India's IVF market is booming, and companies are all smiles
$4.67 billion by 2032 at a CAGR of 18.08%. Service providers say there is robust demand in both rural and urban areas but the coverage in India is still low. They believe that the need of the hour is to bridge the gap of accessibility to tap that demand.
“The industry will grow 15% annually…In India, there are presently 30 million couples requiring the treatment, but only 1-2% of this number actually seek the treatment, so, there is a huge gap out here," Abhishek Aggarwal, chief business officer, Birla Fertility & IVF told Mint. The CK Birla group company plans to invest ₹500 crore in its expansion initiatives to increase its fertility centers to 100 from 37 currently over the next 4-5 years. The company on Monday announced the acquisition of ARMC IVF, a chain of fertility centers based out of Kerala.
Also Read: Mint Explainer: What falling total fertility rate will mean for India Meanwhile, Udaipur-based Indira IVF, one of the biggest fertility chains in the country, sees a big opportunity ahead for the industry and has enhanced its capex to expand over the next four to five years. “Over the next five years, with a budget of ₹900 crore, we aim to expand both in India and internationally via merger and acquisitions (M&A) as well partnerships," Kshitiz Murdia, CEO and co-founder of Indira IVF, told Mint. Indira IVF plans to increase its centres to over 300 from 130 over the next three years, with a focus on tier two and three cities.
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