by Ambulatory Surgical Centers (ASCs) have revolutionized convenience in outpatient surgeries by allowing certain surgical procedures to be performed outside of a traditional hospital setting. ASCs are modern medical facilities focused primarily on elective, non-life threatening surgeries such as cataracts removal, colonoscopy, orthopedics and cosmetic procedures that do not require an overnight hospital stay. Staffed by physicians and nurses, ASCs are designed to provide the highest quality care in a comfortable, less stressful environment compared to hospitals. Patients benefit from shorter wait times, individualized attention and a quicker recovery time at home. For insurers and providers, ASCs reduce medical costs by approximately 40-70% when compared to inpatient hospital care due to lower overhead and greater efficiencies.
The global Ambulatory Surgical Center Market is estimated to be valued at US$ 96.19 billion in 2023 and is expected to exhibit a CAGR of 36.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising healthcare costs have placed significant pressure on the entire healthcare industry to reduce expenses without compromising quality. ASCs address this issue directly by providing high quality yet more affordable outpatient surgical services. Convenience and the pandemic further accelerated their adoption as patients preferred same day procedures that minimized time spent in hospitals. According to industry analysts, the ASC market share of all surgeries performed in the U.S. is estimated to increase from 44% in 2016 to 55-60% by the end of this decade. Innovations in minimally invasive techniques have also expanded the scope and type of surgeries that can be successfully performed in ASCs versus traditional hospitals. This trend is allowing ASCs to further penetrate the outpatient surgery market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the ambulatory surgical center market is moderate. Significant capital investments are required along with strict regulatory approvals to establish new ambulatory surgical centers.
Bargaining power of buyers: The bargaining power of buyers in the ambulatory surgical center market is high. Patients can compare prices and quality of services across centers located in the same region which puts pricing pressure on existing centers.
Bargaining power of suppliers: The bargaining power of suppliers in the ambulatory surgical center market is moderate. Established centers negotiate pricing and contracts with group purchasing organizations (GPOs) for medical equipment and pharmaceutical supplies.
Threat of new substitutes: The threat of new substitutes in the ambulatory surgical center market is low. No alternative treatment models can completely substitute the services provided by ambulatory surgical centers for certain types of planned surgical procedures.
Competitive rivalry: Competition in the ambulatory surgical center market is high. Centers compete on quality outcomes, pricing and a wide variety of specialized surgical services to attract patients and retain practicing physicians.
Key Takeaways
The global Ambulatory Surgical Center Market Share is expected to witness high growth over the forecast period supported by favorable reimbursement policies, growing geriatric population undergoing surgeries and increasing preference for outpatient procedures. The global Ambulatory Surgical Center Market is estimated to be valued at US$ 96.19 billion in 2023 and is expected to exhibit a CAGR of 36.4% over the forecast period 2023 to 2030.
Regional analysis: North America leads the global ambulatory surgical center market supported by a well-established network of centers, favorable insurance coverage for outpatient procedures and growth in surgical volumes. Asia Pacific exhibits fastest growth in the market supported by rapidly increasing healthcare infrastructure and adoption of international standards of care in major countries like China and India.
Key players: Key players operating in the ambulatory surgical center market include AmSurg Corp., HCA Healthcare Inc., Tenet Healthcare, SurgCenter Development, Surgery Partners, United Surgical Partners International and Envision Healthcare. These players focus on acquisitions to expand service offerings and geographic presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
