The global market for infertility drugs and devices will reach nearly $4.8 billion in 2017, said a recent report from Transparency Market Research.
According to the report, “Infertility Drugs and Devices Market – Global Analysis, Size, Share and Forecast, 2010-2017,” the overall infertility drugs and devices market was estimated at $3.55 billion in 2010 and is expected to reach an estimated value of $4.77 billion by 2017, growing at a compound annual growth rate of 4.3 percent from 2012 to 2017.
[See also: Global biosimilars market to reach $4.8B by 2015]
“The key growth drivers for the infertility drugs and devices market include rising number of infertile people, increasing worldwide obesity, rising number of smokers and increasing stress and pollution,” said Shashi Kumar, director, strategy and research, at Transparency Market Research.
Kumar also cites rising disposable incomes of consumers, the adoption of babies by homosexual couples and the availability of government support for infertility abatement procedures as factors leading to growth in the industry.
Although the future looks bright for the global fertility market, there are a few factors that could potentially impede growth, said Kumar.
“The growth of the market is restrained by factors such as limited insurance coverage, religious bans on artificial insemination procedures … and patent expiration of infertility drugs,” said Kumar.
Emerging nations such as India, Brazil, China and Mexico are considered to be the most lucrative markets for infertility drugs and devices and are contributing to the sector’s rapid growth, noted Kumar.
“The medical tourism initiatives undertaken by such countries is one of the major reasons for the high growth rate,” said Kumar.