According to a new report published by Allied Market Research, titled, "Fertility Services Market by Procedure, Service, and End User: Global Opportunity Analysis and Industry Forecast, 2014-2023, " the global fertility services market was valued at $16,761 million in 2016, and is projected to reach $30,964 million by 2023, growing at a CAGR of 9.3% from 2017 to 2023. Europe is anticipated to be the highest revenue contributor throughout the forecast period.
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Fertility services are services availed by people who are unable to conceive naturally. These services help infertile couples, single parents, and LGBT community to procreate and start a family. In vitro fertilization and other assisted reproductive technology (ART) procedures, surrogacy, and artificial insemination are some of the widely executed fertility services.
The fertility service market is anticipated to grow considerably in the near future owing to different factors such as increase in infertility rates, changes in lifestyle, and surge in incidence of male infertility cases. Low awareness with respect to fertility services in emerging markets restrict the market growth. Rise in prevalence due to increase in risk factors, such as obesity, stress, polycystic ovarian syndrome (PCOS), sexually transmitted infections, endometrial tuberculosis, and other medical conditions, is expected to offer lucrative opportunities for market growth during the forecast period.
In the procedures segment, surrogacy accounted for nearly one-sixth share of the global fertility services market in 2016. In terms of services, egg and embryo banking accounted for a global revenue of nearly one-tenth share in 2016. This segment would exhibit a prominent growth rate owing to its crucial role in preservation of embryos, which is one of the essential factors for a successful assisted reproductive technology procedure.
In the fertility services market, fertility clinics generated revenue of $8,775.8 million in 2016, highest amongst all end users. The segment of surgical centers would exhibit prominent growth rate due to availability of various fertility procedures under one roof, development of fertility devices with advanced technologies and the availability of a skilled workforce. By region, Europe generated the highest revenue in the global fertility services market in 2016.
Key Findings of the Fertility Services Market:
- Fresh non-donor services accounted for nearly half of the share of the fertility services market in 2016.
- Intrauterine insemination (IUI) are anticipated to grow with the highest CAGR throughout the forecast period.
- Europe accounted for approximately one-third share of the global IVF devices and consumables market in 2016.
- The Asia-Pacific region is anticipated to be the fastest growing fertility services market during the analysis period, followed by LAMEA.
The report provides extensive competitive analysis and profiles of key market players, such as Apollo Hospitals Enterprise Ltd, Care Fertility Group, Carolinas Fertility Institute, Genea Limited, The Johns Hopkins Health System Corp, Medicover Group, Monash IVF Group, OvaScience Inc., Progyny Inc., and Xytex Cryo International The other players in the value chain (not included in the report) include Irvine Scientific, INVO Bioscience, LifeGlobal Group, and IVFtech ApS.