The South and Central America IVF services market is expected to reach US$ 2,718.78 million by 2027 from US$ 1,206.95 million in 2019; it is estimated to grow at a CAGR of 11.0% from 2020 to 2027.
The growth of the market is attributed to increasing incidence of infertility, rising number of fertility clinics and infertility services with government support, and growing number of products launches and developments. However, the high procedural cost of assisted reproductive techniques is expected to hamper the market growth.
IVF or in vitro fertilization is a reproductive technology in which the ova from a woman's ovaries and the sample of sperm from a male are retrieved and manually diffused externally in a laboratory glass dish. After the fertilization, these fertile eggs undergo embryo culture for a few days and are transferred to the same or another woman's uterus to establish a successful pregnancy. The fertility rate is steadily declining globally, owing to various factors such as growing trend of late marriages and increasing age-related infertility. According to the estimates by the World Bank, the fertility rate for Brazil in 2020 was 1.7 births per woman, a 0.87% decline from 2019. Thus, the declining fertility rate leads to a significant increase in demand for in vitro fertilization services that determine the fertility window in males and females. Additionally, rising number of fertility clinics and infertility services with government support and increasing product launches are projected to drive the IVF services market.
The COVID-19 pandemic is adversely affecting countries in South and Central America. Along with an increase in global developments, the growing concern of COVID-19 is likely to impact those undergoing fertility treatments. Therefore, the government bodies of countries in Latin America have outlined some guidelines on managing patients who are undergoing infertility therapy or desiring pregnancy. Patients are avoiding the treatment to elude traveling and minimize the risk of getting an COVID-19 infection. Hence, the IVF market is likely to be affected negatively. However, in the long run, the market is expected to grow, as IVF centers are opening for patients suffering from diseases other than coronavirus.
In terms of cycle type, the South and Central America IVF services market is segmented into fresh IVF cycles, thawed IVF cycles, and donor egg IVF cycles. The fresh IVF cycles segment held the largest share of the market in 2019. The same segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on end user, the South and Central America IVF services market is segmented into hospitals, fertility clinics, surgical centers, and clinical research institutes. The fertility centers segment held the largest share of the market in 2019. The same segment is expected to register the highest CAGR in the market during the forecast period of 2020 to 2027.
A few of the primary and secondary sources associated with this report on the South and Central America IVF services Market are the International Medical Travel Journal (IMTJ), International Committee Monitoring Assisted Reproductive Technologies (ICMART), and World Bank, among others.