Ambulatory surgical centers (ASCs) are medical facilities that provide same-day surgical care, including diagnostic and preventive procedures. ASCs offer various benefits such as lower costs, shorter wait times for procedures, and more flexible hours of operation compared to hospital outpatient departments. There is growing demand for ASCs due to advancement in minimally invasive surgeries and rising prevalence of chronic diseases. This allows more procedures to be performed outside hospitals in an affordable manner. The global Ambulatory Surgical Center Market is estimated to be valued at US$ 96.20 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Streamlining outpatient procedures presents a key opportunity in the ambulatory surgical center market. Growing emphasis on cost-efficient healthcare is driving the transition of lower-risk surgeries and procedures from hospitals to ASCs. ASCs allow for procedures like endoscopy, cataract removal etc. to be performed without requiring overnight hospital stay. This improves affordability and availability of surgeries for patients. It also eases burden on hospitals enabling them to focus resources on complex cases. If leveraged properly through right partnerships and infrastructure, streamlining outpatient procedures can boost market opportunity for ASCs over the forecast period.
Porter’s Analysis
Threat of new entrants: The ambulatory surgical center market experiences moderate threat from new entrants as it requires high initial investments to setup medical facilities and obtain regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is moderate as customers have few alternatives for ambulatory surgical centers and are sensitive to out of pocket medical costs.
Bargaining power of suppliers: Medical device suppliers and pharma companies supplying drugs to ambulatory surgical centers hold significant bargaining power due to their specialized offerings and technologies.
Threat of new substitutes: Potential substitutes include inpatient hospital care, but ambulatory surgical centers provide convenience and lower costs.
Competitive rivalry: High due to large number of players competing on service quality, technological integration, and price.
SWOT Analysis
Strengths: Convenience of services, lower costs compared to hospitals, minimize hospital stays and quicker recovery.
Weaknesses: Heavy investment needs, complex regulatory approvals and quality certifications to adhere to. Shortage of specialized medical staff.
Opportunities: Growing geriatric population prone to surgeries, rise in diagnostic and preventive care seeking, expansion to rural regions.
Threats: Economic downturns affect discretionary spend on surgeries, policy changes impacting reimbursement rates.
Key Takeaways
The Global Ambulatory Surgical Center Market Size is expected to witness high growth over the forecast period till 2030.
North America dominates the market currently due to high acceptance of outpatient surgeries and advanced healthcare infrastructure. The rising geriatric population susceptible to various medical conditions propels the demand for ambulatory care in the region.
Key players operating in the ambulatory surgical center market are Kansai Paint Co., Ltd., Axalta Coating Systems, Kyoei Vietnam Co., ltd, Nippon Paint Holdings Ltd., PPG Industries, Inc., B.L Downey, Dornauer-Grillitsch GmbH, KAPCO Manufacturing Inc., BASF Coatings Gmbh, and DuPont de Nemours, Inc.
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https://healthcarelatesteditionnews.blogspot.com/2023/12/the-ambulatory-surgical-center-market_29.html
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