Here's How IVF Market is Growing in India
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Owing to its tremendous success, IVF has gained immense momentum in India. Many aspiring parents have taken the aid of IVF to fulfil their desire to have children. IVF is flourishing as it is an extremely safe and result driven procedure. Looking at the growth trajectory, it is safe to conclude that the IVF market is here to stay in India and undergo exponential growth.
India is slated to be the world’s youngest country by 2020. This has led India to become more liberal, advanced and there has been a huge change in lifestyle. It has become more open in terms of acceptance of artificial reproductive procedures. IVF services may reach $829.5 million by 2023 from $256.0 million in 2016, as per a report of Allied Market Research (AMR). This is undoubtedly a staggering figure and its growth is attributed to late marriages, lifestyle shift and increasing infertility which is a direct consequence of these predecessor reasons. The hesitation attached to discussing infertility problems with family has also subsided to a great extent and people are welcoming IVF are similar procedures to help them become parents.
The Great Success
IVF staggering success rate is also one of the reasons for its growing market. People from rural areas have also started to opt for IVF and its allied procedures as infertility is an issue that does not depend on demographics and socio-economic background of an individual.
Surrogacy Regulation Bill 2016 was given the green flag by Union Cabinet so did Assisted Reproductive Technology (Regulation) Bill-2017. Section 377 of the Indian Penal Code is also decriminalized. The government has played a key role in making our country more accepting and advanced. This has given a further boost to the IVF industry.
Factors Making It Grow
IVF’s affordable cost and the availability of instalment payment have also increased its viability amongst people. The global IVF market size was valued at around USD 15 billion in 2017 and is expected to grow at a CAGR of around 10per cent. These figures are staggering.
IVF procedures are bifurcated based on the usage of own egg and sperm or the use of a donor. Due to the reluctance of couples for using donor egg or sperm, the demand for egg and sperm freezing has skyrocketed and is expected to still increase.
As growth is evident and provides a lucrative market, many business firms are willing to invest in various chains of fertility clinics. This has brought a series of benefits for the IVF aspirants, as there have been sharing best practices, payment facilities are catered as per customer’s might and they are at the receiving end of quality service.
Dr. Subhash Mukhopadhyay created history when he became the first physician in India to perform the first IVF resulting in a test tube baby “Durga” (Kanupriya Agarwal) on October 3, 1978. Since then there is no looking back. India now stands as a very competitive IVF market and is only growing stronger.
IVF has been instrumental in bringing smiles to the faces of aspiring parents who were deprived of parenthood owing to infertility issues. IVF has also helped couples with genetic or hereditary ailments give birth to healthy babies.
Amongst the growth of IVF market, India has been keen to keep up the human values of ethics and empathy and hence the growth seems so welcoming.