Fertility fortune: India’s IVF mkt thrives, firms cheer

new delhiCompanies specializing in in-vitro fertilization (IVF) services in India, including Birla Fertility and IVF, Indira IVF, Cloud Nine Hospitals, and Nova IVF Fertility, are firming up their expansion strategies to cater to growing demand.

According to analysts, the IVF industry will clock compound annual growth rate (CAGR) of 16-18% over the next five years, driven by a surge in medical tourism, and increase in health conditions contributing to infertility. The industry is set to double in size by the end of this decade, they added.

An estimated 25-30 million couples are currently grappling with infertility issues, and companies are ramping up their plans to tap this big opportunity.

Ernst & Young expects India’s IVF market to grow to $1.45 billion by 2027 from $793 million in 2020 at a CAGR of 15-20%. Allied Market Research estimates the industry to surpass $4.67 billion by 2032 at a CAGR of 18.08%.

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 gap of accessibility to tap that demand, service providers said.

“The industry will grow at 15% annually. In India there are around 30 million couples requiring the treatment, but only 1-2% of them actually seek treatment, so, there is a huge gap,” Abhishek Aggarwal, chief business officer, Birla Fertility and IVF, said in an interview.

The CK Birla group company is planning to invest ₹500 crore to expand its network of fertility centres from 37 currently to 100 over the next 4-5 years.

The firm on Monday announced the acquisition of ARMC IVF, a chain of fertility centres based out of Kerala.

Udaipur-based Indira IVF, one of the biggest fertility chains in the country, is also eyeing a big opportunity, and has been increasing its capital expenditure to expand its presence.“Over the next five years, with a budget of ₹900 crore, we aim to expand both internationally and in India through merger and acquisitions, as well as partnerships,” Kshitiz Murdia, co-founder and chief executive, Indira IVF, said in an interview. It has 130 centres at present, and is set to build its network in tier II and III cities.

“In India, our goal is to increase our fertility centres to 300 within the next three years and establish 30-35 mother and child care hospitals over five years, The upcoming centre in Pune, will be commissioned within three months,” added Murdia.

The firm is also planing to increase its presence in overseas markets with 15-20 new centres. “We will be opening 7-8 fertility centres, each, in Nepal and Bangladesh, besides exploring opportunities in other South Asian countries, as well as Africa.”