The In-Vitro Fertilization (IVF) services in India have gained loads of popularity among the millennial. Being a parent is one of the most joyous and exhilarating feelings in the world, but there many couples who are unable to become parents naturally. That’s where IVF comes into play, acting as a ray of hope for all those who are having a tough time in conceiving due to various parameters.
With the ever-increasing rate of infertility in India, IVF has become a flourishing business opportunity. In India, the IVF services market is projected to reach $775.9 million by 2022 at a CAGR of 16.6% from 2016 to 2022. This forecasts a positive future for an IVF Franchise business.
Here are the following reasons why investing in an IVF franchise will reap you huge profits:
Rising Number of Infertile Married Couples
The first and foremost reason for the boom in the industry is the rise in infertility among married couples. According to statistics, about 10-14 percent of the Indian population is suffering from infertility. Nearly 27.5 million couples are fighting with infertility in the hope of conceiving a child.
There are various health issues that have led to the rise in infertility among couples. For them, IVF has made a whole lot of difference, hence giving the industry an instant boom.
Lifestyle Changes
One of the major factors contributing towards the growth of IVF franchises in India is the behavioural and lifestyles changes among couples leading to an increased rate of infertility. Rising incidences of infertility as a consequence of increasing maternal age as more women are now starting families later in life is one of the reasons leading to a rise in demand for IVF treatment.
Furthermore, lifestyle-induced disorders such as obesity and smoking are contributing to high infertility rates. These factors are thus driving the in-vitro fertilization market, as women and their families prefer the procedure more compared to the other available procedures.
Medical Tourism
India has become a hub for medical tourism because of its cost-efficiency of hospitals and healthcare treatments. This works as a catalyst for the IVF services industry as India attracts a lot of patients suffering from infertility from outside borders. The IVF services are much cheaper in price but highly effective in India.
The Indian IVF Market offers world-class mechanism with monitored labs under suitable temperatures and best-in-class services at affordable rates. In addition to this, the success rate of IVF procedure in India is as high as 60-65% with the best quality drugs and costs, making it a favourable market for foreigners.
Rise in Single Super-Speciality Hospitals
A single super speciality hospital is one that is primarily and exclusively engaged in the care and treatment of the patients suffering from a specific illness. The rise in single super speciality hospitals has given rise to IVF-centric clinics and hospitals. This rise has led to the IVF service market bloom instantly in the economy.
With single super speciality hospitals and clinics getting prevalent in every nook and corner, married couples that suffer from infertility are becoming more open towards taking the IVF services.
Increase in Demand from Rural Areas
With an increase in literacy level, the taboo and stigma associated with the IVF, surrogacy and related processes have also been eradicated. Especially in rural areas and small towns, where the orthodox and stereotype thoughts have been quite prevalent, the eradication of these has boosted the growth of IVF market.
With increased penetration of IVF franchises in rural India, the Indian IVF market is bound to witness a gush in terms of growth in the years to come.
