Global In Vitro Fertilization IVF Devices And Consumables Market To Reach $4.88 Billion at a CAGR of 16.4% By 2028
In Vitro Fertilization (IVF) Devices And Consumables Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the Market Size and Growth Rate for In Vitro Fertilization IVF Devices and Consumables?
The in vitro fertilization IVF devices and consumables market has seen impressive growth in recent years, expanding from $2.29 billion in 2023 to $2.66 billion in 2024 at a compound annual growth rate CAGR of 16.2%. This rapid development can be attributed to rising infertility rates, growing awareness and acceptance of IVF treatments, an increase in gamete donations, a boost in government support and funding for infertility treatments, and a rise in delayed pregnancies.
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What Growth Can We Expect in the Future for the IVF Devices and Consumables Market?
In the coming years, the in vitro fertilization IVF devices and consumables market is projected to see remarkable growth, expanding to $4.88 billion in 2028 at a compound annual growth rate CAGR of 16.4%. Increased adoption of minimally invasive procedures, expanding healthcare infrastructure, more fertility clinics, adoption of personalized and precision medicine approaches in reproductive health, and rising disposable incomes are projected to fuel this growth. Future market trends encompass the integration of artificial intelligence and machine learning, the development of novel IVF consumables and devices, advancements in IVF technology such as preimplantation genetic testing and cryopreservation techniques, advanced infertility treatments, and advanced genetic screening.
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What Factors are Driving Future Market Growth?
Rising infertility rates are predicted to drive the in vitro fertilization IVF devices and consumables market in coming years. Infertility, defined as the inability to conceive after a year of regular, unprotected intercourse or the inability to carry a pregnancy to term, can be linked to lifestyle changes, delayed pregnancies, and increased stress levels. IVF devices and consumables, used in assisted reproductive technologies, aid the fertilization process with equipment for egg retrieval, embryo culture, and embryo transfer, addressing infertility issues by assisting successful conception and pregnancy. As an illustration, in April 2023, the World Health Organization WHO reported 17.5% of the global adult population, or 1 in 6 people, experience infertility at some point in their lives. In the U.S., around 11% of women and 9% of men of childbearing age face infertility. Particularly, about 19% of heterosexual women aged 15 to 49 who have never given birth encounter infertility, while 6% of married women in this age group experience infertility challenges.
Who are the Key Industry Players in the IVF Devices and Consumables Market?
Major companies operating in the in vitro fertilization IVF devices and consumables market include Thermo Fisher Scientific Inc., Merck KGaA, FUJIFILM Holdings Corporation, CooperSurgical Inc., Cook Medical Inc., Progyny Inc., Vitrolife AB, Esco Micro Pte. Ltd., Hamilton Thorne Ltd., Nantong Egens Biotechnology Co. Ltd., Genea Biomedx Pty Ltd., Kitazato Corporation, Fertility Center of Illinois, Rocket Medical PLC, Gynemed GmbH & Co. KG, Gynotek Ltd., Biocell Enterprise LLC, Laboratoire CCD, Invitrocare Ltd., Nidacon International AB.
What are the Emerging Trends within the Market?
Major companies operating in the IVF devices and consumables market are focusing on developing innovative products to improve the efficiency and success rates of embryo culture, ultimately enhancing patient outcomes. Notable innovations include benchtop incubators for IVF clinics, which provide a controlled environment for the culture and development of embryos. In May 2022, Cook Group Incorporated, a US-based medical device company, launched the advanced version of the widely used MINC Mini Incubator, the MINC+TM Benchtop Incubator, which boasts updated features for an improved experience for clinical embryologists.
How is the Global IVF Devices and Consumables Market Segmented?
The in vitro fertilization IVF devices and consumables market is segmented as follows:
1 By Product: Instruments, Accessories And Disposables, Reagents And Media
2 By Technology: Fresh Embryo In Vitro Fertilization IVF, Frozen Embryo In Vitro Fertilization IVF, Donor Egg In Vitro Fertilization IVF
3 By End User: Fertility Clinics, Hospitals, Surgical Centers, Clinical Research Institutes
What are the Regional Insights for the IVF Devices and Consumables Market?
In 2023, North America was the largest region in the in vitro fertilization IVF devices and consumables market, with Asia-Pacific emerging as the fastest-growing region in the forecast period. This report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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