Ambulatory Surgical Center Market Is Estimated To Witness High Growth Owing To Increasing Cost Savings & Growing Preference For Outpatient
The Ambulatory Surgical Center Market is estimated to be valued at US$ 96.19 Bn in 2022 and is expected to exhibit a CAGR of 4.2% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ambulatory surgical centers (ASCs) are modern health care facilities focused primarily on providing same-day surgical care, including diagnostic and preventive procedures. ASCs provide lower costs and increased convenience compared to hospital outpatient departments. Procedures performed in ASCs include cataract removal, colonoscopy, orthopedics, pain management, podiatry, and gynecology among others. ASCs allow common low-risk procedures to be performed in an outpatient setting safely and effectively.
Market Dynamics:
As ASCs provide significant cost savings compared to hospital outpatient departments, their use has been increasing rapidly. On average, procedures performed in ASCs cost 60% less than the same procedures performed in hospital outpatient departments. This large difference in costs is driving growth in the number and types of procedures performed in ASCs. Additionally, ASCs offer convenience as they reduce wait times and are often located closer to patients' homes compared to hospitals. The preference for minimally invasive surgeries has also been increasing which can often be conveniently performed on an outpatient basis in ASCs. Furthermore, the growing geriatric population which is more prone to chronic diseases and surgical procedures is fueling the demand for low-cost and convenient outpatient care provided by ASCs.
SWOT Analysis
Strength: Ambulatory Surgical Center offers convenient and cost effective procedures to patients. It provides same day surgery without requiring overnight hospital stay. ASCs are well equipped with modern medical facilities and highly skilled staff which ensures safe and quality treatments.
Weakness: ASCs have limited capabilities to handle complex procedures and emergency cases. They entirely depend on referral hospitals for handling complications during or after procedures. Lack of awareness among patients about services of ASCs.
Opportunity: Rising geriatric population prone to chronic diseases and surgical treatments provide growth opportunities. Increasing preference for outpatient surgeries over inpatient hospital stays can drive the market.
Threats: Stringent regulations pertaining to facilities and certifications increase operational costs for ASCs. Growing preference for homecare surgeries due to COVID-19 pandemic can impact market growth.
Key Takeaways
The global Ambulatory Surgical Center market is expected to witness high growth, exhibiting a CAGR of 4.2% over the forecast period, due to increasing preference for minimally invasive surgeries and rising healthcare costs. The market size is estimated to reach US$ 140.16 Billion by 2030.
Regional analysis
North Ambulatory Surgical Center Market Share currently accounting for over 40% share. This is attributed to the easy availability of advanced medical facilities and higher acceptance of ASCs among patients in the US and Canada. The Asia Pacific region is expected to grow at the fastest rate owing to rising medical tourism, healthcare infrastructure expansion, and growing focus on affordable surgical treatments.
Key players
Key players operating in the Ambulatory Surgical Center market are AmSurg Corp., HCA Holdings, Inc., Tenet Healthcare, Surgical Care Affiliates, Inc., Surgery Partners, Ambulatory Surgical Centers of America, Heathway Medical Group, Community Health Systems, Inc., and Vision Group Holdings. These major players are focusing on expansion of ambulatory surgical facilities through mergers and acquisitions to strengthen their market presence.
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