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Ambulatory surgical centers (ASCs) provide similar services to hospital-based outpatient departments with the key difference being that they are not part of hospitals. ASCs specialize in elective, outpatient surgeries like cataract removal, colonoscopy, orthopedic procedures, and plastic surgery. With advancements in medical technology and surgical techniques, more complex procedures are being performed on an outpatient basis in ASCs, resulting in shorter hospital stays and lower costs for patients. This trend towards outpatient surgeries has driven the demand for ASC services globally.
The global ambulatory surgical center market is estimated to be valued at US$100.3 billion in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. The growth is attributed to the rising demand for cost-effective outpatient surgical treatments across the world. ASCs provide quality care at lower costs compared to inpatient hospital settings while still maintaining high standards of safety. This affordability of ASCs is driving patients and physicians towards these centers for various elective surgeries.
Market Dynamics:
The rising number of outpatient surgeries is one of the key drivers fueling the ambulatory surgical center market growth. Outpatient surgeries have several advantages like lower risks of hospital-acquired infections, cheaper costs, and faster recovery times for patients. Hence, more complex procedures are being shifted from inpatient to outpatient settings. Further, the growth is also supported by the increasing aging population worldwide that is prone to various age-related diseases requiring surgical interventions. With ASCs providing a convenient and affordable option for elective surgeries, their demand is expected to significantly rise among the geriatric population over the forecast period.
In addition, ASCs allow self-referrals by physicians which also stimulates market growth. Physicians have greater control over scheduling and clinical staffing in ASCs compared to hospital outpatient departments. This facilitates streamlined work processes and improved profitability for physicians, incentivizing them to self-refer more patients to these centers. Thus, the physician self-referral trend is anticipated to drive higher admissions in ASCs through 2031.
Segment Analysis
The ambulatory surgical center market is dominated by multi-specialty centers which account for over 50% of the market share. Multi-specialty centers provide excellent infrastructure and a wide range of services under one roof which makes them a preferred choice for patients and doctors. Single specialty centers focused on ophthalmology and pain management hold a significant share as well given the high volume of procedures required in these specializations.
PEST Analysis
Political: Regulations regarding licensing, certification, and construction of surgical centers impact market growth. Favorable policies by CMS in the US regarding coverage and reimbursement for procedures at ASCs will support market expansion.
Economic: Rising healthcare costs exert pressure on payers and providers to shift procedures from expensive in-patient settings to lower-cost ambulatory facilities. Growth in employed physician models is driving the shift to ASCs.
Social: Growing awareness among patients about cost and quality advantages of ASCs is a major factor for high acceptance rates. Aging demographics and rising incidence of chronic diseases drive the need for surgical interventions globally.
Technological: Advancements in minimally invasive techniques help ASCs expand their scope and take on complex procedures. Automation, digital records, and telehealth are being integrated to enhance efficiencies.
Key Takeaways
The global ambulatory surgical center market is expected to witness high growth over the forecast period of 2024 to 2031 supported by factors such as the shift towards cost-effective outpatient settings, favorable reimbursement policies, and rapid growth of the geriatric population worldwide who are high consumers of surgical care.
Regional analysis comprises the United States dominates the global ASC market currently, accounting for over 75% share. Rapid adoption of new standards of care and strong reimbursement environment support market growth. Rising medical tourism and infrastructure investments are fueling market expansion in Asia Pacific and Latin America.
Key players operating in the ambulatory surgical center market are United Surgical Partners International, Tenet Healthcare, Envision Healthcare, Surgery Partners, and AmSurg. These players are focusing on acquisitions to expand service offerings and geographic presence.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
