Market analysis of IVF (reproductive medicine) services in India
The relevance of research
In India, the level of infertile couples of reproductive age is 2% higher than the 15% level, which, according to WHO criteria, is considered a threat to the country's national security
Purpose of the study
Analyzing the state of the IVF (reproductive medicine) market in India, assessing the market size, analyzing competitors, and identifying factors affecting the IVF (reproductive medicine) market
Content
Part 1. Overview of the Indian IVF (in vitro fertilization) market
1.1. Definition and Characteristics of the Indian IVF (In Vitro Fertilization) Market
1.2. Dynamics of the volume of the Indian IVF (in vitro fertilization) services market, 2016-2020
1.3. Market structure by type of service provided in India
1.4. The structure of the IVF (in vitro fertilization) services market in the Union Territories
1.5. Assessment of current trends and development prospects of the studied market
1.6. Assessment of factors affecting the market
1.7. Analysis of sectoral indicators of financial and economic activity
Part 2. Competitive Analysis in the IVF (In Vitro Fertilization) Market in India
2.1. Major players in the market
2.2. Market shares of the largest competitors
2.3. Profiles of major players
Part 3. Analysis of the consumption of IVF (in vitro fertilization) services
3.1. Estimated consumption of IVF (in vitro fertilization) services per capita
3.2. Market Saturation and Estimated Market Potential in India
3.3. Description of consumer preferences
3.4. Price analysis
Part 4. Assessment of factors of investment attractiveness of the market
Part 5. Market forecast for IVF (in vitro fertilization) services until 2025
Part 6. Conclusions on the prospects of creating enterprises in the study area and recommendations for current market operators
Research excerpt
Part 1. Overview of the Indian IVF (in vitro fertilization) market
1.1. Definition and Characteristics of the Indian IVF (In Vitro Fertilization) Market
In vitro fertilization (from lat. extra - outside, outside and lat. corpus - body, that is, fertilization outside the body, abbr. ECO) is an assisted reproductive technology (ART), most often used in case of infertility.
During IVF...
For the first time, this medical technology has been successfully applied…
IVF is the most well-known artificial insemination method. In addition to IVF itself, reproductive medicine uses the following methods: ...
Indications for IVF are:
...
Contraindications for IVF are:
...
The main stages of IVF, distinguished by clinics:
...
In India, the formation of the IVF services market has occurred ...
Additional state support is currently being provided…
At the end of 2020, the birth rate in India continues to …
It should be noted that in India, as of June 2016, the level of infertile couples of reproductive age …
According to the Ministry of Health, only for the period from 2014 to 2017, the number of registered patients diagnosed with infertility among the female population increased ...% (from ... cases per 100 thousand female population to ...), and among the male population - ...
The proportion of children born using in vitro fertilization in the total number of newborns …%.
In India, there is an unmet demand for IVF services associated with ... Against this background, the provision of government support ...
1.2. Dynamics of the volume of the Indian IVF (in vitro fertilization) services market, 2016-2020
Consider the volume dynamics of the IVF market in India. The main source of data in this case are ...
...
Thus, we note that the assessment of the market volume is difficult due to the following factors:
...
At the 14th International Conference on ART/IVF, held in January 2020, data were presented on the completion of … thousand ART cycles in Spain in 2016 (data on … thousand cycles were collected in India). Probably India is the real leader in...
The dynamics of IVF protocols performed in India in the period from 2012 to 2018, as well as the GidMarket assessment data for 2019-2020, are shown in the diagram below:
As follows from the above data, the dynamics of IVF protocols performed in India until 2019 inclusive was characterized by … In 2019, it was estimated that … thousand IVF protocols were performed, which is …% higher than the level of 2018. However, due to quarantine measures due to the coronavirus pandemic, … the number of protocols in 2020 is …%, amounting to … thousand units.
The dynamics of the volume of the IVF services market in India in the period from 2012 to 2020 in value terms is shown in the diagram below:
It should be noted that the total market capacity in value terms takes into account …
During 2012-2019, the volume of the IVF services market in India in monetary terms ... In 2019, in monetary terms, it amounted to … billion Rs., …%, the increase in the market compared to 2016 was …%.
The growth of the IVF market in value terms is due to …
In 2020, the development of the market is …, which is largely due to ... The market volume in 2020 is estimated at … billion Rs.
The chart below shows the dynamics of IVF protocols performed per capita in India.
Diagram 4. Dynamics of IVF protocols performed per capita in India, 2012-2020 (est.), cycles/million people
As follows from the above data, the dynamics, except for 2020, was characterized by ... According to estimates in 2019, the number of IVF protocols performed in India amounted to ... per 1 million people, which is ...% higher than the same indicator in 2018.
1.3. Market structure by type of service provided in India
IVF is included in the general list of services in the field of reproductive medicine. In 2020, the share of IVF in medical centers was estimated to be …% of all ART cycles, the share of ICSI was …%; …
Clinics provide the population with various IVF programs, which in most cases are usually divided into the following common types: ...
1.4. The structure of the IVF (in vitro fertilization) services market in the Union Territories
Diagram 6. The structure of the provision of IVF (in vitro fertilization) services in India by Union Territories in 2015-2020,%
The structure of the service market by union territories was calculated by GidMarket in value terms according to data on …
Traditionally, the leaders in the provision of in vitro fertilization services are … Union Territories and … Union Territories: the share of … Union Territories ranges from …% to …%, and … Union Territories – from …% to …%. It should be noted that over the indicated period since 2015, the share of … Union Territories has increased by …%, while the share of … Union Territories has decreased. The market shares occupied by ... in the overall structure are explained by the concentration of ..., as well as the demand ...
Two regions - ... are outsiders - ...
1.5. Assessment of current trends and development prospects of the studied market
...
1.6. Assessment of factors affecting the market
Macroeconomic factors influence the dynamics of all sectors of the Indian economy, including the IVF market. The main groups of factors are: economic, political, social and technological.
Economic
GDP (gross domestic product) is used to determine the rate of economic development of any state. GDP is a macroeconomic indicator that reflects...
Chart 7 shows India's GDP growth rate from 2007 to 2020 at comparable prices (at 2016 prices).
The impact of the crisis, which began in 2008, led to a decrease in GDP by …% in 2009, but then the growth rates were quite high until 2012 inclusive.
Further, until 2014, the growth rate was …, but it was constantly decreasing, and in 2015 it was … In 2015, which was the peak of the crisis in the state, the decline in GDP amounted to …% compared to the previous year is directly proportional to the well-being of citizens, then this indicates ...
In 2016, GDP stagnated, at the end of 2017 this indicator …
...
The volume index of gross domestic product in 2020 amounted to …% compared to 2019.
...
According to the preliminary estimate of Rosstat, the index of the physical volume of gross domestic product in Q2021 2020 compared to the corresponding period in amounted to …%.
Currently, the factor of the decline in GDP in 2020 is …
Demographic (social)
...
technological
..
Political
...
We combine all these factors in the form of a STEP analysis.
Table 6. STEP analysis of factors influencing the market for IVF (in vitro fertilization) services
According to the results of the performed STEP-analysis, macro-environment factors have a greater influence on the IVF services market. Economic factors have … influence. The remaining groups of factors considered have an impact on the development of the market.
Holding back market development: …
The positive impact on the market is...
...
1.7. Analysis of sectoral indicators of financial and economic activity
Important data for analyzing the state of the industry is the dynamics of such indicators as profitability, liquidity, and business activity. Industry indicators are calculated by GidMarket based on financial ratios for …
The table shows the dynamics of the gross profit margin (the ratio of gross profit to income).
During the period under review from 2016 to 2020, the dynamics of the gross margin indicator in the IVF services industry had … character - ... Gross margin fluctuated from …% to …%. When compared with the indicator for all sectors of the Indian economy, the deviations in the profitability of IVF services were ...
Diagram 15. Profitability of profit before tax (profit of the reporting period) in the IVF (in vitro fertilization) services sector in comparison with all sectors of the Indian economy, 2016-2020, %
The profitability of profit before tax in the IVF services industry fluctuated in the period under review from … to …%. At the same time, with the exception of 2018, it was ... an indicator for all sectors of the Indian economy.
Consider liquidity indicators in the IVF services industry. The indicator of current liquidity is a measure of the solvency of the organization, the ability to repay the current (up to a year) obligations of the organization.
The estimated indicator of current liquidity of a normally operating solvent legal entity should be ...
At the same time, in world practice, the coefficient ...
During the entire period in the IVF industry, the indicator corresponded to ..., however, according to the norms ...
A more stringent liquidity criterion is the absolute liquidity ratio. He shows, …
The normal value of the absolute liquidity ratio fluctuates within ...
Table 8 shows the dynamics of this coefficient.
During the period under review, the indicator for all sectors of the Indian economy did not fall below ..., which indicates ... In the IVF services sector, this indicator was ...
Business activity is the ability of an enterprise, based on the results of its economic activity, to occupy ...
Consider the dynamics of the average turnover of receivables in the IVF services industry in India.
The dynamics of the average period of receivables turnover in the period from 2016 to 2020 had … character, the maximum was observed in … year – … days. days In general, it is noted…
The stability of the financial position of the enterprise is impossible without ...
The equity ratio characterizes ...
The final working capital ratio for all sectors of the economy in India in 2016-2020 shows a trend towards ... The indicator for the considered sector of IVF services was ... the normative value ...% only ...
So overall...
Part 2. Competitive Analysis in the IVF (In Vitro Fertilization) Market in India
2.1. Major players in the market
...
The leading market leader is a large ..., providing, ...
Also on the market are widely represented specialized …
2.2. Market shares of the largest competitors
Diagram 19. Shares of the largest competitors in the IVF (in vitro fertilization) services market in 2020, %
At the end of 2020, the largest player in the IVF services market in India is …, occupying …% of the market.
The second place is occupied by …, whose share is …%. On the third - ... Other operators, except for the Top 5, account for ...% of the market, which indicates ...
The Herfindahl-Hirschman index for the considered market is …, the market is …
2.3. Profiles of major players
GC ""...""
...
Table 11. Basic information about the participant No. 1 of the IVF services market (in vitro fertilization)
...
The dynamics of the indicator of total revenue for the leading companies of the market is ... - indicator annually ... The average growth rate is ...% annually.
Part 3. Analysis of the consumption of IVF (in vitro fertilization) services
3.1. Estimated consumption of IVF (in vitro fertilization) services per capita
During 2015-2019, the volume of per capita consumption of reproductive medicine services in India tended to ... At the end of 2019, according to estimates, this figure amounted to ... Rs./person, which is higher than the level of 2018 by ...%.
In 2020, …% was observed.
3.2. Market Saturation and Estimated Market Potential in India
...
3.3. Description of consumer preferences
Consumer preferences were analyzed by GidMarket based on patient reviews of various clinics providing IVF services.
As shown in the diagram, the criterion ... is paramount (... points). Consumers need to…
The second most important...
Other factors...
The fourth place in the ranking was taken by…
Diagram 22. The importance of criteria for choosing a clinic for IVF by consumers, points
3.4. Price analysis
During the whole period, prices for IVF services were growing – CPI annually …%. Over the indicated period, the largest price increase occurred in … year, the growth rate was …%, which was partly due to …
In general, the increase in prices for IVF services most often exceeds ...
The pricing policy in the field of IVF in most large companies takes into account ...
Most commercial clinics offer …
It should be noted that the cost of the IVF protocol directly depends on ...
Part 4. Assessment of factors of investment attractiveness of the market
… factors of the investment climate of the market dominate over ... A comprehensive assessment of the factors of investment attractiveness is ... points - ... the investment climate. This means that within the industry in question…
The most significant positive factors. …
The most significant negative factors. …
Part 5. Market forecast for IVF (in vitro fertilization) services until 2025
...
Part 6. Conclusions on the prospects of creating enterprises in the study area and recommendations for current market operators
...
Diagrams
Figure 1. Comparative analysis of the normal size of a woman's ovary and the hyperstimulated ovary.
Diagram 2. Dynamics of IVF protocols performed in India, 2012-2020 (est.), units
Diagram 3. Dynamics of IVF services market volume in India, 2012-2020 (est.), billion Rs.
Diagram 4. Dynamics of IVF protocols performed per capita in India, 2012-2020 (est.), cycles/million people
Diagram 5. Structure of the IVF (in vitro fertilization) services market by type in 2020, %
Diagram 6. The structure of the provision of IVF (in vitro fertilization) services in India by Union Territories in 2015-2020,%
Diagram 7. Dynamics of India's GDP, 2007-2020, % to the previous year
Chart 8. Monthly dynamics of the US dollar against the rupee, 2015-2021 (Jan.-May), Rs. for 1 US dollar
Diagram 9. Dynamics of real incomes of the population of India, 2011 - 2020, % to the previous year
Diagram 10. Population dynamics in India as of January 1, 2010-2021, million people, %
Diagram 11. Population forecast in India for the period 2021-2024, million people
Diagram 12. Birth rate dynamics in India, 2014-2020, pers. per 1000 people population
Chart 13. Internet penetration dynamics in India, 2008-2019, %
Chart 14. Dynamics of the size of the average interest rate on loans, 2015-2020 (Jan-Nov), years, %
Diagram 15. Profitability of profit before tax (profit of the reporting period) in the IVF (in vitro fertilization) services sector in comparison with all sectors of the Indian economy, 2016-2020, %
Diagram 16. Current liquidity (total coverage) in the IVF (in vitro fertilization) services sector for 2016-2020, times
Diagram 17. Business activity (average period of receivables turnover) in the IVF (in vitro fertilization) services sector, for 2016-2020, days days
Diagram 18. Financial stability (security of own working capital) in the IVF (in vitro fertilization) services sector, in comparison with all sectors of the Indian economy, 2016-2020, %
Diagram 19. Shares of the largest competitors in the IVF (in vitro fertilization) services market in 2020, %
Diagram 20. Dynamics of the total revenue of the largest operators of the IVF (in vitro fertilization) services market (TOP-5) in India, 2015-2020, billion Rs.
Chart 21. Consumption of IVF (in vitro fertilization) services per capita, 2015–2020 (est.), Rs./pers.
Diagram 22. The importance of criteria for choosing a clinic for IVF by consumers, points
Diagram 23. Dynamics of the number of IVF cycles in 2005-2020 (est.), thousand units
Diagram 24. Forecast of IVF (in vitro fertilization) services market volume in 2021–2025, thousand protocols
Diagram 25. Forecast of IVF (in vitro fertilization) services market volume in 2021–2025, billion Rs.
Tables
Table 1. Indicators of the IVF market in India in 2009-2020, units rev.
Table 2. Forecasts of various sources for real GDP in India in 2021-2023 (data for January-June 2021), %
Table 3. Average producer prices and CPI for electricity at the end of the period in 2017-2020, rupees, %
Table 4. Urban and rural population in India in 2014-2020 (as of January 1), million people, %
Table 5. Weighted average interest rates of credit institutions on credit operations in rupees, excluding PJSC Sberbank (% per annum), 2015-2020 (Jan-Nov)
Table 6. STEP analysis of factors influencing the IVF (in vitro fertilization) market
Table 7. Gross margin of the IVF (in vitro fertilization) service industry in comparison with all sectors of the Indian economy, 2016-2020, %
Table 8. Absolute liquidity in the IVF (in vitro fertilization) services sector in comparison with all sectors of the Indian economy, 2016-2020, times
Table 9. Main companies participating in the IVF (in vitro fertilization) market in 2020
Table 10. Key performance indicators of “…” in the field of obstetrics and IVF, 2013-2020
Table 11. Basic information about the participant No. 1 of the IVF services market (in vitro fertilization)
Table 12. Basic information about the participant No. 2 of the IVF services market (in vitro fertilization)
Table 13. Basic information about the participant No. 3 of the IVF services market (in vitro fertilization)
Table 14. Basic information about the participant No. 4 of the IVF services market (in vitro fertilization)
Table 15. Basic information about the participant No. 5 of the IVF services market (in vitro fertilization)
Table 16. Consumer price indices in the IVF (in vitro fertilization) market for India in 2015-2021 (Jan.-May), %
Table 17. Average prices on the IVF (in vitro fertilization) market in the Union Territories in 2020, thousand Rs. taking into account medicines
Table 18. Assessment of factors of investment attractiveness of the IVF (in vitro fertilization) services market
Table 19. Forecast indicators of the development of the Indian economy until 2024 (base case), units rev.
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