Ambulatory Surgical Center Market Expected To Witness Growth Due To Rising Geriatric Population And Preference For Outpatient Surgeries Owing To Lesser Cost
Ambulatory Surgical Centers (ASCs) are modern medical facilities focused on providing same-day surgical care, including diagnostic and preventive procedures. ASCs offer various specialty services including ophthalmology, orthopedics, gastroenterology, and pain management. The centers have advanced medical equipment and provide high quality care performed by medical specialists in an outpatient setting.
The global Ambulatory Surgical Center Market is estimated to be valued at USD 114 Billion and is expected to exhibit a CAGR of 36% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the Ambulatory Surgical Center Market is the rising geriatric population globally, which is more susceptible to chronic diseases and injuries. As per United Nations report, the population aged 65 years and above is projected to grow from 703 million in 2019 to 1.5 billion in 2050. Ambulatory surgical centers provide a comfortable environment for senior citizens and reduce waiting times.
Another factor fueling the market growth is the preference for outpatient surgeries over inpatient hospital stays owing to cost effectiveness. On an average, outpatient surgeries cost 57% lesser than inpatient procedures. Therefore, ASCs are becoming popular as they allow performing surgeries without hospital admission and reduce healthcare costs significantly.
SWOT Analysis
Strength: Ambulatory surgical centers provide efficient and cost-effective outpatient surgery without requiring an overnight stay at hospitals. They allow surgical procedures to be performed with shorter waiting times while resulting in lower costs for both patients and insurers. Patients recover from surgeries more quickly in ASCs compared to hospitals due to fewer infections and medical errors.
Weakness: ASCs have lesser infrastructure and resources compared to hospitals which limits their scope to complex surgical procedures. They also face challenges in recruiting skilled surgeons and nursing staff due to lower pay scales relative to hospitals.
Opportunity: Rising demand for cost-effective and efficient outpatient surgical treatments is driving greater utilization of ASCs for common elective procedures. Further growth opportunities exist in performing a wider variety of surgeries that were traditionally done in hospitals. Expanding insurance coverage for ASC services under Medicare and private plans is also encouraging their development.
Threats: Stricter licensing requirements and new quality standards imposed by healthcare agencies may raise operating costs for ASCs. Growing preference for hospital outpatient departments that are reimbursed at higher rates act as a competitive threat. Shortage of nurses and other support staff can undermine the ability of ASCs to expand capacity.
Key Takeaways
The global Ambulatory Surgical Center Market Share is expected to grow from $123 billion in 2023 to over $225 billion by 2030, expanding at a CAGR of 36% during the forecast period. The growth of this market is driven by the increasing geriatric population undergoing surgeries and rising demand for cost-effective outpatient procedures.
Regional analysis: North America currently dominates the ASC market owing to the large number of Medicare-certified ASCs and higher utilization rates in the US. The US accounts for over 80% of the regional market share. However, Asia Pacific is emerging as the fastest growing regional market for ASCs with countries like India and China encouraging construction of new centers to cope with their growing healthcare requirements.
Key players: Key players operating in the ambulatory surgical center market include United Surgical Partners International, Tenet Healthcare, Surgery Partners, Surgical Care Affiliates, Envision Healthcare, and AmSurg Corp. These major players are focusing on expanding their network of ASCs through mergers and acquisitions as well as greenfield projects to cater to the rising demand.
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