Fertility fortune: India’s IVF market thrives, firms cheer
The industry is projected to achieve a CAGR of 16-18%, surpassing $4.67 billion by 2032
Companies 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
services have robust demand from both rural and urban areas, but coverage in India remains low
are around 30 million couples requiring IVF, but only 1-2% actually seek treatment
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 expand its presence in overseas markets eyeing firms are
and acquisitions
is unorganized; while organized mkt include corporate hospitals as well as fertility chains
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.”
Recently, Nova IVF Fertility had also announced its plans to add 32 centres in India by the end of this year, from around 62 at present. The company had acquired Wings IVF, an IVF chain based in Ahmedabad, last year.
Shobhit Agarwal, chief executive, Nova IVF, said: “In both rural and urban settings, the demand for IVF services is shaped by unique yet converging factors. Urban areas witnessed increasing infertility rates due to lifestyle changes, delayed parenthood, and environmental factors. while rural people often face limited access to fertility specialists. “We have half the centers across tier 2 regions, and entered Guwahati, Agra, Erode, Warangal and Bareilly. We have been growing at 32% CAGR and plan to grow 40% in FY25,” he added.
The IVF industry is intensely competitive with specialized firms as well as multi-specialty hospital chains offering services, alongside unorganized players. Though 50% of the market is unorganized play, the organized market has three segments—chains focusing only on fertility issues; corporate hospital chains offering fertility services; and single, large doctor practices.
In 2023, the government had implemented stricter regulations for assisted reproductive technology, which is used to address infertility via IVF. The move was aimed at addressing the proliferation of illegal IVF centres, and curb illicit procedures, to safeguard unsuspecting couples from exploitation. All stakeholders in the field encounter considerable obstacles due to lack of awareness and societal stigma surrounding fertility issues, said experts. Affordability also remains a significant challenge for the industry, they added.
However, Insurance Regulatory and Development Authority’s mandated in 2023 for comprehensive coverage for all intending parents, and surrogate mothers who were undergoing fertility treatments has been a positive.