• Pramod Goel
  • Jul 20, 2023

Fertility services include different procedures utilized for the treatment of fertility issues along with conception assistance. Assisted reproductive technology is used in these services to help couples and single parents around the world.

Due to the growth of infertility rates and the surge in the prevalence of delayed pregnancies, fertility services are witnessing increasing demand. Also, there is a growth in the median age of first-time motherhood all over the globe due to contraceptive techniques, late marriages and an increase in the number of women prioritizing career over starting a family. Moreover, the market growth is also fueled by the availability of the latest medical technologies in IVF devices.

What is the Worth of the Global Fertility Treatment Market?

In 2019, the worth of the global fertility treatment market was $14,870.3 million. The projected market size is expected to reach $27,152 million by 2026. This market is divided into key procedures such as surrogacy, vitro fertilization (IVF) with intracytoplasmic sperm injection (ICSI), IVF without ICSI, intrauterine insemination (IUI), and others.

For the growth of the fertility services market, Asia-Pacific possesses the highest market potential owing to the increase in availability and accessibility of healthcare facilities. This market is significantly increasing its spending on research and healthcare expenditure. Moreover, in countries like India, fertility services are cheaper in comparison to developed countries such as the US, Canada, etc. This fertility service market growth is fuelled by the rise of fertility tourism as well.

Characteristics of the Market

According to market analysis on fertility services, half of the market share in 2018 belonged to the segment of IVF with ICSI. The possibility of this section rising further in demand is high due to higher success rates associated with IVF-ICSI in case of poor sperm motility, low sperm count, poor sperm morphology, and others. Moreover, the infertility rate is also rapidly increasing, which is one of the major factors driving the fertility services market.

Challenges for Fertility Service Providers

The low success rate and high cost of IVF treatment are some of the biggest challenges of this market. The cost of treatment for procedures like IVF differs in many countries due to a lack of refund policies. Moreover, these treatments are usually not covered by insurance, which signifies the majority of this market belongs to self-pay customers.  

The American Society of Reproductive Medicine revealed that the average IVF cycle using fresh embryos costs $8,158 and the average IVF cycle costs $12,400 in the US with a median cost of $7,500. The success rate ranges from 28% to 35% only, which further decreases if the woman’s age is on the higher side.

What do Consumers want?

Cash-paying consumers want to be correctly informed about the prospects and possibilities of success. They want complete transparency about the suitability of the procedures combined with several other factors such as age, success rate, etc. They also want to have a clear picture of the budget they need to incur for the procedures. Apart from that, they will also like to know about the credentials and experience of the fertility clinic and the experts. This implies consumers want a clear picture of the success possibility, cost, result and risks associated with the process. When they get all the answers and they are satisfied with it, then only they will book the treatment.

What Providers should do?

Providers should focus on everything that consumers want. Their aim should be introducing a hybrid experience for the patients that is essentially a 4-step process starting from education and marketing, online consultation and treatment to aftercare. 

Consumer Education and Marketing

Fertility providers must incorporate various measures to educate consumers with every possible detail related to the procedures. They should start creating and distributing informative articles, case studies, testimonials, videos, etc. This will make the consumers understand the possibilities of success, price and other deciding factors about their preferred fertility procedures.  

Online Consultation and Treatment

When the consumers get enough information they can further clarify their doubts or want to opt for a second opinion. Providers can help consumers by introducing online consultation by experts. This is extremely beneficial for the patients as they can directly interact with the expert and ask everything they want about the treatment, success rates, eligibility, etc. 

If the consumer is convinced about the fertility service, he/she will proceed to book treatment. The providers need to assure the patients about the safety and other important aspects when they fly down for treatment until the procedure is completed. 

Aftercare

Aftercare of follow-up has become extremely crucial for customer satisfaction. When the provider assures patients that they will be guided about how to take care of their lifestyle, food and other key aspects post-treatment, it brings a sense of safety and care, which translates into the goodwill of the provider. 

Patients now expect retail-like experience in their healthcare journey. Just like retail, they want to get enough options for suitable fertility treatment so that they can compare and choose the best. Providers must understand that this is a high-competition scenario and they can succeed only when they provide what consumers want. That is why they must incorporate retailing healthcare to help patients compare solutions and make an informed decision.

At PlacidWay, we can help you to offer such a retailing healthcare experience with our innovative and advanced solutions. Hundreds of fertility providers across the globe are enjoying the benefit of our self-pay marketplace where they can directly contact patients via a wide range of communication tools including AI-based omnichannel communication. Moreover, we also help providers to boost their marketing with our wide range of solutions such as articles, case studies, testimonials, videos, all-inclusive packages, social media presence and more.

For more information about  PlacidWay's Global Self Pay Marketplace, click the button below: