Impact Of COVID-19 On The Global Fertility Services Market – GlobeNewswire
LONDON, Aug. 17, 2021 (GLOBE NEWSWIRE) — As per The Business Research Company’s analysis of the global fertility services market, the fertility services market suffered losses in the initial phase of the COVID-19 pandemic, but soon restarted with a boost, as many governments supported the reopening of infertility centers. Many people were seeking planning to go for infertility centers as they adopted the guidelines that were logistically possible in their clinical set-up, aligns their protocols to their hospital policies, and is in accordance with the views of their medical leaders. Going forward, an increase in COVID-19 vaccination is expected to boost the fertility services market, as many countries are in the unlocking phase and couples who are looking for treatment would need not delay their plans.
The global fertility services market grew from $24.6 billion in 2015 to $37.7billion in 2020 at a compound annual growth rate (CAGR) of 9.1%. The global fertility services market is expected to grow from $37.7 billion in 2020 to $78.2 billion in 2025 at a compound annual growth rate (CAGR) of 15.7%. The market is expected to grow to $161.8 billion in 2030 at a compound annual growth rate (CAGR) of 15.7%.
One of the major reasons for the rapid growth of the market is the increasing number of same-sex couples and their marriages is expected to be one of the major drivers of fertility services market during the forecast period. Same-sex couples desire to have a child will positively influence the IVF services by utilizing Partner IVF, a type of IVF for lesbian couples that lets both partners become physically involved in the conception of their baby. This process involves eggs provided by one partner, which are fertilized with donor sperm, and the other carries the pregnancy. At the start of the year 2021, the Statistics Netherlands reported of having nearly 20 thousand gay couples. Whereas in France, there were 4,000 same-sex marriages in 2020. Thus, the number of same-sex couples will boost the fertility services market.
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As per TBRC’s research fertility service providers are strategically collaborating/partnering with other large or mid-sized companies to broaden their products and services. Collaborations and partnerships have become an important step to survive the shift towards value-based healthcare, and to increase the companies projected R&D expenditure to introduce more advanced and innovative solutions to treat fertility disorders.
For instance, in January 2021, Philips entered into a multiyear collaboration with Merck to advance personalized treatment for fertility issues. The major aim of the partnership is to leverage digital health solutions that will inform clinicians and patients about the choice and timings to maximize the chance of conceptions.
Additionally, the fertility service industry has been witnessing a rise in mergers and acquisitions. Merger and acquisition activity has been driven by rising in customers’ preference for integrated solutions and also to overcome the rise in infertility problems. Many companies in this market are continuously realigning their portfolios thereby pursuing profitable inorganic growth opportunities by entering into new areas of the value chain.
For instance, in May 2021, a digital health care and telemedicine provider RO acquired Modern Fertility for USD 225 million in a majority-stock deal. With this acquisition, RO has added reproductive health and fertility testing to its women’s health care services. In September 2020, INVO Bioscience, Inc, teamed up with a reproductive endocrinologist and a physician to establish a joint venture “Positib Fertility”, with an aim of focusing on the development of the Mexico market for INVOcell. Similarly, in 2019, Monash IVF Group Ltd. acquired Queensland-based fertility services provider Buderim for AUD 2.1 million.
The Business Research Company’s report titled Fertility Services Global Market Report 2021: COVID 19 Growth And Change To 2030 covers fertility service market growth rate, fertility service market size, fertility services market forecasts, fertility service market trends and drivers.
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The fertility services market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 6.26% of the total market in 2020. Companies infertility services market face intense competition from new entrants and local service providers. This can be due to the existence of a number of local players in the market serving customers in particular geographies. The market completion is characterized by advances in technology, prices and availability of services. Major players in the market include Merck KGaA, Progyny Inc., Vitrolife, IVI-RMA, Monash IVF Group, Virtus Health, Integramed America Inc., Apollo Hospitals Enterprise Ltd., Chelsea and Westminster Hospital NHS Foundation Trust, and The Johns Hopkins Health System Corp.
Fertility Services Global Market Report 2021: COVID-19 Growth And Change To 2030 is one of a series of new reports from The Business Research Company that provide fertility services market overviews, analyze and forecast fertility service market size and growth for the whole market, fertility services market segments, and geographies, fertility services market trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the fertility services market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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