Fertility
“IVF has the potential to change healthcare forever, but greed stands in the way”
By Lorin Gu, founding partner at Recharge Capital
Finding common ground and embracing technology has the potential to fundamentally redefine fertility treatment, says Lorin Gu.
Reproductive technology is one of the fastest growing healthcare sectors in the country. From 2015-2020, the US in vitro fertilisation (IVF) market grew from 231k cycles a year to 326k cycles a year, representing a CAGR of 7.13 per cent.
In addition to growing demand, IVF technology is also improving, with the rate of successful pregnancies increasing from ~30 per cent to ~45 per cent over the same period.
While reproductive technology has experienced significant growth in recent years, a 45 per cent success rate at an average price of US$20-25k per cycle means that IVF remains an inaccessible option for most people who wish to conceive.
To tackle part of this problem, many start-ups have created AI solutions to further increase the success rate of IVF while decreasing the number of cycles required for fertilisation.
The offerings from these companies mainly revolve around utilising AI to provide accurate embryo selection, implantation prediction, and end to end clinical workflow software.
In short, these companies allow embryologists to make non-biased, high quality decisions, while saving them from spending precious time in the lab on laborious data entry and manual processes. The appealing new innovations of these companies have drawn in nearly US$100m in funding from top investors.
There is clear excitement and conviction around reproductive technology, and it will be very exciting to see these solutions reach their full potential once they receive FDA approval.
However, while we should be optimistic about these developments, there is an important caveat that could potentially derail the growth of fertility technology.
Although all reproductive practices claim that they want to increase their success rates, there is an intrinsic conflict of interest between fertility clinics’ profit seeking business model and technologies that promote higher success.
Over the past five to ten years, there has been drastic consolidation in the IVF space, primarily driven by the entrance of private equity groups and expansion of large clinic chains.
Looking at data from the ~450 US clinics that report to the CDC, over half are held by only eight chains. When these stakeholders are added into the mix, the end goal almost always turns to profit rather than service. There are three main factors driving this relationship.
First, we can start with whether or not clinics really need to increase their success rate in order to attract more patients. In general, the fertility treatment industry is significantly supply constrained with outsized demand.
In the US there are about 450 clinics and 1,700 reproductive endocrinologists to fulfil the demand of 10.85 million females that are infertile in reproductive age. This would equate to roughly 22,000 cycles per clinic, while in reality the average cycle per clinic is only around 700.
While there are more nuances that factor into the demand, such as cost, social acceptance, and other medical conditions, the stark disparity in these numbers makes it fairly obvious that clinics are not compelled to increase their success rate due to the supply constraints of the industry.
Second, we can look at the typical customer acquisition cost for an IVF clinic. The average CAC per cycle ranges between US$1,000-US$3,500, or 5 per cent to 17.5 per cent of revenue per an average cost of a US$20k cycle.
These numbers are significant compressors of profitability, and clinics want to keep the customer acquisition cost low. As a result, retaining an existing patient that has failed their first cycle treatment could be extremely cost efficient.
Finally, we can look at the cost associated with software integration. The average cost to integrate software at a clinic ranges between US$180k-US$370k, compared to an average annual revenue of US$9m. Conservatively, this adds up to around 2 per cent to 4 per cent of revenue.
The question then becomes whether or not this is an additional add on to existing software or this software takes over the complete clinic flow. The latter is clearly more attractive, while the former could be problematic at a profit standpoint.
Given these factors, it is easy to see the potential conflict of interest between profit seeking operating model and technologies providing higher success.
While there are many reasons to be bullish on the tech companies revolutionising workflow in fertility clinics, prices in the industry will only be reduced if technology is allowed to come in to help. In order to resolve this conflict of interest, clinics and startups must work together to find a solution that benefits all parties.
While it may cost clinics some profits in the short term, finding common ground and embracing this technology has the potential to fundamentally redefine fertility treatment across the globe.
Lorin Gu is a founding partner at the New York-based venture capital firm Recharge Capital. Prior to founding Recharge, he previously worked at Cyrus Capital, a US$4b+ hedge fund in New York, and the Blackstone Group. Lorin is also the founder of Recharge Foundation, founding chair at Peterson Institute of International Economics’ Global Future Council, and an executive board member at the Museum of Art and Design, and the New York Foundation for the Arts.
AI could transform ovarian care by personalising cancer and fertility treatment, but more clinical validation is needed before routine use.
A systematic review and meta-analysis found AI models showed high diagnostic accuracy for ovarian cancer when combining data such as ultrasound scans and blood test results.
Across 81 studies, AI models correctly identified ovarian cancer in around nine out of 10 cases, with pooled rates of 89 to 94 per cent.
They were also highly accurate at ruling out ovarian cancer when it was not present, with specificity of 85 to 91 per cent.
The analysis also found that explainable AI tools could predict complete surgical cytoreduction in advanced ovarian cancer.
Complete surgical cytoreduction means removing all visible cancer during surgery, which can be an important goal in treatment planning.
The tools achieved a pooled AUC of 0.87. AUC is a measure of how well a model distinguishes between different outcomes, with higher scores showing stronger performance.
In reproductive medicine, AI algorithms helped physicians optimise ovarian stimulation protocols and predict follicular growth during IVF.
Ovarian stimulation is the use of hormones to encourage the ovaries to produce eggs, while follicles are the small sacs in the ovaries where eggs develop.
The review found AI could reliably model ovarian response in IVF with a pooled AUC of 0.81.
However, researchers said challenges remain in translating promising research findings into routine clinical practice.
They identified substantial variation across studies, driven by retrospective study designs, variable AI systems and a lack of standardised validation.
Only 22 per cent of analysed studies reported prospective, multicentre external validation, where models are tested forward in time across multiple healthcare settings.
The authors called for rigorous validation to help close the gap between research and routine clinical practice, alongside standardised methodological and reporting frameworks, smooth integration with clinical workflow and robust governance to support responsible and ethical AI use.
They concluded: “Artificial intelligence is a transformative force in the management of ovarian conditions.
“In gynaecologic oncology, AI enhances every phase of care, from early detection and accurate diagnosis to prognostic stratification and surgical planning.”
In reproductive medicine, AI personalises ovarian stimulation and refines the diagnosis of heterogenous endocrine disorders such as PCOS.
PCOS, or polycystic ovary syndrome, is a hormonal condition that can affect periods, skin, weight and fertility.
Housing, work and fertility pressures are stopping many Britons growing the families they want, new research suggests.
A UK fertility report found that 79 per cent of people surveyed who had tried to conceive in the past five years would like more children than they currently have.
Among parents with one child, that figure rises to 88 per cent.
The report surveyed more than 1,000 people across the UK who had tried for a baby in the past five years.
While birth rates continue to fall, the findings suggest it is not because people no longer want children. Instead, many respondents said external pressures are making it harder to grow their families.
The findings, from wellness brand Wild Nutrition’s Fertility Disconnect report, highlight how financial pressures, fertility struggles and gaps in reproductive health knowledge are shaping modern family life in the UK.
Gail Madalena, fertility nutritional therapist at Wild Nutrition, said: “People often assume fertility begins the moment they decide to try [for a baby].
“In reality, egg and sperm health are shaped months and years earlier.
“By the time someone starts thinking about fertility, their body has already been responding to its environment for a long time.”
Among the biggest barriers, 26 per cent said career progression affected their family plans, 25 per cent cited housing affordability and lack of space, and 52 per cent said they required medical intervention during their fertility journey.
The report also found that almost a quarter of respondents had spent more than two years trying to conceive.
Trying for a baby can take a significant toll on mental health and relationships, especially for those navigating fertility treatment.
According to the research, 38 per cent of respondents said trying to conceive had negatively affected their mental health. That figure rose to 99 per cent among people undergoing fertility treatment.
Julianne Boutaleb is a perinatal psychologist.
She said: “Navigating a fertility journey is about so much more than medical appointments and procedures.
“It’s an emotional marathon that can take a huge toll on your mental wellbeing.
“Sadly, the stats show that 15 per cent of couples going through fertility treatment say their relationship has been irrevocably impaired.”
The report also highlighted the realities of secondary infertility, which affects around one in 20 people, challenging the assumption that having one child means conceiving again will be straightforward.
Researchers found many people felt under-informed about fertility, particularly younger adults.
Ten per cent of Gen Z respondents said they “know nothing” about fertility, while only one in five respondents said they know “a lot” about egg health.
The report also found that 60 per cent of women were unaware of fertility testing options, and one in five Gen Z respondents said they felt uncomfortable discussing fertility, even with their partner.
Around 40 per cent of those surveyed supported fertility education being included in schools, covering topics such as egg health, sperm health and hormonal health.
The report also explored how lifestyle and long-term health may influence fertility outcomes.
Many respondents said they only made changes once they started trying to conceive.
Some 44 per cent improved their diet when trying for a baby, while 32 per cent reduced alcohol intake at that stage.
The report also referenced emerging research that suggests ultra-processed foods and microplastics could have an impact on reproductive health.
While fertility conversations often focus on women, the findings showed male fertility issues are also affecting many families.
Seventeen per cent of respondents cited sperm health issues as a barrier to conception, while male factors contribute to around half of all fertility challenges.
Only one in four men said they would share fertility struggles with friends.
“Many causes of male infertility are entirely treatable yet so often the last resort is the first response,” said Ian Stones, co-founder at Test Him Ltd.
The findings come as UK birth rates remain below replacement level.
The report noted that the UK fertility rate is now 1.41, meaning that on average women give birth to 1.41 children over their lifetimes. The replacement rate, or rate that maintains population numbers, is 2.1.
It also said the average age of mothers has risen to 31, while birth rates are falling across most age groups except among over-40s.
“There is no single fertility story, and it is rarely a simple, linear narrative,” said Dr Zeynep Gurtin, lecturer in women’s health at UCL.
Dr Gurtin added that better fertility education, fairer access to treatment and more open conversations around infertility and pregnancy loss are needed.
Femtech World is thrilled to reveal the shortlist for the Fertility Innovation Award.
The award, sponsored by FinDBest IVF, celebrates a pioneering product, service or initiative that is transforming fertility care and support.
FinDBest IVF is a global B2B digital platform created to simplify and accelerate how IVF and ART manufacturers connect with trusted, pre-vetted distributors around the world.
This year’s nominees represent a remarkable breadth of approaches to fertility care: from clinic-floor breakthroughs to at-home hormone intelligence to truly borderless access.
Three companies made the cut, with each tackling a real, persistent barrier in reproductive health.
Congratulations to the shortlist and many thanks to everyone who entered.
Fertility Innovation Award Shortlist
HRC Fertility’s Needle-Free IVF is a pioneering advancement designed to transform one of the most challenging aspects of fertility treatment: daily hormone injections.
Developed by board-certified reproductive endocrinologist Dr Rachel Mandelbaum, this innovative approach reimagines how stimulation medications are delivered during IVF and egg freezing, dramatically improving the patient experience while maintaining the same trusted clinical outcomes.
Inspired by feedback from patients who struggled with the injection process, Dr Mandelbaum adapted an innovative drug-delivery system commonly used in other areas of medicine and applied it to reproductive care
Mira is a hormonal health technology company that provides lab-grade hormone testing and AI-driven insights to help women and couples understand their fertility.
The platform has already supported more than 200,000 couples on their fertility journeys worldwide, helping over 60,000+ users achieve pregnancy.
For some users, pregnancy rates have reached up to 89 per cent within six months, demonstrating how accurate hormone data can significantly improve fertility outcomes.
Founded in 2021 by Marija Skujina, a Certified Fertility Nurse Specialist accredited by the European Society of Human Reproduction and Embryology, with nearly 15 years of clinical experience at one of the world’s top IVF clinics, and having navigated her own fertility journey as a patient, Marija built the clinic she had always wished existed.
Plan Your Baby began with a bold, but simple mission – make best quality fertility and pregnancy available anywhere.
Plan Your Baby has created a new generation fertility and pregnancy clinic with patients accessing expert consultations remotely, while blood tests and ultrasound scans are available at over 450 locations across the UK, eliminating the exhausting travel burden that often forces people to take days off work, relocate appointments, or abandon treatment altogether
What happens now
The shortlist will be judged by a representative from category sponsor FindBestIVF, with the winner announced at a virtual event on June 19.
Winners will receive a trophy and be interviewed by a Femtech World journalist.
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