North America Ambulatory Surgical Centers (ASCs) Market size was valued at USD 26.9 billion in 2017 and is expected to witness 4.8% CAGR from 2018 to 2024.
North America Ambulatory Surgical Centers Market, 2017 & 2024 (USD Billion)
Rising geriatric population & chronic diseases worldwide coupled with favourable reimbursement and government policies are anticipated to drive ambulatory surgical centers market. Moreover, elderly population, highly susceptible to chronic diseases require more effective care management. Weakened immunity and existence of other chronic ailments increases the risk of other complications in elderly. Thus, growing geriatric population will impact positively on ambulatory surgical centers industry over the coming years.
Ambulatory surgical centers offering advanced surgical procedures including minimally invasive surgery options will further drive business growth. Growing patient inclination towards less non-invasive or invasive procedures will further foster industry growth. However, low physician-to-patient ratio may impede industry growth to certain extent over the forecast timeframe.
Physicians only segment was valued more than USD 13 billion in 2017 and is estimated to witness significant growth during the forecast timeframe. The growth is attributable to availability of cost-effective procedures coupled with reimbursement facilities available in physician owned ASCs. Moreover, ability of physicians to collaborate with orthopedic and neurology specialists will further favour physicians only segment growth over the coming years.
Hospitals and corporation segment is anticipated to witness over 6% CAGR by 2024 due to improvisations in authority structures of ambulatory surgical centers that enhance the decision making.
Dental surgery segment accounted more than 3.5% revenue share in 2017 is projected to witness robust CAGR owing to large number of dental complications, tooth decay and infections across the world. Rising disposable income in developed countries leading to increasing expenditure on general dentistry as well as cosmetic dentistry will further boost the segment growth. Ophthalmic surgery segment is augmented to show substantial growth during the forecast timeframe. Growing number of ophthalmic diseases will further foster segmental growth.
Single-specialty segment was valued over USD 15 billion in 2017 and is expected to grow significantly by 2024. Rising number of single-specialty ambulatory surgical centers will favour segment growth. Higher affordability and lower risk of physician attrition will drive segmental growth over the forecast timeline.
Multi-specialty centers will witness substantial CAGR of 4.7% over the forecast timeline. This growth rate is associated with growing number of post-surgical complications.
Treatment segment accounted more than USD 20 billion in 2017 and is expected to show lucrative CAGR over analysis timeframe. Lower costs as compared to hospital settings, financial incentives and personalized attention to patients will upsurge the segmental revenue. Technological advancement in disease treatment and patient affordability will further fuel business growth during the forthcoming years.
Diagnosis segment is anticipated to witness 4.0% CAGR by 2024. Growing awareness regarding early disease diagnosis and detection of diseases for prevention of further complications should favour business growth.
U.S. accounted over 95% of revenue share in 2017 and is forecasted to witness tremendous growth by 2024. Rising demand for ambulatory surgical centers and technological advancements will favour U.S. ambulatory surgical centers market growth. Accessibility to minimally invasive treatment along with favourable reimbursement policies in the U.S. will impact positively on industry growth. Additionally, quality care and safety in these centers will increase the revenue size.
Few notable industry players operating in North America ambulatory surgical centers market include Ambulatory Surgical Centers of America, Physicians Endoscopy, ASD Management, HCA Healthcare, Surgery Partners, Covenant Surgical Partners, AmSurg, Surgical Care Affiliates, Regent Surgical Health, SurgCenter Development, Surgical Management Professionals and Proliance Surgeons. Companies are adopting strategies such as novel product launch, merger and acquisitions to sustain market competition and gain more revenue. For instance, in July 2017, HCA Healthcare announced acquisition of Highlands Regional Medical Center in Sebring, Florida to increase number of beds and extend its facilities in the region.
History of ambulatory surgical centers or outpatient surgery centers can be traced back to 1970s with establishment of first ASC in Phoenix, Arizona. It was established by two physicians with an aim to provide convenient, comfortable and timely surgical services to patients in their community. Later, in late 1970s, number of other ASCs were opened in the U.S. Medicare approvals for payment to ambulatory surgical centers further resulted in increased number of surgeries being carried out in these centers. Ambulatory surgical centers (ASCs) played a crucial role in moving services out of regular hospitals into cost-effective yet clinically appropriate settings. Growing disease burden worldwide and increasing patient demand for essential surgical and cancer screening services performed in ASCs are anticipated to witness tremendous growth over the forecast period.