The global assisted reproductive technology market is expected to reach USD 29.3 billion by 2022, according to a new report by Grand View Research Inc. Growing prevalence of stress and increase in the pollution levels coupled with the changing lifestyle habits including smoking and drinking are expected to drive the assisted reproductive technology market over the forecast period.
Growing incidence rate of male and female infertility due to low sperm count, poor sperm movement, blocked sperm ducts, and fallopian tubes blockage coupled with problems in uterus or cervix, respectively is expected to significantly contribute towards market growth.
Medical tourism is instrumental in facilitating growing demand of assisted human reproductive technology. Although, these technologies are widely used in the developed economies of the U.S. and Canada, entailed high costs render these services unavailable to every patient. Nations are regulated by stringent laws and govern the transactions between surrogates, egg donors, and those who are willing to avail these services.
Countries such as Czech Republic, Israel, South Africa, and Spain offer good fertility options. India and Mexico were among the most technologically and economically viable fertility choices for foreign couples. Success rates as good as other western nations and with less than half the cost, are few factors spearheading regional growth.
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Further key findings from the study suggest:
- Fresh non-donor was the largest ART market procedure segment in 2014. The fact that fresh eggs and sperms increase the number of successful pregnancies is expected to drive segment growth over the forecast period.
- Frozen non-donor is identified as the most lucrative segment of assisted reproductive technology industry. It is expected to grow at a CAGR of over 5.5% over the forecast period.
- North America dominated global demand accounting for USD 8.5 billion in 2014. This is attributed to rising people awareness and acceptance of people towards gametes preservation and donation, government funding for in vitro fertilization, and high usage rate of advanced technologies such as vitrification.
- Asia Pacific is expected to witness substantial growth over the forecast period owing to increasing prevalence of obesity and average maternal age in the emerging markets of India and China.
- The Asia Pacific Initiative on Reproduction (ASPIRE) task force of clinicians and scientists are involved in the monitoring and management of fertility and Assisted Reproductive Technology (ART).
- Key players of the assisted reproductive technology market include Cosmos Biomedical, Origio, European Sperm Bank, Cryolab Ltd., Ovascience, Parallabs, Microm UK Ltd., Irvine Scientific, and Bloom IVF Centre.
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