MARKET SUMMARY

The global veterinary in vitro fertilization (IVF) market was valued at USD 3.80 billion in 2021 and it is predicted to rise at a compound annual growth rate (CAGR) of 6.50 % from 2022 to 2032. The term "in vitro fertilization" (IVF) is used clinically for both cattle and people. Oocytes can be collected from cows in vivo up to twice a week using a transvaginal ultrasound-guided follicular puncture technique under this in cattle. The main reason for driving the growth of the veterinary in vitro fertilization (IVF) industry is the increase in endangered animals and the rising need for better progeny. The veterinary in vitro fertilization (IVF) market is also expected to rise as a result of technological innovation and advancement in effective techniques. The veterinary in vitro fertilization (IVF) business is restricted by high production costs and a shortage of qualified experts while growing public awareness of ethical questions involving animals will restrict market expansion. Additionally, the market for veterinary in vitro fertilization (IVF) would benefit greatly from the rising demand for dairy products.

The field for veterinary artificial insemination encountered various difficulties during the pandemic. This included problems with adopting AI procedures on-site, a decrease in sales for AI goods and services, and risks and uncertainty brought on by shifting consumer trends across marketplaces.

“Rise in Technological Innovation of in Vitro Fertilization (IVF) Fuels the Market”

Various factors such as the risks involved with animal breeding and disease transmission are the major factors leading to market growth. The market for veterinary in vitro fertilization is rising as a result of increasing productivity using AI technologies. Female IVF new-born is found to have higher milk production than normal infants. Additionally, useful in avoiding the spread of bacterial diseases is the use of IVF techniques that contain antibiotics.

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SEGMENT OUTLOOK:

The veterinary in vitro fertilization (IVF) market is segmented based on Product Type, Technique, and End Use.

Based on Product Type, the veterinary in vitro fertilization (IVF) market is segmented into reagents, equipment, and services. In 2021, the reagents and kits category dominated the market, accounting for the largest share. in terms of revenue, it would continue to maintain the lead over the forecast period. This is attributed to their cost-effectiveness, technological advancements, and surge in demand for advanced IVF devices. The fertility caddy, shot station, travel case, hot + cold packs, and an exclusive slim fridge box, available only as part of this Kit are all included in the Essential IVF Support Kit. Do-it-yourself in Vitro Fertilization (IVF) at home is a new IVF kit. However, doctors highly advise against this medical monitoring when a patient is having IVF for the safety and health of the mother and baby.

Based on the Technique, the veterinary in vitro fertilization (IVF) market is divided into artificial insemination and embryo transfer. The artificial insemination segment dominated the market in 2021 based on technique, and it is expected that this trend would continue over the duration of the forecast period. This is due to the rising demand for high milk production and productivity in cattle as well as the rising consumption of animal protein. Because it has been frequently used in cattle and dairy businesses, artificial insemination has been commercially available for a considerable amount of time.

In terms of revenue, the embryo transfer segment is predicted to grow at a CAGR of 6.89 % over the forecast period. The market for embryo transfer is estimated to rise as a result of the increased research and development efforts related to these technologies.  in addition, the market for embryo transfer catheters is predicted to benefit from the growing awareness of IVF treatments in regions.

Based on the End Use, the veterinary in vitro fertilization (IVF) market is segmented into fertility clinics and surgical centers, veterinary hospitals, research laboratories, and cyrobanks. The veterinary hospital's category is already in the lead market and is expected to stay in that position during the forecast period. The market is being driven by an increase in hospitals performing in vitro fertilization operations and related technology in advanced and developing countries, supportive initiatives, and an increase in veterinarians. For instance, the Chinese government announced itself open to the world's top Artificial insemination research Centre by 2032, according to the AI Development Plan that was announced in China in 2017. This plan describes artificial insemination as a new center point of international competition.

BY REGIONAL OUTLOOK:

On the basis of geography, the veterinary in vitro fertilization (IVF) market is segmented into

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

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The veterinary artificial reproduction market was largely dominated by Europe in 2020, and this dominance is predicted to continue during the forecast period as a result of rising healthcare awareness and rising demand for fishery and animal husbandry products, both of which are anticipated to boost the market growth. Additionally, the existence of significant businesses operating in the area supports market expansion. 

However, Asia-pacific is expected to register the highest CAGR from 2021 to 2032, owing to the presence of a large livestock population in this region. Government initiatives and rising demand for milk and animal-based protein are driving industry expansion. Future innovations and advancements in artificial reproduction are also projected to significantly boost this sector's growth. The Madras Veterinary College's Department of veterinary, gynecology, and obstetrics launched artificial insemination in cattle using sexed semen in August 2019.

BY KEY COMPETITORS AND MARKET SHARE ANALYSIS:

The veterinary in vitro fertilization market is extremely competitive. Market participants carry out strategic initiatives such as R&D, product development and launches, distribution network growth, and global expansion. The market is also consolidating as a result of an increase in mergers and acquisitions and the creation of cooperatives.

The development of new disease-resistant breeds aids businesses in growing their current clientele and product lines.

Recent Developments:

• o   For instance, Genus plc and Beijing Capital Agribusiness (BCA), a Chinese company, partnered in May 2019. BCA is anticipated to provide the business with proprietary technological applications to create animals’ immune to the Porcine Reproductive and Respiratory Syndrome Virus (PrRVS).
• o   A range of Elite sexed fertility products was unveiled by Select Sires in April 2018. in order to expand its product line, the corporation would use an Elite Sexed Fertility designation to identify sires with exceptional fertility sex-sorted semen.

The following are a few of the leading companies in the veterinary in vitro fertilization market:

• Bovine Elite LLC
• KRUUSE
• Agtech Inc.
• IMV Technologies
• Zoetis Inc.
• Neogen Corporation
• National Meditec
• Swine Genetics International
• Select Sires Inc.
  
  

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SEGMENTS COVERED IN THE REPORT ARE AS FOLLOWS:

This report projected revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2032. For this study, Quintile Insights have segmented the veterinary in vitro fertilization (IVF) market report based on product type, technique, end-use, and region:

By Product Type: Revenue in USD Million (2017 - 2032)  

o   Reagents  

o   Equipment    

o   Services

By Technique: Revenue in USD Million (2017 - 2032) 

o   Artificial insemination      

o   Embryo Transfer

By End Use: Revenue in USD Million (2017 - 2032)     

o   Fertility Clinics & Surgical Centers

o   Hospital     

o   Research Laboratories     

o   Cyrobanks

Regional insights: Revenue in USD Million (2017 - 2032)

o   North America (U.S., Canada)

o   Europe (U.K., Germany, France, Italy, and Spain)

o   Asia Pacific (Japan, China, India, Australia, South Korea, and Singapore)

o   Latin America (Brazil, Mexico, Argentina, and Colombia)

o   Middle East & Africa (Saudi Arabia, UAE, and South Africa)