LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global in-vitro fertilization (IVF) devices market is projected to grow to USD 2.96 billion by 2021, at a CAGR of more than 10% over the forecast period.
This research report titled ‘Global IVF Devices Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
“In-vitro fertilization is the process in which a woman’s egg is fertilized externally in a laboratory, and the fertilized egg is returned to the woman’s uterus. The high success rate of the in-vitro fertilization procedure is driving more women to opt for this procedure, leading to the growth of the market,” says Srinivas Sashidhar, a lead analyst at Technavio for men’s health, women’s health, and genitourinary research.
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Based on end-users, the report categorizes the global IVF devices market into the following segments:
- Fertility clinics
- Research clinics
Fertility clinics comprise the largest end-user segment of the IVF devices market, generating over 60% of the overall revenue. The high revenue generation in IVF clinics is driven by the high patient inflow for IVF treatments in these places. Semen collection for males and ultrasound and sonography for females are the standard diagnostic tests performed at the center to examine fertility issues. With the current advancements in technology, there are various treatment options provided. The high success rate and comparative simplicity of the IVF procedure are driving more patients to opt for the treatment option.
“Hospitals with fertility medical facilities are important revenue contributors to the global IVF devices market. Large multispecialty hospitals and hospital groups that work under government sponsorship or through private entities are the secondary end-users, which highly influence market growth,” says Srinivas.
Large hospitals procure consumables in bulk and engage with many suppliers, reimbursement authorities, and government organizations. They provide diagnosis and monitoring facilities to conduct infertility diagnostic procedures, thus driving the sales of IVF devices products.
Research centers are focused on developing innovative IVF and related diagnostic solutions and products. They support research personnel and clinicians to procure and analyze data related to patient diagnosis, prognosis, and treatment monitoring for infertility. Also, these institutes focus on identifying unfulfilled niches and limitations to ensure the successful implementation of IVF devices being used in the culture of embryos. The great number of universities and academic centers performing infertility experiments and studies to evaluate the performance of IVF devices is driving the growth of the market segment.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Cook Medical
- Thermo Fisher Scientific
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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