Global In Vitro Fertilization (IVF) Devices And Consumables Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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How Much Growth is Expected for the In Vitro Fertilization (IVF) Devices And Consumables Market from 2024 to 2033?
The market for in vitro fertilization (IVF) devices and consumables has witnessed substantial growth in recent times. The market value is expected to escalate from $2.29 billion in 2023 to $2.66 billion in 2024, with a compound annual growth rate (CAGR) of 16.2%. Several factors contribute to this historic growth, including the rising infertility rates, increased awareness and approval of in vitro fertilization (IVF) procedures, a growing number of gamete donations, amplified government backing and financing for infertility solutions, and a rise in delayed pregnancies.
The market for in vitro fertilization (IVF) devices and consumables is projected to experience significant growth in the upcoming years, with its value expected to reach $4.88 billion in 2028, growing at a compound annual growth rate (CAGR) of 16.4%. Factors contributing to this anticipated growth during the forecast period include increased implementation of minimally invasive procedures, enhanced healthcare infrastructure, growth of fertility clinics, a rise in the use of personalized and precision medicine for reproductive health, and an increase in disposable income. Key trends predicted for this period include the application of artificial intelligence and machine learning, the creation of innovative IVF devices and consumables, improvements in IVF technology like preimplantation genetic testing and cryopreservation techniques, advanced infertility treatments, and superior genetic screening methods.
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What Factors Are Encouraging Growth in the in vitro fertilization (ivf) devices and consumables Market?
The escalation in infertility rates is projected to stimulate the in vitro fertilization (IVF) devices and consumables market’s enhancement in the future. Infertility can be understood as the difficulty in getting pregnant after a year of unprotected, regular sexual activity or failure to sustain a pregnancy. The surge in infertility can be attributed to changing lifestyles, delayed planning of pregnancy, and incrementing stress levels. IVF devices and consumables, used in aided reproductive technologies, play a significant role in the fertilization procedure. They involve equipment for egg retrieval, embryo culture, and embryo transfer, addressing infertility issues by enabling successful conception and gestation. The World Health Organization (WHO), a Switzerland-based United Nations agency striving for health promotion, globe protection, and serving the vulnerable, revealed in April 2023 that nearly 17.5% of the global adult population, or around 1 in 6 people, encounter infertility at any phase of their life. In addition, in the U.S., close to 11% of females and 9% of males within reproductive age reportedly face this issue. Particularly, about 19% of childless heterosexual women aged 15 to 49 experience infertility problems, whereas 6% of married women in this demographic face the same challenges. Consequently, the surging infertility rates are fuelling the in vitro fertilization (IVF) devices and consumables market.
Which Segments Play a Vital Role in the In Vitro Fertilization (IVF) Devices And Consumables Market?
1) By Product: Instruments, Accessories And Disposables, Reagents And Media
2) By Technology: Fresh Embryo In Vitro Fertilization (IVF1), Frozen Embryo In Vitro Fertilization (IVF1), Donor Egg In Vitro Fertilization (IVF1)
3) By End User: Fertility Clinics, Hospitals, Surgical Centers, Clinical Research Institutes
What Trends Are Driving Change in the In Vitro Fertilization (IVF) Devices And Consumables Market?
Key companies in the in vitro fertilization (IVF) devices and consumables sector are concentrating on creating groundbreaking products, such as benchtop incubators for IVF clinics, in order to increase the effectiveness and success rate of embryo culture and advance patient results. IVF clinics use benchtop incubators, a unique kind of equipment that allows for a controlled setting for embryo cultivation and growth during IVF processes. These incubators are essential for preserving the exact conditions necessary for embryo development, like temperature, humidity, and gas composition, including oxygen and carbon dioxide. For example, in May 2022, the US medical device corporation, Cook Group Incorporated, introduced the improved version of the popular MINC Mini Incubator, named MINC+TM Benchtop Incubator, tailor-made for IVF clinics in the US and Canada. The MINC+ incorporates enhanced features based on user feedback, making the process smoother for clinical embryologists. It also features the DishTrace platform which combines touchscreen technology and PC software for thorough dish-data administration. This system allows the tracking of culture dishes during their entry and exit from the incubator, can monitor up to 50 MINC+ incubators at once, and produces detailed graphical histories and reports on MINC+ activity.
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What Regions Are Contributing Significantly to the Growth of the In Vitro Fertilization (IVF) Devices And Consumables Market?
North America was the largest region in the in vitro fertilization (IVF) devices and consumables market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the in vitro fertilization (IVF) devices and consumables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The In Vitro Fertilization (IVF) Devices And Consumables Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the in vitro fertilization (ivf) devices and consumables market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The In Vitro Fertilization (IVF) Devices And Consumables Market Include
1. In Vitro Fertilization (IVF) Devices And Consumables Market Executive Summary
2. In Vitro Fertilization (IVF) Devices And Consumables Market Segments
3. In Vitro Fertilization (IVF) Devices And Consumables Market Size And Template Market Growth Rate
4. Key In Vitro Fertilization (IVF) Devices And Consumables Market Trends
5. Major In Vitro Fertilization (IVF) Devices And Consumables Market Drivers
……
25. Key Mergers And Acquisitions In The In Vitro Fertilization (IVF) Devices And Consumables Market
26. Top In Vitro Fertilization (IVF) Devices And Consumables Companies
27. In Vitro Fertilization (IVF) Devices And Consumables Market Opportunities And Strategies
28. In Vitro Fertilization (IVF) Devices And Consumables Market, Conclusions And Recommendations
29. Appendix
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