JOIN USCOVID-19 may have a long-term impact on IVF sector
Many on-going IVF pregnancies have been struggling because of the disruption caused due to the COVID-19 pandemic.
As every moment matters in this procedure, many would-be parents or people who were planning to begin parenthood through In Vitro Fertilisation (IVF), are going through an emotional rollercoaster owing to this undercurrent of uncertainty.
Even though some clinics have started operating and there is hope of the situation getting better, the Indian IVF industry, a forerunner in the treatment, may see reverberations of COVID-19 long after the virus subsides.
As the pandemic has terribly impacted the economy, and the availability of liquid assets has drastically reduced, Industry experts believe that the paying capacity of people will become a major challenge for the sector.
According to a Grandview research report, Asia Pacific accounted for the largest share in terms of the number of IVF cycles performed in 2019, with Japan, China, and India being the major contributors to the region.
The India IVF Services Market garnered $478.2 million in 2018 and was expected to reach $1.45 billion by 2026, at a CAGR of 14.7% from 2019 to 2026.
“Since IVF is an elective treatment, this tough time might be a barrier for the sector as it will put IVF as a second priority. Implementation with low-cost IVF, EMI, and low-interest loans may cut-short the financial burden to some extent,” said Dr Nitiz Murdia, Marketing Director, Indira IVF.
“All the possible operational and clinical works are on hold during the period of lockdown. At the corporate end, revenue has been impacted at an unpredictable level. The suspension of all operations has hampered Indira IVF business by over 95-98%,” said Dr Murdia.
Experts say that IVF treatment is not for any disease, it’s lifestyle modification. If the situation comes under control by June - July, then IVF industry may run full-fledged by 2021. Money, however, will be the biggest challenge.
Since IVF is a time-sensitive treatment, every passing week is crucial for the couples who expect to become parents through this procedure.
“The patient treatment schedule has been changed due to which they have to face huge emotional dissatisfaction and uncertainty. The ongoing pregnancies by IVF are also struggling for necessary scans and medicines. There are always questions regarding government restriction for travel and concern of COVID-19 infection,” said Dr Murdia.
“The folic reserves get depleted with time and can cause concern in to be/ aspiring mothers. Global bodies related to IVF treatment have directed that treatment can be commenced and there is no evidence of COVID-19 transmission to embryos too. So the first challenge is to immediately start the procedures that were stopped in between the treatment,” said Shobhit Agarwal, CEO, Nova IVF fertility.
Medical tourism
Agarwal mentioned that Nova IVF has about 5% of patients coming from other countries.
”With International borders closed and travel coming to a standstill IVF related medical tourism would certainly get impacted. Medical Value travel has seen India emerge as a key global player in this space but the current situation will impact all Asian countries which have been attracting international patients,” he said.
India currently has around 18% of the global medical tourism market.
“Our international clients are mostly from the countries of SAARC like Nepal, Bangladesh. International patients have either cancelled or postponed their IVF treatment due to travel restrictions as well as fear of COVID-19 pandemic,” said Dr. Murdia.