Assisted Reproductive Technology Market Growth & Trends
The global assisted reproductive technology market size is expected to reach USD 41.4 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to register a CAGR of 6.15% during the forecast period. The growth of the market is mainly driven by the rising cases of infertility globally. In addition, the growing awareness about infertility and treatment methods available to conceive a child is expected to boost the industry growth during the forecast period. The rising adoption of Assisted Reproductive Technologies (ART) by couples and prospective parents trying for children is expected to boost the industry’s growth.
Furthermore, the increasing use of technologies in ART, such as Artificial Intelligence (AI) and Machine learning (ML), for research and development is expected to improve patient outcomes. For instance, as per the article published in the National Library of Medicine, Preimplantation genetic testing for aneuploidies (PGT-A), when coupled with IVF, showed positive results in reversal of the effect of maternal age on the rates of implantation and also a decrease in miscarriage rates were shown in the study, especially for frozen transfers.
The COVID-19 pandemic adversely affected the industry owing to the cancellation and postponed procedures and a reduction of patient visits to fertility clinics. It adversely affected the mental health of the couples undergoing ART due to the cancellation of the procedures for IVF and artificial insemination. The market is now slowly regaining to the pre-pandemic rates due to relaxation in the restrictions. Key companies operating in the market are adopting various strategies to gain higher market share, such as mergers and acquisitions. For instance, in January 2019, Ferrings Pharmaceuticals acquired the U.S. commercialization rights for the Ganirelix Acetate injection generic from Sun Pharma and expands its reproductive medicine portfolio to provide resources and services for ART.
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Assisted Reproductive Technology Market Report Highlights
Based on the type, the IVF segment dominated the market in 2021 due to innovations in IVF including cryopreservation of excess embryos and sperm, Preimplantation Genetic Diagnosis (PGD) with the aid of chromosomal screening, and others that would not be possible without IVF
The artificial insemination segment is expected to witness the fastest CAGR from 2022 to 2030 due to the less invasive technique and involvement of fewer medicines than the IVF
Based on end-uses, the fertility clinics & other settings segment held the largest revenue share in 2021 due to factors, such as increased precision and availability of specialized treatment
Europe held the largest revenue share in 2021 owing to factors, such as the growing infertility cases and awareness programs for the treatment & detection of infertility
North America is expected to witness the fastest growth rate from 2022 to 2030 due to the initiatives taken by the government and competent authorities including the American Society for Reproductive Medicine, and Society for Assisted Reproductive Society (SART)
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