According to a new report published by Allied Market Research, titled, “Assisted Reproductive Technology Market by Product, Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global assisted reproductive technology market was valued at $2.317 billion in 2020, and is estimated to reach $12.272 billion by 2030, growing at a CAGR of 19.3% from 2021 to 2030.
Assisted reproductive technology (ART) is defined as the technology used for treatment of infertility. It provides fertility treatment that handles both a man’s sperm and a woman’s egg. It aims to offer efficient and affordable care in order to optimize the chance of having singleton pregnancies. With the development in technology, ART has focused on the biochemical and genetic research for the delivery of healthy babies. It eradicates the burden of infertility on families and individuals. It offers real opportunities to improve medical outcomes and enhance efficiency.
The factors that drive the growth of the assisted reproductive technology market include a rise in prevalence of infertility cases; advancement in technology in healthcare sectors, and surge in demand for in vitro fertilization (IVF). According to World Health Organization (WHO), in 2020, approximately, 48 million couples and 186 million individuals in the world was reported to be diagnosed with infertility. For instance, in July 2018, Merck, a leading science and technology company, launched QBOX IVF and the novel Geri Assess 2.0 in order to enhance efficiency in fertility labs. It helps to detect the events in the embryo and blastocyst development that offer better efficiency in assessment and support the healthcare professionals in fertility. Moreover, in June 2021, the scientists of Genea Clinics, in Sydney, launched Geri incubator, which creates an environment similar to fallopian tube and boost the IVF births. Furthermore, in 2020, Steven McArthur, leading IVF scientist globally, combines the science and innovation in order to improve the outcome for IVF patient at fertility clinics.
Increase in prevalence of poly-cystic ovarian syndrome (PCOS), endometriosis and tubal factors, surge in demand for software in the healthcare sector, and a rise in sedentary lifestyle are anticipated to drive the growth of the assisted reproductive technology Market. In addition, increasing awareness about surrogacy and IVF has led to the development of innovative technologies in the healthcare sector, thereby propelling the growth of the market. For instance, Cooper Surgical, a leading provider of women healthcare solution, acquired Embryo Options in order to improve the efficiency about embryo management. It also educates the patient about streamlined management of the embryo, and cryo-preserved embryos.
Moreover, initiatives taken by governments for development of the technology sector in infertility and increase in income level of consumers are the key factors that boost the growth of the market. Increase in the income levels of individuals, both in developing as well as developed countries, rises the number of fertility treatments among parents who are not able to conceive. In addition, the rise in demand for advanced technology in healthcare to enhance efficiency and smooth delivery of babies fuel the market growth.
The assisted reproductive technology market is segmented on the basis of product, technology, end user, and region. On the basis of product, the market is divided into instrument, accessory & disposable and reagent & media. The accessory & disposable segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in prevalence of infertility, surge in demand for in-vitro fertilization procedure such as retrieval of oocytes, analysis & screening of sperms, handling gametes, and others.
On the basis of technology, the market is classified into in-vitro fertilization (IVF), Artificial insemination (AI-IUI), and others. The in-vitro fertilization segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to decrease in fertility rate, surge in sedentary lifestyle, increase in trend of delayed pregnancy and low-cost of IVF procedure. On the basis of end user, the market is classified into fertility clinic, hospital, surgical center and clinical research institute. The fertility clinic segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in prevalence of fertility cases, the surge in sedentary lifestyle, and growth in number of fertility clinics.
The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global assisted reproductive technology market. The COVID-19 pandemic has stressed the healthcare systems in the world. Due to a remarkable rise in incidence of COVID-19 cases, the non-essential surgical procedures are cancelled such as intrauterine insemination, in-vitro fertilization, and non-gamete cryopreservation. The embryo transfer procedure, whether fresh or frozen, suspension of elective surgery and non-urgent diagnostic procedures are also cancelled due to increase in incidence of COVID-19 cases. Thus, prolong lockdown of fertility treatment, leads to decrease in assisted reproductive technology.
KEY FINDINGS OF THE STUDY
- By product, the accessory & disposable segment was the highest contributor to the market in 2020.
- By technology, the in vitro fertilization segment was the highest contributor to the market in 2020.
- By end user, the fertility clinic segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
- By region, Europe garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Europe accounted for a major global assisted reproductive technology market share in 2020 and is anticipated to remain dominant during the forecast period. This is attributed to increase in utilization of novel technology equipment service, rise in incidence of infertility cases, high disposable incomes, rise of funds from government and private organization for in-vitro fertilization (IVF), and advancements in technology for infertility. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in incidence of infertility cases, rise in awareness about surrogacy, and increase in demand for assisted reproductive technology.