Fertility Market Trends: How Innovations & Investments lead to Breakthroughs

Published: 23 Oct 2024

Author: Precedence Research

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The global fertility market size is expected to reach around USD 71.24 billion by 2033, currently valued at USD 35.49 billion, the market will expand with a CAGR of 7.01% from 2024 to 2033.

The fertility market can be defined as an industry that revolves around reproductive well-being. It caters specifically to individuals facing conceiving and maintaining pregnancies with medically enhanced methods. The market provides services including but not limited to diagnosis of infertility, including medical facilities that offer treatments to aid in conceiving children. These facilities offer diagnosis, medications, intrauterine insemination, in vitro fertilization, and other assisted reproductive technology methods.

The value of any industry is majorly reliant on the contribution of its key players. In the fertility market, companies such as VItrolife, Boston IVF Fertility Clinic, San Diego Fertility Center, INVO Bioscience, Carolinas Fertility Institute, Progyny Inc., Cook Medical, Celmatix, Fujifilm Irvine Scientific, LifeGlobal Group are few among several that have made an impact on the market.

Fertility Market Top Companies: Advancements, Innovation

Private Ventures Shaping the Fertility Landscape

• In June 2024, Progyny, a publicly traded employer-focused fertility company acquired the Berlin-based Apryl to expand its global reach. The latter is a fertility benefits platform for employees. Progeny reported a revenue of USD 278.1 million in Q1 2023. The company showed a 7.6% increase compared to USD 258.4 million for the same period in the previous year.
• In July 2024, Mankind Pharma acquired Bharat Serums and Vaccines (BSV) from Advent International. The company was bought for INR 13,630 crore.
• In August 2024, Birla Fertility & IVF disclosed its plans to invest INR 500 crores to establish several fertility centers across Karnataka, Tamil Nadu, and Kerala.
• In May 2023, Mate Fertility won a USD 5.2 million in Series A funding. Mate aims to make high-quality fertility treatment affordable, accessible, and consistent throughout the United States.

Europe on the Path to Dominate the Global Fertility Market

The European fertility market is currently ranks third valued at USD 12.16 billion but will soon overtake the North American market with a CAGR of 7.2%. By 2034, it will be worth USD 24.46 billion. Europe is dealing with a greatly declining birth rate as a result of cultural shifts and infertility rates. In 2022, only 3.88 million live births were observed in the European Union, marking the first time lowest in over six decades.

The region's growth is attributed to the presence of key market players and their strategic initiatives to develop and commercialize new infertility medicinal products for treating patients. Also, there is an increasing disposable income and enhanced utilization of healthcare centers due to rising infertility problems among women.

Fertility Market Trends in Europe: Findings till 2022

• ICSI and IVF donors have increased significantly in recent years while taking it to 2,538 treatments in 2021 from 1,404 treatments in 2019.
• In 2021, 72,279 fresh oocytes were carried out in Germany. Which made it the highest rate of cycle in recent years.
• As of 2022, Germany reported approximately 100,000 fertility treatments per year.
• In Sweden, about 5% of all births are attributed to fertility treatments, showing oan ongoing demand for IVF.
• Based on 2022 data, the success rate of IVF in the UK increased by 32% for women under 35.
• Europe is the frontier of the IVF market, according to the European society of human reproduction and embryology, Europe estimated for 53% of global IVF cycles.
• Spain reported to conduct 160,000 IVF cycles in the year 2023.
• Nearly 37% of the European clinics offer advanced techniques like preimplantation genetic testing.
• According to the European Board of Obstetrics and Gynecology, nearly 28000 fertility specialists are available in Europe, highlighting regions' expertise. The European union's horizon 2020 program has invested 7.5 euro billion in the research of reproductive health.
• In September 2023, the government of Malta announced its decision to provide self-employed couples undergoing IVF up to a total of 100 hours of paid-leave. The prospective mothers will be provided around 60 hours od paid absence while their partners will be eligible for up to 40 hours.

Government Initiatives in Response to Evolving Demands

Shifts in Societal Preference and Gender Diversification: Creating New Opportunities

Changing social ideologies and structural and economic factors greatly influence the global population. In terms of reproductive rate, countries such as the U.S., Korea, and the UK face declining birth rates due to career-centric practices such as delayed marriage and parenting, lifestyle-influenced health issues, and hereditary issues. On the other end of the spectrum, developing regions face the same issues due to financial instability and other economic difficulties. The decline in birth rates is a major factor in the market development in these regions.

• The U.S. fertility market is valued at USD 7.8 billion, while the UK and Japan were found to be USD 2.86 billion and USD 1.59 billion, respectively.

Besides the concerns about declining birth rates in several regions, the global fertility market has garnered attention due to state recognition of several assisted reproductive practices such as surrogacy, gamete donation and preservation facilities, and supportive insurance and reimbursement policies. Fertility drugs are often used in combination with other fertility treatments, including IUI and IVF. These practices are especially beneficial for same-sex couples, people undergoing treatments harmful to their reproductive health, etc.

Asia to Grow Rapidly: Regulations, Technology and Government Support

The Asia Pacific clinical trials market is currently valued at USD 9.10 billion and is expected to grow at a CAGR of 10.9% over the forecast period. Delays in childbirth, lifestyle changes, and increased infertility prevalence have led to a growing demand for fertility treatments. As this happens, a greater number of couples are seeking help due to the destigmatization of infertility, increased awareness of reproductive issues, and the availability of treatments. Also, fertility treatments are being made more affordable with the help of financial assistance or subsidies from several governments for couples in the region.

In August 2024, the Goa Medical College (GMC), Bambolim, introduced their new assisted reproductive technology (ART) and intrauterine insemination (IUI). The facility will be the first in India to offer free IVF procedures under corporate social responsibility (CSR) programs.

Asia’s Consumer Demand, Investments and Initiatives: Key Elements for Fertility Market

A relaxed regulatory framework with regard to reproductive health research, a plethora of skilled professionals specializing in a variety of conditions, relaxed surrogacy and ART-related policies, lower medical costs, and a growing healthcare infrastructure make Asia Pacific a prime destination for fertility tourism. Along with the rapidly rising surrogacy business in countries like India and China, the intake of patients has been significant. The region also boasts a rich history of medical techniques and a relaxing environment, which makes it a prime spot for fertility retreats for foreign couples.

Cultural Taboos and Treatment-Associated Risks Hinder the Acceptance of the Fertility Market

Reproductive health has been a taboo topic in several predominant cultures and religions. Combined with associated side effects, this affects not only the acceptance of well-established technologies but also R&D activities. Market players place financial stakes in the market to launch new products and services. However, regulatory inhibition, religious inflexibility, and difficulties in advertisement create reluctance in new market players.

Offering Outlook

By offering, the assisted reproductive technology segment led the global fertility market with a value of USD 23.8 billion in 2023. The segment is expected to sustain this dominance by growing at a CAGR of 10%. Several regions across the world have been experiencing desensitization to taboos related to reproductive health. Combined with technological advancements, this has greatly impacted the market in the developed regions. Within the Art segment, in vitro fertilization (IVF) is the most widespread technique. In 2023 alone, it generated a revenue of around USD 15.2 billion, which is more than the combined revenue of surrogacy, artificial insemination, and other reproduction-assisting methods (USD 2.5 billion).

By offering, the fertility drugs segment is expected to grow with a considerable CAGR of 5%, owing to its lower costs and significantly reduced associated risks. Also, developed economies such as Europe, the U.S., South Korea, etc., prefer to plan their families after establishing their careers. Such couples face problems such as low gamete counts, hampered conception rates, and difficult or nonviable pregnancies. In North America alone, fertility drugs are estimated to generate a revenue of USD 3.95 billion in 2034 compared to its current USD 2.5 billion.

End user Outlook

By end user, in 2023, the fertility clinics segment led the fertility market at USD 22.08 billion. Fertility clinics are preferred over traditional point-of-care centers as they provide specialized treatment along with privacy. The growth of this segment is further supported by growing healthcare expenditure and developing specialized infrastructure in developed economies. In North America and Europe, these specialized facilities are valued at USD 7.41 billion and USD 8.15 billion, respectively.

Distribution Channel Outlook

By distribution channel, the hospital segment is expected to have a CAGR of 6.5%, resulting in a value of USD 17.35 billion in 2034 compared to USD 8.81 billion in 2023. Historically, hospitals have been the preferred choice of medical aid for any and every healthcare need. Hospitals provide patients with access to diagnostic, therapeutic, testing, consultation, and pharmacy facilities at single location.

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