16 Aug 2021
Posted in Medical Devices
APAC assisted reproductive technology devices market to register 4.5% CAGR through 2030, forecasts GlobalData
The Asia-Pacific (APAC) assisted reproductive technology (ART) devices market is forecast to grow at a compound annual growth rate (CAGR) of 4.5% and retain its leading position globally through 2030, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Assisted Reproductive Technology Devices (General Surgery) – Global Market Analysis and Forecast Model (COVID-19 market impact)’, reveals that despite ART treatments not being reimbursed by the government for majority of countries in this region, the market is largely driven by volumes from middle class population with increasing disposable incomes facing infertility issues.
Vinita Sippy, Medical Devices Analyst at GlobalData, comments: “Delayed marriages, delayed family planning and increasing prevalence of metabolic disorders in women are some of the factors responsible for more couples to choose assisted reproductive techniques in this region.”
Currently, the APAC region is double the North American region in terms of market value for ART devices with highest contribution from Japan. China dominates the APAC market in terms of volume with more than one million ART cycles performed each year. India, due to its large population of infertile couples, has the potential of performing more in-vitro fertilization (IVF) cycles. However, due to very low number of clinics reporting to the National ART Registry, the numbers are highly under reported.
Ms Sippy concludes: “Increasing awareness and accessibility of IVF treatments coupled with government support are expected to further drive the ART devices market in the APAC region.”