Dublin, May 14, 2024 (GLOBE NEWSWIRE) -- The "Global Fertility Tourism Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global fertility tourism market accounted for USD 0.709 billion in 2023 and is expected to reach at USD 13.08 billion by 2034 with a CAGR of 30.34% during the forecast period 2024-2034.
Rising prevalence of infertility, surge in delayed pregnancies, rapid uptake of medical tourism, growing advancements in assisted reproductive technologies, increase in report tourism, rise in both male & female infertility cases, surge in average age of marriage & first-time parenthood, more women are seeking treatment abroad, higher numbers & success rates of IVF procedures, growing investment from both public & private sectors in new clinics & fertility centers, and increasing initiatives by market players to launch medical tourism are some of the key factors boosting the market growth.
Increasing initiatives by market players to launch medical tourism is predicted to boost the market growth during the forecast period. Fertility tourism involves individuals traveling to another country for fertility treatment, also known as medical or reproductive tourism. Various factors can drive fertility tourism, including cost savings and additional benefits such as improved healthcare, advanced technology, excellent hospitality, and individualized care, which attract visitors. For instance, in January 2024, Ferns N Petals revealed the introduction of MediJourney, a new division focusing on medical tourism. The company emphasized that MediJourney is dedicated to prioritizing personalized wellness for people across the globe.
By service, in-vitro fertilization was the highest revenue-grossing segment in the global fertility tourism market in 2023 owing to the rising trend of postponed pregnancies, increase in the success rate of IVF procedures, and expansion of efforts by industry leaders. For instance, in September 2023, Merck, a prominent science and technology firm, is introducing an extensive Fertility Benefit program, providing financial assistance to employees for fertility treatments. Currently, Merck extends similar benefits to its employees in the United States, Canada, and Japan. Additionally, artificial insemination is predicted to grow at the fastest CAGR during the forecast period owing to the growing incidence of infertility problems and continuous advancements in AI methods, including intrauterine insemination (IUI).
By application, sex selection was the highest revenue-grossing segment in the global fertility tourism market in 2023 owing to the availability of gender selection as an option in in-vitro fertilization (IVF) treatments and growing technological advancements. Additionally, infertility treatment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for advanced infertility treatments such as assisted reproductive technology, and rise in the number of fertility clinics.
For instance, in March 2024, TMRW Life Sciences (TMRW), a fertility technology company revolutionizing IVF laboratory standards, has unveiled CryoLink, a workstation designed to streamline the digital organization of frozen specimen inventory for fertility clinics. The introduction of CryoLink allows the utilization of TMRW's Digital Specimen Management system independently or in conjunction with TMRW's automated storage platforms.
By age group, 35-44 was the highest revenue-grossing segment in the global fertility tourism market in 2023 owing to the rise in infertility rates within this demographic, increased accessibility to a wider pool of donors from international clinics, the advertised success rates, and growing trend of collaborations among industry stakeholders to offer more advanced treatment alternatives. The primary factors driving travel for assisted reproductive technology (ART) treatments include cost and the desire for anonymity. Moreover, advancing age elevates the risk of pregnancy complications such as cesarean section, placenta previa, gestational diabetes, and stillbirth. Additionally, 45-54 is anticipated to grow at the fastest CAGR during the forecast period. Countries with robust regulatory systems attract patients aged 45-54 due to their ample financial resources and advanced treatment facilities, leading to a surge in patient numbers.
By end-users, female was the highest revenue-grossing segment in the global fertility tourism market in 2023 owing to the increase in infertility cases, rising awareness about the range of available treatment options, and growing number of advanced fertility centers being established. Additionally, male is predicted to grow at the fastest CAGR during the forecast period owing to the factors such as reduced sperm concentration, abnormal morphology, & diminished sperm motility, rising awareness of male infertility, growing demand for hormonal therapy, and increasing uptake of DNA fragmentation diagnostic techniques.
Asia-Pacific region is anticipated for the highest revenue share during the forecast period owing to the accessibility of world-class IVF treatment services at reduced costs, increase in medical tourists, establishment of more fertility clinics, growing number of Chinese couples seeking IVF treatment abroad, increasing government initiatives to launch fertility clinics in popular medical tourism destinations to cater to the rising demand for fertility treatments.
Additionally, North America region is predicted to grow at fastest CAGR during the forecast period owing to the growing patient population, rapid advancements in fertility tourism, increasing presence of international fertility clinics, rise in private institutions, and surge in initiatives from key market players.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Market Forecast by Service, Application, Age Group, and End-user
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Company Profiles of Top 10+ Major Market Players
- Assisted Reproduction and Gynecology Centre
- Bumrungrad International Hospital
- Alpha IVF & Women's Specialists
- Manchester Fertility Services Ltd
- San Diego Fertility Center
- The Surrey Park Clinic
- Eva Fertility Clinics
- Sincere IVF Center
- Barcelona IVF
- Apollo Fertility
- Genesis IVF
- IVF-Life
For more information about this report visit https://www.researchandmarkets.com/r/7mtd87
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