Intrauterine Insemination (IUI) Devices Market Projected to Reach at 3.8% CAGR During The Forecast Period 2022-2030
The global intrauterine insemination (IUI) devices market has witnessed a marginal slump in 2020, which can be attributed to the ongoing covid-19 outbreak.
Restrictions on production facilities, and the redirection of healthcare resources to handle the pandemic has hurt short-term market prospects.
However, the long-term prospects of the market remain bullish, with a new study by Future Market Insights (FMI) estimating the market to grow at nearly 3.8% CAGR.
According to the study, despite the steady growth of the intrauterine insemination (IUI) devices sector, strict regulations on fertility treatments, for demographics such as same sex couples in a number of countries hold back market growth.
The market study by FMI covers an extensive overview of the market, with information on the dynamics of the intrauterine insemination (IUI) devices market. Some of the leading takeaways include:
The intrauterine insemination (IUI) devices market size was nearly US$ 35 Mn in 2019, with market growth falling moderately through the duration of the coronavirus outbreak, as lockdown restrictions hurt supply chains, and consumers display lower inclination to adoption.
IVF clinics will remain the primary users of intrauterine insemination (IUI) devices, the end user segment is expected to account for more than 55% of the market share over the assessment period.
Sperm wash product offerings in the intrauterine insemination (IUI) devices market are highly sought after, driven by higher efficacy in artificial insemination.
East Asia will remain a predominant market for intrauterine insemination (IUI) devices, supported by the low costs of healthcare and improvements to technology will boost adoption. Also, South Asia is expected to reflect strong growth owing to numerous domestic players.
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“Investments by IVF clinics towards cutting edge fertility technologies in a competitive industry drive the demand for intrauterine insemination (IUI) devices.
Changes in laws favoring single parents and same sex couples will support market developments, particularly in developed economies,” said a lead analyst from FMI.
Covid-19 Impact on Intrauterine Insemination (IUI) devices Market
The coronavirus pandemic has moderately impacted the intrauterine insemination (IUI) devices market, with restrictions on elective healthcare procedures. Also, large scale lockdowns have also affected pricing owing to disrupted supply chains, hindering sales during the crisis period.
Further, manufacturers are pushed to limit or close down production processes, for non-essential applications.
The demand for intrauterine insemination (IUI) devices is also likely to be affected by the coronavirus crisis, owing to health risk to pregnancies during this period.
These factors, in addition to a slump in consumer expenditure has hurt market size, and limited investments. However, the market is expected to display recovery towards 2021, with gradual relaxation of lockdown restrictions.
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Who is Winning?
In its latest report, Future Market Insights has provided an in-depth overview of the business strategies that are used in the intrauterine insemination (IUI) devices market.
Major market players in the industry have largely invested their resources into product development and launch strategies. Strategic geographical and capacity expansions are also gaining prominence in the intrauterine insemination (IUI) devices market.
CooperCompany Inc., Cook Medical, Kitazato Corp., Rocket Medical Plc, Prince Medical, Gynotec B.V., Surgimedik Healthcare, Medgyn, and MediTech Devices Pvt. Ltd. are some of the more prominent players in the intrauterine insemination (IUI) devices market.
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