By 2027, what will be the size of the IVF Services market and its share of the global market?
Posted by Prabha Mahajan on September 30th, 2022
According to a new market research study titled “IVF Services Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Cycle Type and End User,” the market is expected to reach US$ 31,613.76 million by 2027 from US$ 13,496.29 million in 2019. It is estimated to grow at a CAGR of 11.6% from 2020 to 2027.
IVF or In Vitro Fertilization is a hyped reproductive technology in which the ova from woman's ovaries and the sperm sample from a male is retrieved and manually diffused externally in a laboratory glass dish. After the fertilization these fertile eggs undergo embryo culture for a few days and transferred to the same or another woman's uterus in order to establish a successful pregnancy.
The most notable market participants are Max Healthcare, Bloom IVF, CCRM Fertility., OXFORD FERTILITY, Create Health (Create Fertility), Medicover, Aevitas Fertility Clinic, BIOART Fertility Clinic, Prelude Fertility, Inc. and Gift ov life among others, occupying a considerable share of the market owing to their offerings to the market.
Market players are involved in offering the services that contribute to quality enhancement for services and cost efficiency within healthcare services. For instance, in January 2020, Ferring Pharmaceuticals and CCRM has announced the launch of Fertility House Calls, in the Greater Denver metro area, a new service that provides a simple, convenient way to explore fertility treatment options from home.
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Companies in the IVF services market are conducting increasing research and development activities to introduce more innovative products. The new thawed IVF cycles, donor egg IVF cycles, micromanipulator systems, and incubators are enabling the adoption of advanced cell technologies, which are strengthening the procedural outcomes.
For instance, in September 2020, UnIVFy Inc.—an artificial intelligence (AI) company whose mission is to improve fertility patients' experience and their access to assisted reproductive technologies, such as IVF—announced a partnership with Gedeon Richter—a major pharmaceutical company headquartered in Central Eastern Europe focused on women's health—to make UnIVFy's AI counselling platform available to patients and fertility specialists in Europe. Moreover, in December 2020, Cryoport, Inc.—a global leader in temperature-controlled supply chain solutions for the life sciences industry—announced a three-year agreement with the Colorado Center for Reproductive Medicine (CCRM)—a global pioneer in fertility science, research, and advancement. Under the terms of the agreement, Cryoport's temperature-controlled solutions would support CCRM's fertility treatments, including in vitro fertilization (IVF), fertility preservation, third-party reproduction, and egg donation.
In Jan 2021, Royal Philips announced a multi-year partnership with Merck—a science and technology company—to develop clinical-grade digital solutions for highly personalized fertility treatment.
In July 2017, Fujifilm Holdings Corporation launched Continuous Single Culture-NX, a next-generation culture medium for embryo incorporation. The product has lower lactate concentration, which helps maintain metabolic rates efficiently in the embryo culture for IVF applications. Similarly, in June 2016, Vitrolife AB launched EmbryoScope+, an additional high-quality time-lapse system for undisturbed culture and improved selection of embryos. This product launch improved the IVF portfolio of the company. In addition to this, the companies have initiated acquisitions and mergers, which is likely to create an opportunity for the market. For instance, The Cooper Companies, Inc. acquired Life Global Group and its affiliates in April 2018. The company also acquired the PARAGARD IUD business from Teva in November 2017 and Wallace product line from Smiths Group in November 2016. Furthermore, in June 2018, GE Healthcare and Vitrolife announced the partnership to improve assisted reproductive technology offerings.
Increasing number of product launches, mergers & acquisitions, and developments are driving the growth of the IVF services market.
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About the AuthorPrabha Mahajan
Joined: September 26th, 2022
Articles Posted: 158
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