of pregnancy. According to the data by Human Fertilization and Embryo Authority, the success rate of IVM for women below between 35-37 years is about 27.7%.
A considerable rise in the number of fertility centers, rising medical tourism and increase in the number of same sex marriages are the major factors likely to provide immense growth opportunities to the players in the IVF devices and consumables industry. The developed economies such as the U.S. struggle with high healthcare cost, however emerging economies such as India have a significantly low treatment cost as compared to the U.S. For instance, in the U.S. a single IVF cycle costs around $12,000 to $13,700, while the same procedure costs $3,000 in India. This has drawn patients to opt for cross border reproductive care and increased fertility tourism.
IVF Devices and Consumables Market Competitive Landscape
The key players have been focused on the enhancement of their product portfolio through, new product launches, and forming alliances with other players in the industry.
For instance, in October 2016, EMD Serono, the biopharmaceutical business of Merck KGaA, announced the creation of its fertility technologies division. The company's launch of a fertility technologies division in the U.S. builds on the global partnership that Merck KGaA, formed with Genea Biomedx in May 2015. The partnership provided Merck KGaA, with the global marketing and commercialization rights to Genea's product portfolio.
In June 2016, Merck KGaA, announced together with Illumina Inc., and Genea Limited that two new members are joining global fertility alliance. Zeiss Group and Hamilton Thorne Ltd. have joined the alliance as new members of the global fertility alliance. The alliance would support standardization of processes in assisted reproductive treatment (ART) laboratories.
Some of the other key players operating in the IVF devices and consumables market include Cook Medical, Inc., Genea Biomedx, JXTG Holdings, Inc., Ovascience, Inc., Oxford.