Global IVF devices and consumables market is forecasted to attain a size of $5.0 billion by 2023, according to P&S Market Research
Some of the prominent factors driving the growth of the market are rise in the infertility rates, growing success of the IVF procedure, surge in the availability of technologically advanced products and a global rise in fertility tourism.
The IVF devices and consumables market is categorized as sperm separation systems, cryosystems, incubators, imaging systems, ovum aspiration pumps, cabinets, micromanipulator systems, accessories and disposables and others, on the basis of various type of instruments. The accessories and disposables category further include; semen analysis chambers, plastic ware, oocyte retrieval needles and other miscellaneous disposables. This category is expected to hold the largest share of the market in 2016 and is anticipated to generate revenue of $3.0 billion by 2023, registering a CAGR of 16.3% during 2017-2023.
This growth in demand for IVF procedures in surgical centres is mainly due to the fact that these centres provide facilities for surgical sperm retrieval and fertility enhancing surgeries such as tubal surgery, tubal reversal surgery, adhesiolysis and various other techniques that can eventually lead to conception.
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The APAC IVF devices and consumables market is expected to witness the fastest growth in demand, at a CAGR of 21.8% during the forecast period. The growth in the APAC market is mainly supplemented by low manufacturing cost of IVF devices and increasing adoption of IVF procedures owing to rising fertility tourism in the region.
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Globally, key players in the IVF devices and consumables industry are developing and launching products that are equipped with latest advanced technology to fulfill the market demands. For instance, in September 2016, ORIGIO, a subsidiary of Cooper Surgical, became the official distributor of Research Instruments in Russia. The distribution included products such as Integra 3 micromanipulators, Saturn laser, IVF Witness system, and other RI products.
Some of the other key players operating in the IVF devices and consumables market include Cook Medical, Inc., Genea Biomedx, JXTG Holdings, Inc., Merck KGAA, Ovascience, Inc., Oxford Gene Technology, Progyny, Inc., Thermo Fisher Scientific, Inc., and Vitrolife AB.
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