High Incidence of Infertility and Government Initiatives to Boost Adoption of In-Vitro Fertilization to Augment Growth of In-Vitro Fertilization Devices Market
In-vitro fertilization is a procedure of fertilization whereby an egg is combined using sperm in the lab, outside the body. The procedure involves stimulating and monitoring a woman's fertile period, removing an ovary from the woman's uterus and allowing sperm to fertilize them in a lab. If successful, the embryo is then implanted in the woman's womb.
Market Dynamics
High
incidence of infertility is expected to propel growth of the in-vitro
fertilization devices market. For
instance, according to the National Survey of Family Growth data published in
September 2018, 15.5% of all women who intend to become pregnant are infertile
and 6.7% of married women aged 15 to 44 years are infertile, in the U.S.
Government
initiatives to boost adoption of in-vitro fertilization is expected to offer
lucrative growth opportunities for players in the in-vitro fertilization devices
market. For instance, in November 2020, The Quebec government s tabled a bill
to restore public funding for one round of in-vitro fertilization for couples
struggling to conceive. Moreover, increasing geriatric population is also
expected to aid in growth of the market. For instance, according to the U.S.
Census Bureau, the U.S. geriatric population is expected to reach 77 million by
2034.
Adoption
of Artificial Intelligence (AI) in in-vitro fertilization is expected to propel
growth of the in-vitro fertilization devices market. For instance, in 2018, Univfy, an in-vitro
fertilization-focused machine learning company, raised US$ 6 million in Series
A funding.
However,
high cost of infertility treatment is expected to hinder growth of the in-vitro
fertilization devices market. The
average cost for infertility treatment in Canada is quite expensive and ranges
from between US$ 10,000 to US$ 20,000.
Competitive Analysis
Major players operating
in in-vitro fertilization devices market include, Vitrolife AB, CooperSurgical
Inc., Thermo Fisher Scientific Inc., COOK MEDICAL INC., Genea Biomedx, Merck
KGaA, OvaScience, Inc., JXTG Holdings, Inc., Progyny, Inc., and Oxford Gene
Technology Inc., EMD Serono,Inc., and Irvine Scientific.
Major players operating
in in-vitro fertilization devices market are focused on adopting collaboration
and partnership strategies to enhance their market share. For instance, in
2019, Vitrolife collaborated with Prime Tech, a manufacturer of products for
ICSI treatments using Piezo-ICSI for animal and human applications, to develop
and exclusively market the Piezo technique for improved ICSI procedure in human
IVF globally except for Japan, Thailand and Malaysia.
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