COVID-19 pandemic triggered the worldwide suspension of in vitro fertilization treatment; this had a profound impact on women undergoing IVF procedures. In India, 30 lakh people seek IVF every year. 

During the COVID-19 pandemic, a 90% drop was observed in the number of people undergoing IVF cycles. The spread of COVID-19 has not only impacted fertility clinics owing to the cancellation of IVF treatments but has also impacted fertility decisions among couples who had opted for IVF treatment before the pandemic.  

The key factors propelling the growth of this market include an increase in the median age of first-time mothers, declining fertility rates, rising male infertility, rise in obesity rate and growing consumption of alcohol, and greater public awareness about infertility and the availability of treatment options.  

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According to the data published by Australian Institute of Health and Welfare 2021, in Australia the average age of first-time mothers increased from 27.9 years in 2009 to 31.9 years in 2019. With the median age for first-time mothers increasing, a growing number of women are expected to face difficulties in conceiving naturally. In this scenario, an increasing number of women are forced to opt for IVF treatments; this is expected to drive the growth of the IVF market in the coming years. 

More than 2.5 million vitro fertilization (IVF) cycles are performed every year worldwide. The cost of IVF treatment varies from country to country due to the lack of reimbursement policies. A lack of insurance coverage and the poor reimbursement scenario in some parts of the world are limiting the growth of this market. 

The medical tourism industry in emerging countries is thriving owing to a number of factors. Brazil has ~150 centers offering infertility treatments and over 20 medical centers [Source: Fertility Treatment Abroad]. A typical IVF cycle in the US costs around USD 12,000, whereas in Brazil, the same can be completed in USD 4,000. With more than 500 individual IVF centers, India is one of the most affordable destinations for in vitro fertilization (IVF) and other infertility treatments worldwide. 

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The changing social scenario has resulted in an increasing number of older women seeking help from infertility clinics. The risk of complications in pregnancy and childbirth also increases with age. A woman aged 35 or above is 2.5 times more prone to have a miscarriage or stillbirth than a woman aged less than 35, whereas a woman aged above 40 is more than five times prone to have a miscarriage or stillbirth than a woman under 35 years of age. 

The equipment segment is expected to witness the highest growth rate during the forecast period. The high growth in this owes to the increasing number of IVF procedures and introduction of highly advanced IVF equipment by well-established manufacturers in the market. 

Key Market Players

The prominent players operating in the global in vitro fertilization market include The Cooper Companies Inc. (US), Cook Group (US), Vitrolife (Sweden), Thermo Fisher Scientific, Inc. (US), Esco Micro Pte. Ltd. (Singapore), Genea Limited (Australia), IVFtech ApS (Denmark), FUJIFILM Irvine Scientific (US), The Baker Company, Inc. (US), Kitazato Corporation (Japan), Corning Corporation (US), Hamilton Thorne Ltd. (US), ZEISS Group (Germany), FERTIPRO NV(Belgium), and Eppendorf (Germany).