by Ambulatory Surgical Centers (ASCs) are modern medical facilities focused on providing same-day surgical care, including diagnostic and preventive procedures. ASCs help reduce the cost of healthcare by performing procedures such as cataract removal, colonoscopies, orthopedic, and pain management surgeries in outpatient settings with high patient volumes. The procedures conducted in ASCs do not require overnight hospital stays, allowing patients to return home the same day. This leads to significantly lower costs per procedure as compared to traditional hospital-based outpatient departments. ASCs are also designed to maximize operational efficiencies, reduce infection risks and improve the patient experience through a comfortable environment.
The global Ambulatory Surgical Center Market is estimated to be valued at US$ 96.19 Bn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
– Rise in geriatric population: Global population aging is a major trend driving the growth of ASCs. Older adults are more likely to need surgical procedures like cataract removal or joint replacements. This has contributed greatly to the rising demand for convenient and affordable outpatient options like ASCs. Age-related conditions will continue fueling the ASC market in the coming years.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established value chains in the ambulatory surgical center industry make entry easier. However, existing players have established brand recognition and operational experience.
Bargaining power of buyers: Individual consumers have low bargaining power due to highly specialized nature of services. However, large insurance groups have relatively higher negotiating power.
Bargaining power of suppliers: Suppliers of specialized equipment and medicines have some bargaining power due to differentiated nature of their offerings. However, easy availability of substitutes limits this power.
Threat of new substitutes: New outpatient and same-day procedures reduce need for surgeries requiring overnight hospital stays, increasingsubstitutes. Telemedicine is also a potential threat.
Competitive rivalry: Presence of large players and brand loyalty increases competition. However, factors like certification requirements and emphasis on quality of care mitigate price wars.
Key Takeaways
The Global Ambulatory Surgical Center Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates the market owing to the large number of ASC facilities and favorable reimbursement policies in the region. The Asia Pacific region is expected to grow at the fastest pace due to rising medical tourism and increasing focus of key players on emerging countries.
Regional analysis
North America accounts for the largest share of the global ambulatory surgical center market currently. This can be attributed to the large number of Medicare-certified ASCs and favorable reimbursement policies in the US. The Asia Pacific region is expected to offer lucrative growth opportunities during the forecast period. This is due tofactors like rapidly improving healthcare infrastructure, growing medical tourism, and initiatives by key market players in countries like India and China.
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. AmSurg Corp. and Surgery Partners are among the leading players in the USASC market with a broad network of facilities.
