Global In-Vitro Fertilization Market valued at $1.25 bn in 2021, is set to grow at a 8% CAGR by 2026
In-vitro fertilization (IVF) is a widely known type of 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 Global In-Vitro Fertilization Market
The news of the outbreak of the Covid-19 virus had 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 has 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 in-vitro fertilization market.
Growing In-Vitro Fertilization (IVF) Tourism Boosts the In-Vitro Fertilization Market
In recent years, there has been an emerging trend towards 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 outlook for the in-vitro fertilization market looks promising due to the technological advancements in IVF devices, 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: Global In-Vitro Fertilization Market
The global in-vitro fertilization market is marked by the presence of key market 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.
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