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Market Growth and Size for IVF Devices and Consumables
The in vitro fertilization (IVF) devices and consumables market has demonstrated impressive growth in recent years, reaching $2.29 billion in 2023 and rising to $2.66 billion in 2024. This represents a compound annual growth rate (CAGR) of 16.2%. The expansion of the market can be attributed to several factors, including increasing infertility rates, rising awareness and acceptance of IVF treatments, growing gamete donations, enhanced government support and funding for fertility treatments, and the trend of delayed pregnancies.
Future Projections for the IVF Market
Looking ahead, the IVF devices and consumables market is expected to continue its upward trajectory, projected to reach $4.88 billion by 2028 at a CAGR of 16.4%. This growth is driven by factors such as the growing adoption of minimally invasive procedures, improved healthcare infrastructure, the expansion of fertility clinics, and rising disposable incomes. Additionally, trends like the integration of artificial intelligence (AI) and machine learning, advancements in IVF technology (including preimplantation genetic testing and cryopreservation techniques), as well as personalized and precision medicine approaches in reproductive health, are expected to further fuel this market growth.
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