In-vitro fertilization (IVF) is a widely known type of assisted reproductive technology (ART) that involves complex series of procedures that are used to help with fertility or prevent genetic problems and assist with the conception of a child.
Covid-19 Impact on the In-Vitro Fertilization Market
Throughout 2020 and 2021, the Covid-19 virus spread rapidly and relentlessly across the globe and adversely impacted a multitude of industries worldwide. With lockdowns implemented, social distancing mandated, and widespread apprehension – Covid-19 adversely impacted health services internationally and the IVF industry was no different.
The news of the outbreak of the Covid-19 virus adversely impacted the IVF market in terms of the number of treatments and fertility services as IVF clinics had to shut down their businesses to reduce the spread of the virus. The virus also halted IVF tourism in several cost-effective destinations. However, the global IVF market is now in a recovery phase due to the efforts of IVF clinics to meet the pent-up need that was caused by the canceled treatments.
The Covid-19 pandemic paved the way for digital adoption in the IVF sector to gain operational efficiency and telehealth adoption to survive and thrive in unprecedented times. To overcome the challenges caused by the virus, IVF clinics have cross-trained their staff and replaced physical patient interactions with digital communication. To resume operations, IVF clinics are now stringently following Covid-safety protocols and in-person consultations are fast being replaced with online consultations. IVF clinics are further expected to embrace the new-age model of online consultations and video consultations are likely to be the new norm in the IVF sector.
Technological Advancements in IVF Devices Drives the In-Vitro Fertilization Market
The IVF market comprises an array of equipment, reagents & media, accessories, and technologies that continue to witness technological advancements. For instance,
- In May 2022, Cook Medical launched MINC+™ Benchtop Incubator for clinical embryologists and IVF clinics in the US and Canada. The MINC+ is the next generation of the MINC® Mini Incubator, a benchtop incubator that has been a standard component in IVF clinics for more than 20 years.
- In December 2021, Multiply, a US-based startup launched its AI-based platform that is likely to replace conventional processes in IVF clinics. Multiply makes it easy to enter and organize data about the patients, their treatments, the tests performed, equipment used, and also to manage appointments, schedules, and inventory. It consolidates data from various sources in an IVF clinic such as labs, operating rooms, consulting rooms, registration desks and organizes it in an easily accessible, and secure manner.
Growing IVF Tourism Boosts the In-Vitro Fertilization Market
In recent years, there has been a growing trend toward IVF tourism. It is a type of medical tourism in which patients travel to other states or countries seeking fertility treatments in various forms. India, Spain, Czech Republic, Greece, Turkey, and Denmark have emerged as top IVF destinations. The key reasons why people travel abroad for IVF treatments are:
- Relatively lower cost of the treatment in another country
- Availability of well-equipped IVF clinics with high-class infrastructures and skilled professionals
- Expertise in handling almost all kinds of treatment and diagnostic methods of IVF including ICSI, IUI, egg donation, embryo transfer and endoscopic diagnosis
- The treatments are not legally available in the home country or availability is limited
- Long waiting lists
- The treatment is not available for some types of patients (gays, lesbians, single people, and members of certain religions) by the law of the home country
- Greater donor options in another country
- Availability of better options for control over fertilization results
- For example, the US allows pre-implantation genetic diagnosis (PGD) of in vitro fertilization embryos. It gives couples the option to pick and choose which embryos will be implanted in the uterus based on genetic factors (including chromosomal deficiencies and sex).
- PGD used for sex selection is illegal in some other countries that offer in vitro fertilization
- Specific countries can provide the desired genealogy.
“IVF tourism is a key factor driving the IVF market. The growing prominence of lesser-known destinations such as Grand Cayman Island and Barbados due to favourable regulations, low treatment cost, and availability of PGD (pre-implantation genetic diagnosis) is a pivotal contributing factor propelling it’s the IVF market.” - Director, Leading IVF Equipment Manufacturer, United States
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in In-Vitro Fertilization Market
The players operating in the in-vitro fertilization market adopted both organic and inorganic growth strategies such as new product launches, and partnerships to garner market share. For instance,
- In February 2022, CooperSurgical entered into an $875 million deal to purchase Cook Medical's reproductive health portfolio, which includes medical devices for fertility, obstetrics, gynecology, and in vitro fertilization.
- In July 2021, Vitrolife AB entered into a definitive agreement to acquire 100% of the shares in Igenomix S.L. The combination will create a global leader in reproductive health by combining the knowledge, product portfolios, and market presence of two leading companies in the IVF medical devices and reproductive genetic testing services.
The outlook for the in-vitro fertilization market looks promising due to constant technological advancements in IVF devices, increasing government initiatives to promote IVF treatments, the emergence of new low-cost IVF tourism destinations, and the growing use of fertility treatment options by single parents and same-sex couples.
Competitive Landscape Analysis: In-Vitro Fertilization Market
The in-vitro fertilization market is marked by the presence of key players such The Cooper Companies Inc., Vitrolife, Thermo Fisher Scientific, Esco Medical, IVFtech ApS, FUJIFILM Irvine Scientific, Kitazato Corporation, FERTIPRO NV, Gynotec B.V., among others.
Key Strategic Questions Addressed
- What is the market size & forecast of the In-Vitro Fertilization Market?
- What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the In-Vitro Fertilization Market?
- What are the key trends defining the in-vitro fertilization market?
- What are the major factors impacting the IVF market growth?
- What are the opportunities prevailing in the in-vitro fertilization market?
- Which region has the highest share in the global market? Which region is expected to witness the highest growth rate in the next 5 years?
- Who are the major players operating in the in-vitro fertilization market?
- What are the key strategies adopted by players in IVF market?
The study has been compiled based on the extensive primary and secondary research.
Secondary Research (Indicative List)
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, R&D Managers, Business Development Managers, Consultants
Demand Side Stakeholders:
- Stakeholders in Dermatology Clinics, Hospitals, Plastic & Cosmetic Surgery Centers, Independent Practices, Aesthetic Clinics, and Other End-users (Medical Spas, Home Care).
Breakdown of Primary Interviews
Market Size Estimation
Both ‘Top-Down and Bottom-Up Approaches’ were used to derive market size estimates and forecasts.
Research findings derived through secondary sources & internal analysis was validated with Primary Interviews, Internal Knowledge Repository and Company’s Sales Data.