Treatments that help patients with infertility include fertility services. Different infertility services, such as in-vitro fertilization (IVF), surrogacy, artificial insemination, and others, help infertile couples, single mothers, and the LGBT community have children. Due to the high prevalence of infertility problems, the growing tendency of women to delay pregnancies, the rise in technological improvements in fertility operations, and the rise in gamete donations, the global market for fertility services is anticipated to have significant expansion in the future. In addition, the availability of reproductive therapies, the rise in disposable income, and advantageous reimbursement regulations all contribute to the market's expansion.
A rapid increase in the infertility rate is one of the significant factors that drive the growth of the fertility services market. One in every four couples in emerging nations is affected by infertility. According to macrotrends.net (2019), the global fertility rate in 2019 was 2.458 births per woman, a 0.41% decline from 2018. Furthermore, lifestyle habits such as smoking also affect fertility rates, including stress, nutrition, alcohol, obesity, etc. The rise in infertility rates is not only due to lifestyle changes but also to diseases such as sexually transmitted diseases (STDs) and fertility-related diseases. Hence, the increase in infertility rates in the near future is anticipated to augment the market's growth.
Fertility or reproductive tourism is the practice of traveling to other countries for fertility treatments. The critical reasons for fertility tourism are legal prohibitions, stringent regulations or non-availability of fertility procedures in the home country, and the lower costs coupled with technological advancements in fertility tourism destinations. Since Mexico has lenient laws governing in-vitro fertilization procedures, it has become a favorite destination for fertility tourists. The top destination for fertility tourism in Israel.
Leading locations for various infertility treatments include India and other Asian nations. In addition, egg donation is legal in several European countries, such as Italy and Germany. Thus, many women prefer to go to these European countries where they can be paid for egg donations. Fertility tourism promotes fertility services, especially in emerging markets, creating lucrative market growth opportunities.
Asia-Pacific holds the leading position in the global fertility services market. It is also expected to be the fastest-growing region, growing at a CAGR of 18.3% during the forecast period. Due to the region's rising infertility rate, a tendency toward later-term pregnancies, an explosion in IVF success rates, and an increase in disposable income, the Asia-Pacific IVF services market is predicted to develop significantly throughout the forecast period. One of the extensively utilized methods for helping persons with infertility issues, including couples, single mothers, and members of the LGBT community, is in vitro fertilization (IVF). Additionally, the market for IVF treatments in Asia-Pacific has sustained development potential due to the surge in fertility tourism.
North America is the second-largest region and is projected to reach USD 9,110 million, growing at a CAGR of 13.6% during the forecast period. It presents abundant opportunities for players operating in the fertility services market, owing to its high population base, growth in knowledge about fertility treatment, rise in popularity of IVF in the US, increase in the rate of infertility and practices of embryo banking cycles, technological advancements, and delayed pregnancy trends. The rate of fertilization with IVF in the age range of 35–39 years is reportedly very high, according to the Centers for Disease Control and Prevention (CDC). The reproductive system's inability to create completely formed eggs for fertilization increases the chance of genetic diseases in the egg in older women (those over the age of 40). Therefore, an increase in the tendency of women to delay childbearing will fuel the market for fertility services.
Europe houses 40% of the world's IVF clinics, which has proved to be a significant contributor to the success of the European infertility testing and treatment market. The region has also witnessed substantial investments from global market leaders. The overall outlook for the European market looks promising as its superior IVF technology attracts considerable investments from private equity investors. Also, DIY testing has increased access and helped reduce the costs of infertility testing and treatment. Both these factors provide lucrative opportunities for fertility services market growth.
The key market players are Apollo Hospitals Enterprise Ltd, Care Fertility Group Ltd, Carolinas Fertility Institute, City Fertility, Fertility Associates Limited, Genea Limited, Medicover Group, Monash IVF Group Limited, Progyny Inc., and Virtus Health.