According to GlobalData’s latest market model, the assisted reproductive technology devices market is set to grow at a compound annual growth rate of 3%, resulting in a global market value exceeding $650M by 2030. This is following a highly tumultuous 2020, where associated device sales initially experienced losses from most elective medical procedures being postponed due to the Covid-19 pandemic and were later offset by the backlog of procedure volumes and associated device sales.
ART refers to reproductive health procedures that treat women who are experiencing reduced fertility so they can successfully achieve pregnancy. Two prominent techniques used in assisted reproductive technology are in vitro fertilisation (IVF) and intrauterine insemination (IUI). However, like many other medical procedures considered to be elective or non-essential, the number of associated procedures being performed drastically declined after the onset of the Covid-19 pandemic. This had a direct negative impact on the consumable assisted reproductive technology devices market, as purchases of the devices (including aspiration needles, culture dishes, and embryo transfer catheters) were postponed in line with the operational status of the fertility clinics.
Most fertility clinics had resumed operations by Q3 2020 under Covid-19 safety guidelines, at which time assisted reproductive technology device sales significantly surged such that they recouped the initial sales losses caused by the pandemic. The data indicate that this market is currently stabilising. GlobalData expects the market growth to resume at pre-pandemic levels within the next two years, and to surpass $650M in just ten years. The assisted reproductive technology devices market is forecast to continue growing due to the increasing number of fertility clinics, increasing procedure volumes, improving pregnancy rates from advanced technologies, and enhanced awareness of assisted reproductive technology among prospective patients, among other reasons.
An analysis of the leading companies within this market has identified Cook Medical, CooperSurgical, and Vitrolife as major players, as their wide-ranging products and global presence contribute to their large market shares. In contrast, some companies like FUJIFILM Irvine Scientific, which specialises in a smaller selection of device types, can outcompete the market leaders across certain geographic areas. Furthermore, the Asia-Pacific region has been highlighted as leading the global assisted reproductive technology market share, followed by Europe and North America. More specifically, Japan, China, and the US are some of the key players that drive their respective regional growth. While both Japan and the US experience high procedure volumes coupled with a relatively high average selling price of related devices, the large Chinese market is driven primarily by its significant population size and the associated large volumes of devices purchased at a lower average selling price.