Founded: 1958
Headquarter: SAN RAMON (US)
Employees: 16,000
2023 Revenues: $3.9 BN
Stock Exchange: COO

"Every 30 seconds, a baby is born using CooperSurgical products worldwide," CooperCompanies boasts on its website. A competitor to Swedish firm Vitrolife, CooperSurgical – a subsidiary of Cooper-Companies – develops and sells all the products needed for the various medically assisted reproduction (MAR) methods available, including cryopreservation machines, incubators for embryo growth, and instruments for transferring embryos into the fallopian tubes after in vitro fertilisation (IVF). In 2024, CooperSurgical generated revenue of $1.29 billion and expects 4% to 6% growth in 2025, to reach between $1.347 billion and $1.372 billion in revenue this year.

Alongside its fertility activities, Cooper-Companies has a second business unit, CooperVision, specialising in ophthalmology and contact lenses. The revenue breakdown in 2024 was 33% for the fertility business unit (CooperSurgical) and 67% for the contact lens business (Cooper-Vision). Most analysts recommend buying CooperCompanies shares, which have climbed almost 10% since the start of 2025 (end-January).

Founded: 2004
Headquarter: SUWANEE (US)
Employees: 35
2023 Revenues: $1.07 M
Stock Exchange: FEMY

Focused entirely on women’s health (femtech), US firm Femasys develops and sells four products, three of which relate directly to fertility. The first, FemaSeed, is used in artificial insemination to deliver sperm precisely into the fallopian tubes. It has regulatory approval in Canada, the United States and Europe. The second, the FemVue Saline-Air Device, creates bubbles for better contrast during ultrasound scans of the fallopian tubes. This improves diagnosis of tubal infertility, or blocked fallopian tubes. FemVue has regulatory approval in Europe, Canada, Japan and the United States. The last product in the fertility line-up is FemCath. Approved by the Food and Drug Administration (FDA), this intrauterine catheter is also used to examine fallopian tubes, which are often the cause of difficulties in conceiving. Despite the company’s recent approvals to launch the product, it has generated paltry revenue – barely $1 million in 2023 – and the company continues to lose money. All of this explains why the share was trading at just over $1 at the end of January. Even so, the four analysts who follow the company believe in its potential. They all recommend buying the stock.

Founded: 2006
Headquarter: MARBURG (DE)
Employees: 20
2023 Revenues: €4.4 M
Stock Exchange: NN6

Founded in 2006 and listed on the stock exchange since 2008, German micro-company NanoRepro develops rapid diagnostic tests for professional and personal use. Its products are CE certified, which means they are authorised in the European Union. The top of the list includes FertiQuick (fertility test), OvuQuick (ovulation test) and GraviQuick (pregnancy test). In this segment, Nano-Repro’s main competitors are Swiss Precision Diagnostics – a 50/50 joint venture owned by P&G and Abbott Laboratories – which markets the well-known Clearblue brand of ovulation and pregnancy tests.

"The market for ‘at-home’ assistance, which includes apps, ovulation and pregnancy tests, and hormone supplements, is developing rapidly," says Marine Dubrac of Thematics AM. Despite the competition, this small German company, which also sells rapid detection tests for infections and allergies, is growing fast. Its revenue rose from €3.2 million in 2023 to €4.4 million in 2024. Its share price, on the other hand, fell 30% year-on-year. No analysts are following the stock independently.

Founded: 2004
Headquarter: AUSTIN (US)
Employees: 4,400
2023 Revenues: $1.7 BN
Stock Exchange: NTRA

The company is growing fast. That is how one might define the US-based company Natera in a few words. In the fourth quarter of 2024, Natera generated revenue of $472 million, a 52% increase from the same period a year earlier ($311 million). That is because the company is active in the fast-growing sector of genetic testing. Panorama, its star product, is a prenatal screening test for genetic diseases using a simple blood draw from the mother, thus avoiding amniocentesis, a much more invasive procedure.

Among the many tests Natera has on the market, a whole range is aimed at planning a family. For example, Horizon is a screening test performed before or during pregnancy that determines the risk that couples could pass on serious genetic conditions to their child. Another test is Spectrum, a pre-implantation genetic test (PGT) that can detect aneuploidy (extra or missing chromosomes) and structural chromosome rearrangements in embryos during in vitro fertilisation. This testing increases the chances of a successful IVF while eliminating the possibility of genomic diseases. Natera produces other genetic tests outside the fertility sector, especially in oncology. Almost all analysts who follow the stock recommend buying Natera shares.

Founded: 2008
Headquarter: NEW YORK (US)
Employees: 1,000
2023 Revenues: $1.089 BN
Stock Exchange: PGNY

The seasons come and go, with no two being the same for Progyny fertility insurance, which covers the costs of medically assisted reproduction, mainly in the United States. In February 2024, the company’s CEO announced that "2023 was another exceptional year for Progyny," with record revenue of more than $1 billion for the first time in its history, a 38% increase compared with 2022. The company’s shares were trading above $40 at the time. Everything was going well. But the rest of 2024 ended up being a long downhill slide, worsened by Amazon’s decision in September 2024 to change fertility insurance providers for its employees. In early November, Progyny’s share price hit a low of less than $15. Then came a rebound. Donald Trump’s electoral victory seems to have done Progyny a world of good. Since the beginning of 2025, the stock has jumped 30% in value. During his campaign as a presidential candidate, he promised to make coverage mandatory for in vitro fertilisation.

In the United States, companies decide whether to take out insurance for their employees to cover the costs of medically assisted reproduction. And Progyny is the only fertility insurance company listed on the stock exchange. From in vitro fertilisation to pre-implantation screening to egg freezing, its benefits span the entire range of care from pre-conception to menopause. The company’s customers already include some very big names, such as Uber, Google and Microsoft. If Donald Trump requires company insurance policies to cover IVF, Progyny’s revenues could soar. The fertility insurer currently has more than 500 corporate customers, representing more than 6.5 million employees. But it remains dependent on its key accounts, as seen with Amazon’s decision to switch to one of its competitors, the Maven Clinic. Amazon accounted for 13% of Progyny’s revenues in 2023. Most analysts recommend holding shares.