Technological advancements leading to the development of sophisticated diagnostic and therapeutic devices that enables the management of diseases at low cost will drive the ambulatory surgical centres market growth over forecast period.
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Global Ambulatory Surgical Centers Market is set to exceed USD 92 billion by 2024; according to a new research report by Global Market Insights.
Technological advancements can significantly cut the cost of healthcare services and improves the treatment results. Such devices enable ambulatory surgical centres to offer healthcare services at a significant less cost boosting the industry growth.Global Ambulatory Surgical Centers Market is set to exceed USD 92 billion by 2024; according to a new research report by Global Market Insights.
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Technological advancements leading to the development of sophisticated diagnostic and therapeutic devices that enables the management of diseases at low cost will drive the ambulatory surgical centres market growth over forecast period. Technological advancements can significantly cut the cost of healthcare services and improves the treatment results.
Such devices enable ambulatory surgical centres to offer healthcare services at a significant less cost boosting the industry growth. Increasing incidences of trauma and accidents requiring surgical treatment will serve to be a high impact rendering factor.
As per International labour organization, around 340 million occupational accidents are recorded every year across the globe.
Furthermore, demand for surgeries is also supported by rising prevalence of chronic diseases such as cardiovascular diseases, diabetes and cancer. Demographic trends such as rising geriatric population and changing lifestyle habits in developed as well as developing nation are expected to escalate incidences of chronic diseases.
As the ambulatory surgical centres offers superior healthcare services at affordable cost, increasing demand for surgeries will drive the Ambulatory Surgical Centers Market expansion over forecast timeframe.
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Pertaining to the convenient nature of ambulatory surgical centers, there has been a major shift in the preference of venue for pivotal procedures. Convenience, lower out-of-pocket costs for patients, and decreased cost-per-case for insurers are some of the major factors that can be credited for this change of inclination toward ambulatory surgical centers over outpatient hospital departments.
In 2011, an analysis showed that surgeries performed at ambulatory surgery centers saved Medicare $829 million when compared to costs for the same surgery in hospitals. The cost-effective factor alone is a principal factor augmenting ambulatory surgical centers market outlook.
The rising geriatric population in the U.S. is one of the major factors that has added stimulus to the regional ambulatory surgical centers market.
However, analysts have pointed out that relatively younger patients with a higher income are also likely to undergo surgery in ambulatory surgical centers. In addition to this, patients also have to pay much lower coinsurance for procedures performed in these centers than they have to pay in hospitals.
For example, for a cataract extraction procedure, a Medicare beneficiary could have to pay as much as $496 in coinsurance when the procedure is performed in a hospital outpatient department. The same procedure performed at an ambulatory surgical center would mean that the beneficiary’s copayment is only around $195.
The increasing awareness regarding the benefits of these centers has majorly driven U.S. ambulatory surgical centers industry trends.
With lower reimbursement rates, ambulatory surgical centers market is bound to receive more promotion from payers, a phenomenon which will facilitate a competitively priced healthcare scenario. This is because outpatient hospital departments will be forced to reconsider healthcare prices in order to preserve consumer revenue.
However, lower costs do not affect the quality of service provided at ambulatory surgical centers, as these care sites endorse a limited number of procedures with a high level of professionalism and maximum patient satisfaction.
Speaking about the care quality, it would be imperative to mention that during a three-month study period in 2007, it was found that 71% of ambulatory surgical centers did not have a single complication per 1,000 patient encounters and 69% did not have to transfer patients to hospitals. As compared to hospitals, ambulatory surgical centers also registered less spread of infections which resulted in more than 90% of ambulatory surgical centers reporting 3 or fewer infections per 1,000 patients.
U.S. ambulatory surgical centers market was valued at over USD 25.5 billion in 2017 and is anticipated to witness considerable growth over the forecast period. Increasing prevalence of diseases, rising healthcare spending and rapid penetration and adoption rates of minimally invasive therapies will fuel the demand.
Moreover, availability of developed infrastructure, and advancements in technology will further driver the ambulatory surgical centers market growth.
Germany accounted for more than 25% of European market share in 2017. Increasing demand for surgeries such as eye surgeries and skin surgeries support the industrial growth.
Moreover, technological advancements that enables ambulatory surgical centres to provide healthcare services at affordable cost will drive regional growth over forecast period.
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Some of the key industry players in ambulatory surgical centers market are ASD Management, Ambulatory Surgical Centers of America, Covenant Surgical Partners, Physicians Endoscopy, Hospital Corporations of America, AmSurg, Surgery Partners, SurgCenter Development, Surgical Care Affiliates, Regent Surgical Health, Surgical Management Professionals, Proliance Surgeons, and Tenet/USPI. Industry players are taking initiative to acquire higher market share and revenue.
Technological advancements leading to the development of cost effective solutions coupled with increasing inflow patients from hospitals to ambulatory surgical centers will drive the industry growth.
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