The human birth rate has dropped drastically from 4.979 births per woman in 1960 to 1.432 per woman in 2017, says the World Bank. A number of factors, including women as well as men’s individual health and lifestyle choices, are responsible for this. For instance, women who smoke carry 50% lesser chances of conceiving. Then, there are numerous fertility-related disorders and sexually transmitted diseases (STD), which also play a part. Therefore, to up their chances of having children, people are rapidly going for in vitro fertilization (IVF), which involves fertilizing the egg outside the human body and then transplanting the embryos in the uterus.
Access Report Summary - IVF Devices and Consumables Market Global Industry Analysis and Demand Forecast
This is expected to propel the IVF devices and consumables market to $5.0 billion by 2023, from $1.6 billion in 2016, at a CAGR of 17.9% between 2017 and 2023. With the increasing demand for the procedure, the requirement for the various accessories, disposables, reagents, media, and instruments used for it will rise too. Among these, the highest increase in requirement would be seen for instruments in the coming years, as the preference for fast IVF procedures and easily usable equipment is increasing and the instruments are themselves undergoing advancements in their technology.
All these devices and consumables are utilized in frozen-embryo, fresh-embryo, and donor-egg IVF procedures. Of these, the fresh-embryo approach has been the most sought-after, as people are intentionally delaying pregnancy. As per the Centers for Disease Control and Prevention (CDC), the number of women becoming pregnant for the first time between 35 and 39 years of age is increasing among all ethnic groups. In eight federal districts and states in the U.S., this rate grew by 40% in the last few years.
Presently, Europeans account for the highest usage of IVF, on account of the high awareness about personal and maternal health, rapid adoption of technologically enhanced products, and high reimbursement ratios for such procedures. Additionally, PGD and three-parent IVF techniques are legally permitted in the continent, which further leads to the high consumption of associated consumables and devices. In the coming years, Asia-Pacific (APAC) is predicted to be the fastest growing IVF devices and consumables market, as a result of low fertility rates and increasing awareness on the issue.
