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Indian IVF market thrives, to surpass USD 3,721B

India has witnessed a significant surge in In Vitro Fertilization (IVF) services, attributed to various factors such as late marriages, increased pregnancy age, growing infertility rates, rising disposable income, and greater awareness about infertility treatments.

With a success rate of 60-70 percent, the demand for IVF procedures has contributed to a remarkable 20 percent growth in the Indian fertility market over the past five years. Experts believe that the market holds immense potential for further expansion.

Currently, India conducts an average of 2-2.5 lakh IVF cycles per year. However, projections indicate that this figure could reach 5-6 lakh cycles annually, resulting in a market value surpassing $3,721 billion by 2030, compared to $793 million in 2020.

One of India’s notable advantages in this field is the cost factor. In the United States, a single IVF cycle can cost between $12,000 and $14,000, while the expenses can escalate up to $30,000 with additional services. Similarly, the United Kingdom and Singapore charge over $6,000 and $7,000, respectively, for a cycle.

In contrast, India offers a significantly lower price range of $1,200 to $2,500 per IVF cycle. This affordability, coupled with the expertise, pre- and post-procedure infrastructure, and fewer language barriers, positions India as a favourable destination for medical tourism in IVF procedures.

Besides the potential for growth in the domestic market, with an estimated 25 to 30 million couples grappling with infertility issues, India’s competitive costs attract international patients seeking IVF treatments.

The country’s medical tourism industry is set to benefit from this trend. Key players in the market, such as Nova IVF (backed by TPG), have already made strategic investments. Nova IVF acquired a 51 percent stake in Southend Fertility, a Delhi-based IVF chain. Other prominent investors, including Barings, Blackstone, Bain, Advent, and TPG, are also eyeing majority stakes in Indira IVF, with potential deal sizes ranging from Rs 8,000 to 10,000 crore.

However, there are certain challenges that could impede the growth of the IVF market in India. For instance, Milann, the fertility arm of HealthCare Global—a hospital chain focused on cancer care—witnessed no revenue growth in Q4 despite registering 28,000 new couples for treatment and conducting over 11,000 IVF procedures in the past six years.

In the quarter gone by the company saw a 22 percent decline in new registrations and a 7 percent decrease in IVF cycles, primarily due to government regulations on surrogacy. CNBCTV18

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