A procedure that gives infertile couples the joy of becoming parents of their own children, In-Vitro Fertilization (IVF) has proved to be a boon given by humans to humanity. In India, the IVF services have gained loads of popularity among the millennial. The Indian IVF services market is projected to reach $775.9 million by 2022 at a CAGRof 16.6 percent from 2016 to 2022.
With an increasing demand for IVF services, fertility specialists are also in heavy demand, which has led to the expansion of the services even more. Fertility specialists and researchers have analyzed the market for these services and have understood the factors that are acting as catalysts for the growth of the industry. Here we present some factors that tell us why IVF services market is booming in India.
Rising Number of Infertile Married Couples
The first and foremost reason for the boom in the industry is the rise in infertility among married couples. According to statistics, about 10-14 percent of the Indian population is suffering from infertility. Nearly 27.5 million couples are fighting with infertility in the hope of conceiving a child.
There are various health issues that have led to the rise in infertility among couples. For them, IVF has made a whole lot of difference, hence giving the industry an instant boom.
Changing Lifestyle Patterns
Women are considered to be the most fertile in their 20s. But, with changing lifestyle patterns, the age of marriage is getting postponed and girls are thinking of starting their families later in life. Fertility gradually starts to decline after the age of 32 and after the age of 35, the decline speeds up. This is another reason that people are turning towards IVF services more often.
Cheaper Healthcare Giving Rise to Medical Tourism
India has become a hub for medical tourism because of its cost-efficiency of hospitals and healthcare treatments. This works as a catalyst for the IVF services industry as India attracts a lot of patients suffering from infertility from outside borders. The IVF services are much cheaper in price but highly effective in India. Therefore, investors are more forthcoming towards investing their money on the IVF industry, which seems to earn a big profit through medical tourism.
Rise in Single Super-Speciality Hospitals
A single super speciality hospital is one that is primarily and exclusively engaged in the care and treatment of the patients suffering from a specific illness. The rise in single super speciality hospitals has given rise to IVF-centric clinics and hospitals. This rise has led to the IVF service market bloom instantly in the economy. With single super speciality hospitals and clinics getting prevalent in every nook and corner, married couples that suffer from infertility are becoming more open towards taking the IVF services.
