Rise in incidence of fertility-related conditions has led to the need of assisted reproduction technologies. IVF is the key assisted reproduction technology that provides technologically advanced treatment to couples seeking assistance for infertility treatment.
Portland, OR -- (SBWIRE) -- 07/06/2018 -- According to a new report published by Allied Market Research, titled, "IVF Devices and Consumables Market by Instrument, Reagents & Media, Technique, and End User: Global Opportunity Analysis and Industry Forecast, 2014-2023, " the global IVF devices and consumables market was valued at $1,506 million in 2016, and is projected to reach $4,972 million by 2023, growing at a CAGR of 18.3% from 2017 to 2023. Europe is anticipated to be the highest revenue contributor throughout the forecast period.
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In vitro fertilization (IVF) is an assisted reproductive technology (ART) procedure. It is the process of fertilization, which includes eggs extraction, sperm cell sample retrieval, and then manually combining an egg and sperm in laboratory settings to form an embryo. The embryo(s) are then transferred to the uterus for further gestation.
The IVF devices and consumables market is expected to witness a substantial growth in future owing to rise in incidence of infertility cases, growth in the trend of delayed pregnancies among women, technological advancements in IVF procedures, and increased occurrences of gamete donations. Furthermore, rise in disposable income & increase in awareness about IVF treatments among the general populace boosts the market.
Inadequate reimbursement policies associated with IVF treatment are anticipated to impede the market growth during the forecast period. However, growth in interest of single parents as well as same sex couples in experiencing parenthood through artificial reproductive technology (ART), especially IVF, is expected to present various opportunities for market expansion.
In the instrument segment, cabinets, a capital IVF instrument accounted for nearly one-fourth of the share in 2016. In terms of reagents and media, cryopreservation media accounted for a global revenue of nearly 34% in 2016. Whereas, semen processing media segment is anticipated to exhibit a prominent growth rate owing to its crucial role in the preservation of sperm motility, which is one of the essential factors for a successful IVF procedure.
In the IVF devices and consumables end users market, IVF clinics generated revenue of $894 million in 2016, highest amongst all end users. The surgical centers segment is anticipated to exhibit prominent growth rate due to availability of various IVF procedures under one roof, development of IVF devices with advanced technologies, and the availability of a skilled workforce. By geography, Europe generated the highest revenue in the global IVF market in 2016.
Key Findings of the IVF Devices and Consumables Market:
1. Cabinets accounted for nearly one-fourth of the share of the global IVF devices and consumables market in 2016.
2. Ovum aspiration pumps are anticipated to grow with the highest CAGR throughout the forecast period.
3. Europe accounted for nearly two-fifths of the global IVF devices and consumables market in 2016.
4. Cryopreservation media accounted for a global revenue of nearly 34% in 2016.
5. Asia-Pacific is anticipated to be the fastest growing IVF devices and consumables market during the analysis period, followed by LAMEA.
The major companies profiled in the report include Cook Medical, Inc., Cooper Companies, Inc., Genea Biomedx, JXTG Holdings, Inc., Merck KGAA, Ovascience, Inc., Oxford Gene Technology, Progyny, Inc., Thermo Fisher Scientific, Inc., and Vitrolife AB.
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