Asia-Pacific Fertility Services Market Slated to Amass Considerable Revenue: Projected to Grow at a CAGR of 15.2% during the Forecast Period
Published | 02 September 2021
Several factors are contributed to the growth of the Asia-Pacific fertility services market, including the increasing incidence of infertility rates in developing countries as well as medical advancements in the sector...
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Asia-Pacific fertility services market was worth USD 4.6 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 15.2%, earning revenue of around USD 12.3 billion by the end of 2027. The Asia Pacific is experiencing a rising rate of infertility due to poor lifestyle habits. Thus, the growth of the Asia Pacific fertility services market can be attributed to increasing prevalence of infertility rates in people belonging to developing countries, along with various medical advancements being made in the domain of fertility treatment. Nevertheless, the high cost of fertility treatments may limit the growth of the market.
Flourishing Medical Tourism in Developing Countries Is Estimated to Boost the Market
Although fertility services involve expensive treatment and procedures, it still is cost-effective in the Asia Pacific as compared to receiving treatment in developed countries like the United States of America or the United Kingdom. This acts as a favorable factor for the growth of the Asia-Pacific fertility services market. For instance, the average cost of receiving an IVF treatment in the United States of America costs around USD 11,000 to USD 12,000 while in India it costs around USD 3,500 to USD 5,000. Several APAC countries have responded to opportunities offered by medical tourism, including India, Malaysia, Singapore and Thailand. These countries offer cross-border medical care for international tourists in an increasingly globally competitive environment. With flourishing medical tourism in countries like India, China, South Korea, the fertility services market is projected to boost significantly in the foreseeable future.
Increasing Average Age of Conceiving Is Boosting the Asia-Pacific Fertility Services Market
Health experts claim that the demand for fertility services is likely to increase in the upcoming years. One of the major factors driving the growth of the Asia-Pacific fertility services market is the increased age of parenthood. The global median age for bearing the first child has increased dramatically over the past few decades, especially in Asian countries such as Japan.Moreover, there has been an increase in the number of women working in the Asia Pacific, and this has resulted in a higher average age at which women have children.Furthermore, increasing divorce rates and second marriages are also influencing the growth of the Asia Pacific fertility services as people are choosing to start a second family at a relatively advanced age.
Asia-Pacific fertility services Market - By End-User
Based on end-users, the Asia-Pacific fertility services market is segmented into fertility clinics&surgical centers, hospitals, clinical research laboratories. The fertility clinics and surgical centers segment account for the largest market share. Individuals can avail of a wide spectrum of services at these centers including tests to analyze the root causes of infertility and treatment options to conceive and grow a family. These fertility and surgical centers adopt various diagnostics tests and advanced medical treatment and technologies to achieve conceptions and pregnancies. Other than the fertility and surgical centers, the hospitals and research laboratories segments are also growing at a substantial growth rate.
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Asia-Pacific fertility services Market - Regional Insights
Geographically, the Asia-Pacific fertility services market is segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. Among these, India is leading the market. Japan and China are also emerging aspotential markets for fertility services with more than 600 fertility clinics and hospitals and around 460 licensed IVF clinics respectively operating. Japan is growing at a substantial growth rate in the fertility services market as people are starting to have children in the later years of their lives and are turning to medical support to conceive.
Impact of COVID-19 on Asia-Pacific fertility services Market
The Asia-Pacific fertility services market has been severely affected by the COVID-19-induced pandemic as the coronavirus brought a lot of challenges to the fertility services market in the region. Due to the lockdown imposed by the governments of different countries to prevent the spread of the virus, many fertility services were restricted.As a result, the demand for fertility services in Asia-Pacific regions witnessed a sharp decline. Furthermore, the economic slowdown, the decreasing per capita income of people, and lack of stability in individuals' lives caused several couples and individuals to delay their parenthood plans, affecting the market negatively.
The leading market players in the Asia-Pacific fertility services market are Apollo Hospitals Dhaka, Australian Concept Infertility Medical Center, Fertility First, MEHR IVF Clinic, Genea Oxford Fertility Limited, CHA Fertility Center, Maria Fertility Hospital, Superior A.R.T, Damai Service Hospital, Bourn Hall Fertility Center, Cloudnine Fertility, Shanghai United Family Hospital, Sanno Hospital, Oak Medical Group/Oak Clinic, Bahosi Fertility Centre, and other prominent players.
The market players offer a wide range of treatment and child-bearing options for childless couples and individuals with various medical conditions. They also invest and engage in R&D activities to expand and improve the chances of fertility options to gain a competitive edge in the market. Furthermore, the fertility-service providing facilities have also been adopting strategies such as partnerships, mergers, collaborations, etc., to develop their skills and services.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Asia-Pacific fertility services market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Asia-Pacific fertility services market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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