North America Ambulatory Surgical Centers Market: Top 5 trends boosting the industry growth through 2024
North America ambulatory surgical centers market is likely to register favorable growth over the forthcoming time period owing to rising prevalence of chronic diseases and geriatric population across the region. Elderly population is more likely to suffer from an array of different diseases owing to functional and anatomic changes occurring in their bodies. According to World Population Prospects data, geriatric patient pool around the age of 60 years and above is anticipated to triple and double by 2100 and 2050 respectively.
Additionally, favorable government as well as reimbursement policies are also key factors that are likely to contribute towards the market growth. Increasing demand for minimally invasive surgeries and rising patient inclination towards less invasive or non-invasive procedures will greatly fuel the revenue graph of ASCs market.
Below are some key trends that would majorly influence North America market expansion:
Rising prominence of physicians only ownership model
With respect to ownership, in 2017, the physicians only segment was valued at approximately $13 billion and is likely to witness similar growth trend over the coming years. This anticipated growth is accredited to availability of favorable reimbursement facilities and cost-effective treatments given at doctor owned ASCs. Ability of physicians to work together with neurology and orthopedic specialists will further contribute towards segmental growth over the coming time period.
Increasing cases of dental complications
Based on surgery type, dental surgery segment, in 2017, accounted for nearly 3.5% revenue share and is estimated to witness robust CAGR through the analysis period. The growth of this segment is ascribed to increasing cases of dental complications, infections, and tooth decay across the globe. High disposable income levels across developed countries leading to surging expenditure on cosmetic and general dentistry will aid segmental growth.
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Increasing number of single-specialty ASCs
With respect to specialty type, in 2017, single-specialty segment accounted more than $15 billion and will experience a respectable CAGR of 4.9% over the forecast time period. This anticipated growth is ascribed to the increasing number of cost-effective single-specialty ASCs. Relatively lower risk of physician attrition coupled with affordable treatment for patients will boost the growth of the segment. Likewise, lower amount of resources needed in single specialty ASCs will further fuel the overall ASCs industry share.
Technological developments in disease treatments
In terms of service, the treatment segment is expected to grow substantially, holding a revenue share of over $28 billion by 2024 owing to increasing demand for high quality care at lower costs. Other major factors contributing to the growth of this segment include surging patient demand for advanced treatment, availability of financial incentives, increasing healthcare expenses, and demand for personalized attention from patients. Treatment of diseases using advanced technologies will positively impact the market growth as well.
Escalating availability of minimally invasive treatments in U.S.
On the geographical front, U.S. market held around 95% revenue share back in 2017 and will grow at more than 4.5% over the forthcoming time period. This estimated growth is ascribed to the growing demand for ASCs along with availability of minimally invasive treatments. Moreover, favorable reimbursement policies coupled with advancements in medical technology will propel the ASCs regional growth. In addition, enhanced safety as well as quality care in ASCs is attracting more consumer attention towards these establishments, fostering regional industry outlook.
Surgical Management Professionals, AmSurg, Regent Surgical Health, Ambulatory Surgical Centers of America, Proliance Surgeons, Physicians Endoscopy, Surgical Care Affiliates, ASD Management, Covenant Surgical Partners, Surgery Partners, SurgCenter Development, HCA Healthcare, and Tenet Healthcare among many others are some of the key players operating in the North America ASCs market.
Key market players are taking various initiatives to buy higher market share and to reinforce its position in the market. Citing an instance, in April 2018, Tenet healthcare reportedly procured around 95% ownership of USPI. Therefore, surging the number of ambulatory surgical centers across the U.S. would further aid in increasing the business growth of the firm.
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