The Infertility Devices Market is estimated to be valued at US$ 10,129.9 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Infertility devices are comprised of equipment and consumables which help in infertility diagnosis and treatment. These devices help in procedures like in vitro fertilization (IVF), intracytoplasmic sperm injection (ICSI), and artificial insemination. Growing infertility rates, delay in pregnancies, and rise in awareness regarding fertility treatment options are major factors fueling growth of the infertility devices market.
Market key trends
One of the key trends fueling growth of this market is rising fertility awareness. According to the World Health Organization (WHO), around 48 million couples worldwide experience infertility. Social media and various fertility awareness campaigns are helping spread information regarding causes of infertility, available treatment options, and success rates of procedures like IVF and ICSI. This is encouraging more people to seek medical help for fertility issues. Another important trend is technological advancements in infertility devices. Major players are focusing on developing novel devices integrated with advanced technologies like Artificial Intelligence (AI) and robotics. This is helping improve efficiency and outcomes of fertility treatments. For example, AI-powered image analysis systems are being integrated with embryoscopes to automate embryo grading and selection process during IVF. Such innovations are expected to support market growth over the forecast period.
Threat of new entrants: The infertility devices market has high requirement for large initial investments, regulatory approvals, and established customers. These factors limit the threat of new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to the necessity of infertility devices. However, large hospitals and clinics have moderate bargaining power due to the ability to negotiate on price and purchase in bulk.
Bargaining power of suppliers: The infertility devices market has a moderate level of supplier concentration for key components. However, the availability of component substitutes provides a balance in suppliers’ bargaining power.
Threat of new substitutes: Currently, there are limited substitutes for infertility devices. however, advancements in fertility treatments may lead to alternative substitutes in the future.
Competitive rivalry: The infertility devices market has the presence of numerous global and regional players resulting in high competitive rivalry.
Strengths: Rising healthcare expenditure and availability of fertility tourism have boosted market growth. Advancing technologies have enhanced the success rates of fertility treatments.
Weaknesses: High procedural costs of assisted reproductive technology limit their access. Lack of awareness regarding available options in developing nations.
Opportunities: Emerging economies provide lucrative opportunities due to their large untapped potential. Growing public-private partnerships support market expansion.
Threats: Stringent regulatory guidelines for new product approvals may hamper market revenues. Social stigma and ethical issues surrounding fertility treatments act as a challenge.
Global Infertility Devices Market Demand is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing prevalence of infertility disorders due to rising risk factors such as obesity, stress, smoking, etc. North America dominated the market in 2023, owing to the high adoption of advanced infertility treatment devices and rising public awareness regarding infertility in the US and Canada.
The Asia Pacific region is expected to witness the fastest growth during the forecast period, with a CAGR of over 10%, due to the large patient pool, increasing healthcare expenditure, rising medical tourism, and growing public awareness regarding infertility treatment options in emerging economies like China and India.
Key players operating in the infertility devices market include Carl Zeiss Meditec AG, Thermo Fisher Scientific Inc., Vitrolife AB, The Baker Company, Inc., The Cooper Companies, Inc., Fujifilm Irvine Scientific, IVFTECH APS, Kitazato Corporation, MedGyn Products, Inc., Rocket Medical plc, SOMATEX Medical Technologies GmbH, Cook Group Incorporated, Esco Micro Pte Ltd, Hamilton Thorne, Ltd, and Art Biotech Pvt. LTD, Merck.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it