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The radiopharmaceutical market is a dynamic sector driven by advancements in medical imaging and the increasing prevalence of various diseases. It is important for various stakeholders, such as pharmaceutical companies, healthcare providers and investors to understand the market dynamics.
Technological innovations make a critical contribution to the radiopharmaceutical market. Developments of PET and SPECT diagnostic imaging methods have stimulated the need for radiopharmaceuticals.
The increase in the incidence of cancer across the globe is a major driving factor for this radiopharmaceutical market. Radiopharmaceuticals are widely used in cancer diagnosis and treatment since they provide the most effective imaging for disease management.
Today, however, the applications of radiopharmaceuticals go beyond oncology. The horizon of the market is growing as radiopharmaceuticals are used increasingly in diagnosing and monitoring cardiovascular, neurological, and musculoskeletal disorders.
We can observe a significant impact of the demographic shift towards an aging population on the market dynamics. The increasing aging population not only increases the demand for diagnostics and related treatments in connection with age-related diseases – such as neurodegenerative disorders that can benefit from radiopharmaceuticals.
The regulatory landscape impacts the radiopharmaceutical market significantly. Legal requirements for the approval and sale of radiopharmaceuticals affect market entry obstacles in terms of competitors.
It is not uncommon to see collaborations and partnerships between pharmaceutical companies, research institutions as well as healthcare providers in the radiopharmaceutical market. Such partnerships promote research and development activities; they also facilitate commercialization of products as well as strengthen market presence.
Radiopharmaceutical market is international, where companies extend worldwide. It’s this need to address patients around the globe and harness emerging economies with unmet medical needs that drive such a trend.
Economic considerations such as healthcare spending and reimbursement formulations affect the availability and cost of radiopharmaceuticals. Economic considerations have effects both on the supply and demand sides of the market.
Market dynamics can also be influenced by patients and their awareness of the benefits associated with radiopharmaceuticals. The rising patient consciousness as well as a liking for non-invasive diagnostic methods, lead to the market’s development.
The radiopharmaceutical market is highly competitive among the leading players. Products innovation, pricing strategies and market share serve as sources of influence for the dynamics in the market since firms need to create competitive advantage.
Tests in the radiopharmaceutical market include problems with production, distribution channels and compliance requirements. Radiopharmaceuticals’ complex nature represents some extraordinary challenges that need constant interaction and improvement from the industry.
In Vitro Fertilization Market Highlights:
Global In Vitro Fertilization Market Overview
In Vitro Fertilization Market Size was valued at USD 12.34 Billion in 2023. The Global In Vitro Fertilization industry is projected to grow from USD 13.57 Billion in 2024 to USD 29.39 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.14% during the forecast period (2024 - 2032). High average conception age and robust regulatory frameworks are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
MilliporeSigma announced the debut of its new CellToxTM Assay Platform in June 2023. The platform is a range of in vitro experiments that test materials and drugs for safety.
In May 2023, WuXi AppTec expanded its capabilities in toxicology testing using in vitro. New assays will be included in this expansion, as well as a new service for custom-made IVAs.
Thermo Fisher Scientific Inc. noted it had bought CooperSurgical, an IVF provider of goods and services, in April 2023. The acquisition would help Thermo Fisher grow its market share in the In-Vitro Fertilization (IVF) sector.
The CryoTop vitrification device has been approved by the FDA, according to Vitrolife’s statement in March 2023. The CryoTop system is a novel technique for vitrifying embryos—a fast freezing technique preserving their viability.
In May 2023, AIVF, which develops AI-based solutions for IVF clinics, and Genea Biomedx jointly launched an integrated system. This recent integration links Genea Biomedx’s Geri time-lapse incubator with AIVF’s innovative EMA AI platform to provide personalized and better care across different IVF clinics worldwide.
June 2022 marked the emergence of Oma Fertility from stealth mode, introducing the first-ever network fertility clinics enabling families access to science-forward and AI-informed fertility treatments and creating a new standard for the success rate of IVFs.
In June 2023, Progyny, Inc. and Quantum Health, Inc. consolidated efforts towards bringing Quantum Health's Comprehensive Care treatments platform designed for family formation and reproductive treatments to market.
January 2022 saw Boston IVF link up with Delaware Institute for Reproductive Medicine (DIRM), one of the most experienced infertility centers globally. Local world-class treatment options such as preimplantation genetic testing (IVF), IVF, male infertility, and others are expected as a result of the partnership.
In May 2023, Pacific Blue Cross introduced an enhanced Personal Health Insurance, a health & dental plan that includes fertility drugs, fertility treatments, and adoption under family planning benefits. Pacific Blue Cross is the first and only provider in Canada to offer family planning benefits as part of an individual health & dental plan upon this improvement. This led to competitive pricing and moderated IVF treatment costs. This procedure has been successfully practiced as a technology, driving the market with more treatment automation and standardization.
In Vitro Fertilization Market Trends
- Growing Prevalence of robust regulatory framework to boost market growth
These have been a major concern that are attempted to be addressed by the medical fraternity. The root cause of the same can be traced back to delayed pregnancies lead to the risk of infertility and pregnancy related problems. The growth of assisted reproductive technologies, such as embryo culture media market, has been made possible by the availability of appropriate regulatory frameworks. However, in poorer nations, their penetration is still comparatively sluggish.
Further, the worldwide in vitro fertilization industry has seen a dramatic increase in the average age of first time mothers. This tendency is attributed, according to estimates, to better contraceptive methods and the rising number of women who choose to put off having children.
As per the data published by Australian Institute of Health and welfare 2021, the average age of first-time mothers increased from 27.9 years in 2009 to 31.9 years in 2019. The average age for first-time mothers growing, an increasing number of women are expected to face problems in conceiving naturally. In this scenario, a growing number of women are forced to opt for IVF treatments, such medical treatments for conceiving or to be first-time mothers has enhanced the market CAGR across the globe in the recent year.
In Vitro Fertilization Market Segment Insights
In Vitro Fertilization Type Insights
The market segments of in vitro fertilization, based on type, includes intrauterine insemination, intracytoplasmic sperm injection, and Ivf using donor eggs. The intrauterine insemination in vitro fertilization segment held the majority share in 2022 contribution in respect to the in vitro fertilization market revenue. This is primarily owing to the rising prevalence of delayed marriages and opt for artificial fertilization across the globe. For instance, as per the World Health Organization (WHO), globally 8%-10% of couples suffer from infertility which is approximate 80 billion couples worldwide.
In Vitro Fertilization Devices Insights
The in vitro fertilization market segmentation, based on devices, includes imaging systems, sperm separation system, ovum aspiration pump, micromanipulator, and cryosystem. All the devices uniformly perform in the market and is projected to be the faster-growing segment during the forecast period, 2024-2030. This is due to the increasing preference for IVF devices to become parents. Hence, rising use of these devices for In Vitro Fertilization positively impacts the market growth.
In Vitro Fertilization Reagents Insights
The in vitro fertilization market data has been bifurcated by reagents into embryo culture media, cryopreservation media, sperm processing media, and ovum processing media. The embryo culture media segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. Increasing population and decreasing fertility rate, increasing awareness about in vitro fertilization, and high disposable income are the factors due to which the embryo culture media segment grow in the near future.
2021: Hamilton Thorne Ltd. received FDA approval for the GYNEMED GM501, in US and Europe a ready-to-use medium has designed for in vitro washing and handling procedures of human oocytes and embryos. This approval has further broadened the growth opportunity for the in vitro fertilization industry.
Figure 1: In Vitro Fertilization Market, by Surgery, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In Vitro Fertilization End User Insights
Based on End Users, the in vitro fertilization industry has been segmented into clinical research institutes, fertility clinics, and hospitals. Fertility clinics held the largest segment share in 2022, owing to the rapid adoption of advanced in vitro fertilization products. Moreover, increasing government initiatives to aware about in vitro fertilization and high disposable income is expected to bolster the market of in vitro fertilization during the assessed timeline.
The fastest growing segment in the in vitro fertilization industry is hospitals. Increased availability and accessibility of possible treatments can be recognized to an increased preference for hospitals for infertility treatments.
In Vitro Fertilization Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America in vitro fertilization market accounted for USD 10.76 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to a lesser birthrate, which linked to various socioeconomic influences across the region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: In vitro fertilization market share by region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe in vitro fertilization market accounts for the second-largest market share due to the availability of cutting-edge treatment facilities, government backing for the growth of the in vitro fertilization, and trained and experienced faculty. Further, the Germany market of in vitro fertilization held the largest market share, and the UK market of in vitro fertilization was the fastest growing market in the European region
The Asia-Pacific in vitro fertilization Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to increased mounting medical tourism in the region for IVF. Moreover, China market of in vitro fertilization held the largest market share.
For instance, India market of in vitro fertilization is the favored destination for medical travelers due to the availability of surgeons, lenient legal measures and regulatory necessities, cutting-edge technology, & cost-effective treatments, India’s fertility centers can provide more patient-oriented therapies. On the other hand, Singapore is famous for the presence of well-trained doctors, state-of-the-art facilities, and quality care. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2024–2032.
In Vitro Fertilization Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the market growth of in vitro fertilization. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the in vitro fertilization industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the in vitro fertilization industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, in vitro fertilization industry has provided medicine with some of the most significant benefits. The in vitro fertilization market major player such as Cooper Surgical Fertility, Cook Medical, Oxford Gene Technology, Merck KGaA, INVO Bioscience, Thermo Fisher Scientific, Genea Limited, Irvine Scientific, Vitrolife GENEA BIOMEDIX, and others are working to expand the market demand by investing in research and development activities.
FUJIFILM Irvin Scientific, Inc. a world leader in the development, innovation, and producer of cell culture media, medical devices for clinical and researchers, and reagents. The company delivers unrivalled service and quality to scientists working in the industrial cell culture, regenerative medicine, assisted reproductive technology and cytogenetic, cell therapy for the large-scale production of vaccines and biotherapies. For Instance: In September 2019, FUJIFILM Irvin Scientific, Inc. launched Vit Kit-NX, a new vitrification solution for IVF. Vit Kit-NX is a compatible with open and closed vitrification devices, ready-to-use solution to deliver high quality media that are flexible and effective to streamline IVF laboratory processes.
Key Companies in the market of In Vitro Fertilization market includes
- Cooper Surgical Fertility
- Cook Medical
- Oxford Gene Technology
- Merck KGaA
- INVO Bioscience
- Thermo Fisher Scientific
- Genea Limited
- Irvine Scientific
- Vitrolife GENEA BIOMEDIX, among others
In Vitro Fertilization Industry Developments
April 2022:On fast Company’s 2022 list of the most innovative biotech firms, MRW Life Sciences, the first automated platform to protect frozen eggs and embryos essential to in vitro fertilization (IVF), came in first place. TMRW’S technology provided digital identification and traceability of eggs and embryos as well as process automation, enhancing safety and transparency, and replacing antiquated systems.
2021: Cooper Surgical join hands with Virtus Health to reinforce its fertility technology, to increase the accessibility of advanced treatment to infertile couples.
In Vitro Fertilization Market Segmentation
In Vitro Fertilization Type Outlook
- Intrauterine Insemination
- Intracytoplasmic Sperm Injection
- Ivf Using Donor Eggs
In Vitro Fertilization Devices Outlook
- Imaging Systems
- Sperm Separation System
- Ovum Aspiration Pump
- Micromanipulator
- Cryosystem
In Vitro Fertilization Reagents Outlook
- Embryo Culture Media
- Cryopreservation Media
- Sperm Processing Media
- Ovum Processing Media
In Vitro Fertilization End User Outlook
- Clinical Research Institutes
- Fertility Clinics
- Hospitals
In Vitro Fertilization Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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