Fertility M&A Landscape Overview
With one in seven couples facing infertility and a growing number of single women and same-sex couples seeking reproductive services, the UK fertility market is seeing rapid growth. Private IVF cycles have surged by 24.1% since the pandemic, reflecting the growing reliance on private clinics, which now account for over 65% of all fertility treatments in the UK. In part, this is due to declining access to NHS-funded fertility treatments, however the private market is undoubtedly more than offsetting this.
This growth is further supported by technological innovations, such as AI-driven embryo selection and genetic screening, which are improving treatment success rates and making fertility services more accessible and appealing to a wider audience. Innovations like these are helping to shape the future of fertility care, broadening its appeal not only to heterosexual couples but also to single women and same-sex couples, who now account for nearly 20% of treatment cycles – a figure that has doubled over the past decade.
The UK fertility market’s growth has been accompanied by continued M&A activity where consolidation opportunities still exist. FutureLife, a pan-European provider of fertility services, acquired the Centre for Reproductive and Genetic Health (CRGH) in 2022, followed by the acquisition of Bristol Centre for Reproductive Medicine (BCRM) in October 2024. These strategic moves align with FutureLife’s goal of expanding its presence in the UK. Similarly, Care Fertility, the prominent Nordic Capital-backed provider, expanded its footprint by acquiring the Centre for Reproduction & Gynaecology Wales (CRGW) in October 2023, further consolidating its position in the market. In addition, the London Women’s Clinic acquired iTrust Fertility in July 2023, strengthening its operations in the South East and enhancing its range of services, including IVF, egg and sperm donation, and surrogacy options.
Advances in technology have also driven significant investment into fertility tech platforms, with General Atlantic’s $200M Series C investment in Flo Health underscoring this interest. Flo Health, a leader in women's health apps, continues to expand its reach, making fertility tracking and reproductive health management more accessible. In addition, Pioneer Group’s investment in Bea Fertility in November 2023 will fuel the growth of its at-home fertility treatment program. This unique service offers affordable, self-administered intracervical insemination (ICI) treatments. Meanwhile, in January 2024, IBSA Group acquired Aura Fertility, an app designed to improve the IVF experience through evidence-based psychosocial support, aligning with IBSA's commitment to enhancing patient outcomes in reproductive care.
As the sector continues to evolve, both in terms of service offerings and technological solutions, it will likely see further consolidation and significant investor interest.
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