LONDON–Technavio’s latest market research report on the global assisted reproductive technology market in fertility clinics provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Assisted reproductive technology market in fertility clinics: market outlook
One of the key factors resulting in the growth of the market is the globally increasing rates of infertility and obesity. Due to multiple individual causes in men and women, the global infertility rates are increasing at an alarming rate. This has resulted in a large patient pool opting for infertility treatment primarily through specialized centers such as fertility clinics. Changing lifestyle conditions alongside increased intake of drugs and alcohol are resulting in lesser chances of conceiving.
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The three emerging market trends driving the global assisted reproductive technology market in fertility clinics according to Technavio research analysts are:
- Emergence of digital innovations
- Growing acceptance of same-sex marriages
- Emergence of IVF mega-clinics
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Emergence of digital innovations
The market is evolving due to the emergence of advanced technologies that carry out various types of assisted reproductive technology (ART) procedures. The change is obvious in the method used by fertility clinics to market their services. Biotechnology firms entered the ART market and are increasing ART awareness as well as the technologies involved to improve the access of infertility treatment services to the consumers. The emergence of personalized medicine, particularly for infertility treatment in women, is the biggest change visible in the market and contributing to the increasing adoption.
According to Tasneem Ali, a lead analyst at Technavio for health and wellness, “Mobile applications are bridging information gaps, and the awareness about ART procedures is increasing. Many entrepreneurs also recognize the opportunity for their services to merge into digital tools in related health sectors such as pregnancy, baby-monitoring, and breastfeeding. Though digital innovation is being embraced in the industry, some of the users fear privacy violation as personal data is readily shared on these applications. Nonetheless, with proper cybersecurity measures in place, this market will witness the trend of digital innovations. This will increase the awareness of ART procedures and lead to an overall positive impact on the market.”
Growing acceptance of same-sex marriages
Social and legal acceptance of same-sex marriages also led to a rise in sperm donations and the use of fertility services. The invalidation of the Defense of Marriage Act in 2013 led to the increased demand for fertility services in the US. This, in turn, has increased the demand for ART. Globally, the US and Canada were the biggest contributors to the trend of same-sex marriages due to a considerable presence of LGBT population. Same-sex marriages in these countries are the biggest factors for increasing demand for these services. For instance, in 2015, 379 corporations and employer organizations urged the Supreme Court in the US to remove state bans on gay marriages.
Same-sex couples are not capable of conceiving. Hence, they adopt ART procedures to have a chance of creating a family. This can be beneficial to the market, as the number of same-sex marriages is rising worldwide and their chance of adopting ART procedures is high. This, in turn, helps in raising the number of prospective clients for vendors in the market, creating higher revenue.
Emergence of IVF mega-clinics
Increasing awareness levels among consumers alongside the rising global disposable income are contributing to rapid expansion of vendors in the market. In-vitro fertilization (IVF) clinics, either in proximity or sharing multiple regions of operations, are expanding collective patient outreach, maintaining pricing power and protecting quality branding by merging or partnering with each other, thereby consolidating their respective positions in the market. Private equity investments are the driving force for increasing mergers between clinics.
“As clinics expand their services and leverage technological expertise of other clinics in the market, the resultant collective entity aims to provide improved services for patients. This leads to the increasing visits of patients to these IVF mega-clinics. Therefore, this trend of M&A activity would impact the market positively during the forecast period,” says Tasneem.
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