Assisted Reproductive Technology Market Size to Reach $12.2 Bn, Globally, by 2030 at 19.3% CAGR: Allied Market Research
PORTLAND, Ore., Sept. 14, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Assisted Reproductive Technology Market by Product (Instrument, Accessory & Disposable, and Reagent & Media), Technology (In Vitro-Fertilization, Artificial Insemination, and Others), and End User (Fertility Clinic, Hospital, Surgical Center, and Clinical Research Institute): Global Opportunity Analysis and Industry Forecast, 2021––2030". According to the report, the global assisted reproductive technology industry generated $2.3 billion in 2020, and is anticipated to generate $12.2 billion by 2030, witnessing a CAGR of 19.3% from 2021 to 2030.
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Prime determinants of growth
Surge in prevalence of infertility rate, technological advancements in assisted reproductive technology, growth in disposable income, and rise in awareness regarding infertility treatment drive the growth of the global assisted reproductive technology market. However, high cost of ART procedures and risk associated with IVF treatment hinder the market growth. On the other hand, growing opportunities in emerging markets and rise in fertility tourism present new opportunities in the coming years.
The Accessory and Disposable segment to maintain its leadership status throughout the forecast period
Based on product, the accessory and disposable segment held the highest market share in 2020, accounting for more than half of the global assisted reproductive technology market, and is estimated to maintain its leadership status throughout the forecast period. This is due to rise in prevalence of infertility, surge in demand for in vitro fertilization procedures such as retrieval of oocytes, analysis & screening of sperms, handling gametes, and others. However, the instrument segment is projected to manifest the highest CAGR of 23.10% from 2021 to 2030, owing to increase in demand for frozen embryo transfer, rise in prevalence of infertility, and surge in number of IVF procedures.
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The fertility clinics segment to maintain its lead position during the forecast period
Based on end-user industry, the fertility clinics segment accounted for the largest share in 2020, conributing to more than half of the global assisted reproductive technology market, and is projected to maintain its lead position during the forecast period. This is due to rise in prevalence of fertility cases, the surge in sedentary lifestyle, and growth in number of fertility clinics. Moreover, this segment is expected to portray the largest CAGR of 20.5% from 2021 to 2030.
Europe, followed by North America, to maintain its dominance by 2030
Based on region, Europe, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global assisted reproductive technology market. This is due to increase in utilization of novel technology equipment service, surge in incidence of infertility cases, high disposable incomes, rise of funds from government and private organizations for in-vitro fertilization (IVF), and advancements in technology for infertility. However, the Asia-Pacific region is expected to witness the fastest CAGR of 21.3% during the forecast period, owing to increase in incidence of infertility cases, rise in awareness about surrogacy, and surge in demand for assisted reproductive technology.
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