Portland, OR -- (SBWIRE) -- 05/29/2018 -- According to a new report by Allied Market Research, titled, In Vitro Fertilization (IVF) Services Market by Cycle Type and End User - Global Opportunity Analysis and Industry Forecast, 2017 - 2023, the global revenues of in-vitro fertilization market is projected to reach $19.676 million by 2023. The fresh cycle (non-donor) segment accounted for approximately 65.8% revenue share in 2016 and is expected to maintain its dominance during the forecast period.
The causes of infertility include advanced maternal age, ovulation disorder, damaged or blocked fallopian tube, premature ovarian failure, uterine fibroids, endometriosis, impaired sperm production or function, unexplained infertility.
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By end user fertility clinics accounted for major share of the global IVF services market in 2016, and is projected to maintain this trend throughout the forecast period. The rise can be attributed to rise in the number of fertility clinics as well as the availability of wide range of fertility treatments under one roof coupled with government reimbursements. Fertility clinics and specialty hospitals play crucial roles in providing IVF treatments to couples seeking assistance for infertility treatments, and together they occupy over three-fourths share of the overall market.
Based on geography Asia-Pacific captured the highest market share in 2016, and is expected to grow rapidly during the forecast period, owing to high success rates of IVF in this market, followed by rising trend of fertility tourism. Europe accounted for about one third of the overall market revenue in 2016 mainly attributed to large number of IVF procedures in the country and is expected to grow at a CAGR of 5.3%. Spain was the highest revenue generating country in European IVF services market followed by U.K. and France.
The IVF market in developing economies such as APAC has numerous opportunities due to the wide availability of IVF clinics and government reimbursements. Countries such as India, China, and Australia have emerged as key fertility tourism destinations in the past few decades.
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Key Findings of the In Vitro Fertilization Services Market:
- Fertility clinics is projected to be the fastest growing end user segment.
- In terms of revenue, Asia-Pacific is expected to grow at the highest CAGR of 13.6% from 2017 to 2023.
- Fresh cycle (non-donor) is estimated be the highest revenue-generating segment, followed by thawed IVF cycle (non-donor) throughout the analysis period.
- The U.S. is leading country market and projected to grow with a CAGR of 10.5%, in terms of revenues.
- In 2016, North America and Europe collectively accounted for over 61.4% of the world IVF market revenue in terms of end users.