The declining fertility rate, rising prevalence of delayed pregnancy, increasing disposable income, and growing awareness about in-vitro fertilization (IVF) treatment options are driving the Ivf Devices and consumables market. It gathered a revenue of $1.6 billion in 2016, and it is expected to grow at a 17.9% CAGR during the forecast period (2017–2023). The artificial fertilization of an ovum in a laboratory setting to be later implanted into the uterus is termed as in-vitro fertilization.
The key driving factor for the IVF devices and consumables market is the rising infertility rate, worldwide. In developing nations, one in every four couples is affected by infertility. As per the World Bank, the fertility rate came down to 2.4 in 2015 from 4.7 in 1970. Smoking, which has a negative impact on health, is a major cause of infertility. Smoking reduces the chances of pregnancy in women by 50.0%. The Human Reproduction Journal of the Oxford Press said that about 7.7 million women will be diagnosed with infertility by 2025.
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Further, the rising disposable income is contributing to the IVF devices and consumables market progress. Mostly, middle-aged people with a stable financial condition opt for Ivf Treatment. Despite the high costs of IVF procedures and medication, infertile couples are increasingly opting for them, owing to their high success rate. Government and private agencies are providing many reimbursement schemes for infertility treatment. For instance, the Australian government, under its Medicare scheme, provides rebate to people opting for IVF treatment.
Therefore, the market for IVF devices and consumables is slated to advance during the forecast period, owing to technological advancements in IVF treatment, which are providing numerous infertile couples a chance to experience parenthood.
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