News Excerpt:
The Indian IVF industry is set to double in size by the end of this decade.
About the IVF industry:
- An estimated 25-30 million couples are currently grappling with infertility issues but only 1-2% of them actually seek treatment, so, there is a huge gap and various companies are ramping up their plans to tap this big opportunity.
- According to the analysts, the IVF industry will clock a compound annual growth rate (CAGR) of 16-18% over the next five years.
- Ernst & Young expects India's IVF market to grow to $1.45 billion by 2027 from $793 million in 2020.
- This would be driven by a surge in medical tourism, and an increase in health conditions contributing to infertility.
- There is robust demand from both rural and urban areas, but the coverage in India is still low, and the need of the hour is to bridge the accessibility gap to tap that demand.
- In both rural and urban settings, the demand for IVF services is shaped by unique yet converging factors. Urban areas witness increasing infertility rates due to lifestyle changes, delayed parenthood, and environmental factors. Meanwhile, rural communities often face limited access to fertility specialists and comprehensive reproductive healthcare.
Regulations and Challenges:
- The IVF industry is intensely competitive with specialized companies as well as multi-specialty hospital chains offering services, alongside a few local and unorganized players.
- Though 50% of the Indian market is unorganized, the organized market comprises three segments—chains focusing only on fertility issues; corporate hospital chains offering fertility services; and single, large doctor practices.
- In 2023, the government implemented stricter regulations for assisted reproductive technology (ART), frequently used to address infertility via IVF. The move was aimed at addressing the proliferation of illegal IVF centers and curbing illicit and unnecessary procedures, to safeguard unsuspecting couples from exploitation.
- All stakeholders in the field encounter considerable obstacles due to a widespread lack of awareness and societal stigma surrounding fertility issues emphasizing the importance of recognizing infertility as a legitimate medical concern.
- Affordability also remains a significant challenge for the industry due to inadequate insurance coverage and a shortage of skilled professionals in certain specialized fields. These factors continue to hinder service delivery.
- However, a positive development emerged in 2023 when the Insurance Regulatory and Development Authority of India (IRDAI) mandated comprehensive coverage for all intending parents, and surrogate mothers who were undergoing fertility treatments.
