How Is The Fertility Treatments Market Expected To Grow Through 2024-2033
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
According to The Business Research Company’s Fertility Treatments Global Market Report 2024, the fertility treatments market is expected to show promising growth in the forecast period.
The fertility treatments market has experienced robust growth in recent years, expanding from $16.54 billion in 2023 to a projected $17.97 billion in 2024, showcasing a commendable Compound Annual Growth Rate (CAGR) of 8.6%. This surge is attributed to several factors, including increasing infertility rates, advancements in reproductive medicine, improved healthcare coverage, heightened awareness, and the reduction of social stigmas.
Future Projections: A Continued Upward Trajectory
The trajectory remains promising as the market is anticipated to witness even more substantial growth, reaching $25.02 billion by 2028, maintaining the 8.6% CAGR. The forecasted growth can be attributed to factors such as delayed childbearing, the expansion of reproductive services, continuous technological advancements, and improved access to fertility services.
Rising Infertility Rates Drive Growth In Fertility Treatments Market
- Understanding the Decline in Fertility Rate
The decline in fertility rates is a key driver propelling the growth of the fertility treatments market. This decline refers to a reduction in individuals’ or couples’ ability to conceive, often influenced by factors like age, medical conditions, lifestyle choices, or environmental influences.
- Addressing Infertility Through Medical Interventions
Fertility treatments, including Intrauterine Insemination (IUI) and In Vitro Fertilization (IVF), aim to enhance the chances of conception for those facing fertility challenges. The global fertility decline, highlighted by the United Nations Population Fund, emphasizes the growing control individuals, particularly women, have over their reproductive lives.
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Innovative Fertility Solutions To Drive The Revenues In The Market
- INVOcell: A Revolutionary Alternative to IVF
The market is witnessing the development of innovative techniques, and INVOcell stands out as a key trend. This In Vitro Fertilization alternative utilizes the woman’s body to support fertilization, eliminating the need for a laboratory incubator. Despite its lower cost (around $6,800, including medication), INVOcell has demonstrated comparable birth rates to traditional IVF, showcasing its efficacy in fertility treatment.
- CCRM Fertility’s Strategic Acquisition
In August 2022, CCRM Fertility made a significant move by acquiring the Institute for Reproductive Medicine & Sciences (IRMS). This undisclosed acquisition aims to enhance CCRM’s portfolio with proprietary reproductive medicine offerings, expanding its presence across 11 major metropolitan areas with 34 locations in the US and Canada.
Market Segmentation: Understanding the Landscape
The fertility treatments market is intricately segmented to provide a comprehensive view of its dynamics:
- By Product:
- Reagents
- Equipment
- By Patient Type:
- Female
- Male
- By End-User:
- Fertility Clinics
- Hospitals
- Surgical Centers
- Clinical Research Institutes
North America Leading the Charge
In 2023, North America emerged as the largest region in the fertility treatment market. This dominance signifies the region’s proactive approach in embracing and advancing reproductive healthcare solutions.
Conclusion: A Transformative Journey Ahead
As the fertility treatments market continues its upward trajectory, driven by factors like rising infertility rates, innovative solutions, and strategic acquisitions, the landscape is poised for transformative changes. The convergence of technology, medical advancements, and a growing understanding of reproductive health positions this market at the forefront of healthcare evolution, promising a future where fertility challenges can be addressed more effectively and inclusively.
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