In vitro fertilization (IVF), one type of assisted reproductive technology (ART), is becoming more popular due to an increase in infertility rates worldwide, according to Frost & Sullivan’s recent analysis on the global in vitro fertilization services market. Fertilizing the egg outside the body is the process of IVF, which is the most prevalent and effective form of ART and contributes more than 95% of the total ART revenue. The practice of freezing eggs, sperm, and embryos for IVF is becoming popular, which has significantly increased the demand for IVF services. The global market for IVF services is anticipated to grow significantly, with a compound annual growth rate (CAGR) of 20.46%, from $17.37 billion in 2022 to $43.97 billion in 2027.
“Implementation of artificial intelligence (AI) and other advanced technologies, such as preimplantation genetic testing (PGT) and mild ovarian stimulation, is revolutionizing IVF services,” said Suchismita Das, Healthcare Research Analyst at Frost & Sullivan. “Further, these innovative technologies are attributed to increasing the success rate of IVF, leading to the rising adoption of fertility services.”
Das added: “IVF tourism, as part of medical tourism, is currently a Mega Trend boosting the growth of IVF services. Asia-Pacific countries, such as India and Singapore, and European nations, such as Spain and Poland, are emerging as the most preferred destinations for IVF treatment to expedite the IVF services sector’s growth.”
To reap the benefits of the IVF services industry, IVF market participants should:
- Partner with IVF technology providers to implement the latest technologies that empower the embryologist with better decision-support capabilities.
- Collaborate with oncology care providers to offer cancer-specific IVF services to patients and consult them on fertility preservation if they choose that option.
- Join with insurance providers to include fertility treatments in health insurance plans as the number of infertility cases rises alarmingly in India, China, and Japan.