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Startups for Fertility Banked $345M in 2021. The Business of Family Planning is Booming
The business of fertility services is soaring with analysts expecting the industry to reach $41 billion by 2026. This is due partly by 1 in 8 couples have trouble getting pregnant or sustaining a pregnancy, according to Centers for Disease Control and Prevention data.
Planning a Family has become fertile ground for healthcare startups and this fast-growing area is driven by factors such as demographic shifts in the workforce and rising rates of infertility.
Benefits for fertility which could include egg freezing, in vitro fertilization (IVF) and surrogacy, have become a major workplace perk as companies try to attract good talent and remain competitive in a squeezed labor market.
Also Read ” Medical Billing Outsourcing Improves Patient Care “
As of 2020, there are more than two-fifths (42%) of large U.S. employers who have over 20,000 employees offered coverage for IVF treatment, while almost one-fifth (19%) offered egg freezing. Smaller companies with over 500 employees about a quarter (27%) offer coverage for IVF treatment.
A few years back, these perks were only offered by Silicon Valley technology companies like Google, Facebook, and Apple.
As More employers realize that benefits for fertility treatments and family building are a real medical need and not just an offering that's nice to have more and more businesses are including these services in their benefits packages.
Fertility services are now helping single parents and couples within the LGBTQ community start a family.
This sector has attracted big investment dollars. In 2021, fertility support startups in the U.S. raised $345 million in venture capital, which is up 35% from $254 million in 2020, according to data from Rock Health, a venture fund dedicated to digital health. Funding has more than doubled since 2019, when companies in the fertility support market raised $133 million.
Fertility treatment comes to the table as a fundamental part of the healthcare and partnering with a qualified Fertility Medical Billing Company is key to maximizing revenue.
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