The spread of COVID-19 across the globe has positively impacted the global assisted reproductive technology market in 2020. The progressive growth of the market is due to growing cases of infertility and government authorities’ initiatives for treatment of infertile couples.
/EIN News/ — New York, USA, April 28, 2021 (GLOBE NEWSWIRE) — The assisted reproductive technology industry is likely to see a slightly progressive growth during the COVID-19 pandemic. According to a report published by Research Dive, the global assisted reproductive technology market is projected to surpass $56.3 billion during the forecast period from 2019 to 2026. The report provides detailed analysis on drivers, restraints, massive growth opportunities, challenges, key segments, and several strategies by market players in order to better understand the effect of the pandemic on the global market.
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Highlights of the Report
- The estimated CAGR of the assisted reproductive technology market prior to COVID-19 pandemic was 10.3% over the forecast period.
- The CAGR of the global industry is expected to grow at 10.7% by 2027 after pandemic crisis.
- In 2020, the predicted market size of the assisted reproductive technology industry before the COVID-19 pandemic was $27.0 billion.
- Due to COVID-19 pandemic, the market size of the global industry is expected to surpass $27.6 billion in 2020.
COVID-19 Pandemic Market Scenario
As per our analysts, the several government authorities are approving assisted reproductive technology for the treatment of infertile couples during the COVID-19 pandemic, which is driving the global market growth in 2020. For instance, in February 2020, the Indian government ‘ART regulation bill’ amid the COVID-19 chaos with an objective to offer ‘safe & ethical’ reproductive procedures to approximately 27 billion infertile Indian couples. In addition, various organizations are coming forward with their strategic moves, amidst the pandemic with an aim to help infertile couples
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Regional Analysis
The Asia Pacific market for assisted reproductive technology is estimated to hold a significant share in the global industry and exhibit a CAGR of 11.6% during the forecast period. The significant growth of the region can be attributed to increasing support by various governments for in-vitro fertilization and increased spending on technological developments in several countries. In addition, the growing emphasis on the improvement of healthcare infrastructure, in India, Australia, South Korea, and Japan is another factor predicted to boost the regional market growth by 2027.
Post-Pandemic Market Landscape
As per the report, the global assisted reproductive technology market is expected to continue witness a noteworthy growth even after the COVID-19 pandemic. This is mainly due to the growing adoption of technological advancements and the rising prevalence of childlessness, infertility, and infecundity across the globe. In addition, the increasing rising adoption of R&D and innovations, changing lifestyle of people, and increased awareness related to assisted reproductive technology are other factors to propel the global market growth by 2027. Furthermore, the key players of market are adopting several strategies to adopt a strong position in the global industry. For instance, in February 2019, Merck, one of the largest pharmaceutical companies worldwide, announced the launch of its fertility ART technologies in India. The company launched two devices namely, ‘Gavi’ and ‘Geri,’ which will help the company to expand their business in the Asia-Pacific ART market.
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Key Players of the Industry
The major players operating in the global market for assisted reproductive technology include
- Merck KGaA
- Ferring Pharmaceuticals
- Nidacon International AB
- Thermo Fisher Scientific Inc.
- Cook
- Hamilton Thorne, Inc.
- California Cryobank
- CooperSurgical, Inc.
- IVFtech ApS
- FUJIFILM Irvine Scientific.
The report presents various aspects of all these major players including financial performance, recent developments & strategic moves, SWOT analysis, and product portfolio.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status – Inquire to Get access for Detailed Top Companies Development Strategy Report
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