April 4, 2024

World IVF market is already US$25 billion

According to Vision Research Reports, the size of the global IVF market was estimated at US$25.3 billion in 2023. By 2023 it will be US$43.6 billion. 

The market research group believes that growth is being driven by increasing infertility rates, advancements in IVF techniques, continuous improvements in IVF success rates, and increasing demand for preimplantation genetic testing.

Here are some of the market trends identified by the report:

  • Rising Demand for Genetic Testing: Increased awareness and acceptance of genetic testing techniques, such as comprehensive chromosomal screening (CCS) and preimplantation genetic diagnosis (PGD), are driving demand for IVF procedures with a focus on selecting genetically healthy embryos.
  • Expansion of LGBTQ+ Family Building: The LGBTQ+ community’s growing interest in family building through assisted reproductive technologies, including IVF and surrogacy, is fuelling market growth and prompting clinics to offer inclusive services tailored to diverse family structures.
  • Emergence of Low-Cost IVF Clinics: The proliferation of low-cost IVF clinics and alternative pricing models is making IVF more accessible to a broader segment of the population, driving competition and potentially reducing treatment costs.
  • Telemedicine and Remote Monitoring: The integration of telemedicine platforms and remote monitoring technologies into IVF services allows for greater convenience, flexibility, and patient engagement throughout the treatment process, particularly in light of the COVID-19 pandemic.
  • Focus on Patient-Centric Care: IVF clinics are increasingly prioritizing patient experience and satisfaction by offering personalized treatment plans, comprehensive support services, and transparent communication to ensure a positive journey through fertility treatment.

And these are the market drivers it has identified: 

  • Increasing Prevalence of Infertility: The rising prevalence of infertility due to factors such as advanced maternal age, lifestyle changes, and medical conditions contributes to the growing demand for IVF services. As more couples experience difficulties conceiving naturally, they turn to assisted reproductive technologies like IVF as a solution.
  • Advancements in Technology: Ongoing advancements in IVF technology, including improvements in embryo culture techniques, cryopreservation methods, and genetic screening technologies, enhance the success rates and safety of IVF procedures. These technological innovations attract patients seeking more effective and personalized fertility treatments.
  • Growing Awareness and Acceptance: Increased awareness and acceptance of IVF as a viable option for achieving pregnancy contribute to market expansion. Education initiatives, media coverage, and celebrity endorsements have helped destigmatize infertility and promote IVF as a mainstream reproductive option.
  • Demographic Trends: Changing demographic trends, such as delayed childbearing and increasing rates of same-sex couples and single individuals seeking parenthood, drive demand for IVF services. As individuals and couples postpone childbearing for various reasons, they rely on IVF to overcome age-related fertility challenges.
  • Rising Healthcare Expenditure: Increasing healthcare expenditure and rising disposable incomes enable more individuals and couples to afford IVF treatments. Despite the high costs associated with IVF, patients are willing to invest in fertility services to fulfill their desire for parenthood, driving market expansion.