What’s Fuelling Growth of the ‘Baby Business’?
Infertility has become a really big problem in today’s time. The healthcare sector is booming and so are the segments in it. Technology has provided a lot of help to the healthcare industry in terms of growth and development. In the field of IVF, there has been a lot of innovation that has pushed the market to come out with better solutions and a bright new hope for the childless couples.
The Growing Market
The market for fertility clinics is at an all-time high. The growing market is the result of the increase in the number of infertility cases. According to Allied Market Research, IVF services market is expected to reach $ 775.9 million by 2022 in India. The global market for IVF is expected to touch USD 3.72 billion by 2021 from USD 1.75 billion in 2016. With the industry giving a good CAGR OF 16.6% from 2016 to 2022, the fertility market is going to touch a new high soon.
Parenthood- A Need
There are many reasons that have led to the growth in the fertility market. The biggest reason being the need to become parents among childless couples. The growth in the number of infertile individuals and so many other lifestyles related diseases have led to the popping up of many fertility clinics. Other reasons like delayed pregnancies in women, the presence of favourable reimbursement methods etc have also pushed for a high demand in the fertility treatments market.
The Sources of Hope
With couples trying really hard to conceive and e4mbrace parenthood, there are a number of sources available that aim at providing them with their little bundle of joy. Some of the names in the global IVF market are CooperSurgical Inc. (U.S.), Vitrolife AB (Sweden), Genea Limited (Australia) etc. In the Indian market, the names that are popular and the best in the Fertility treatments market are Bourn Hall Clinic, Southend Fertility, Indira IVF and much more.
“The IVF market has grown at a CAGR of 18% in the last decade despite this the IVF market is highly under-penetrated with demand being 9 to 12 times higher than the current market, even in large metro cities. We face a serious challenge of high infertility rate and significantly low treatment rates. IVF market is expected to grow at a CAGR of 20% thus estimating 260,000 cycles in the year 2020. India is also becoming the preferred destination for medical tourism. Indian IVF industry is seeing a surge in foreign investments e.g. Goldman Sachs, Medicover etc. The ART bill and Surrogacy bill aim to regulate the IVF industry providing for safe and ethical practices and disclosures on outcomes. To sum up, the IVF market in India is a very fast growing market. There is a need for increased awareness in the population, both about infertility and about the availability of treatments and a need to de-stigmatize infertility. This in addition to making affordable treatments available will increase the penetration of services in the market”, says Dr.Rajalaxmi Walavalkar, Consultant, IVF and Reproductive surgery, Cocoon Fertility.
Various factors have contributed to the high rate of infertility that the individuals are facing at the moment. It is really alarming to know that there are a huge number of couples who are facing one or another problem associated with infertility. High level of stress, pollution, lifestyle patterns, bad habits etc. have paved the way for the Indian youth towards such problems. The introduction of new technologies in the Indian market has brought some kind of relief for the childless couples looking for solutions. Having a perfect family is everyone’s dream and this dream gets interrupted due to infertility and other fertility-related problems. With Indian couples reporting increasing cases of infertility, it is not just for them to seek solutions for the problem but also to maintain a healthy lifestyle from the beginning in order to avoid such complexities later in life.