Asia Pacific Ambulatory Surgical Centers Market size was valued at USD 9 billion in 2017 and is expected to witness 5.8% CAGR from 2018 to 2024.
Asia Pacific Ambulatory Surgical Centers Market, 2017 & 2024 (USD Million)
Increasing geriatric population should drive ambulatory surgical centres market growth during forthcoming years. Majority of the geriatric population suffer from chronic conditions such as cancer and cardiovascular diseases that may require surgical procedures. This scenario proves beneficial for industry growth as it increases demand for surgeries carried out at ASCs. Surgeries performed at ASCs are cost-effective since most of these centres are affiliated with insurance providing companies. Therefore, preference for ASCs is rising amongst elderly population augmenting Asia Pacific ambulatory surgical centres market growth.
Rising awareness regarding availability of minimally invasive treatments in Asia Pacific region will surge the industry growth in near future. Government of China and India implement several initiatives that increase awareness for minimally invasive procedures. This scenario will augment the number of people choosing ambulatory care for surgical treatment augmenting the industry growth. However, high cost of medical devices may restrain the industry growth as outpatient settings may not be able to afford expensive technologically advanced devices.
Physicians only segment was valued around USD 4 billion in 2017 and is projected to show robust CAGR during the forthcoming years. Physician ownership usually offers commendable control over the quality of medical care provided to patients. These types of ASCs focus only on small number of procedures in single setting. This increases the affordability of treatments as physician has direct knowledge about specific disease that allows him to personally guide patients and provide specialized treatments. Above mentioned factors are projected to drive the segmental growth over forecast timeframe.
Orthopaedic segment was valued over USD 860 million in 2017 owing to availability of several minimally invasive surgical procedures for treating orthopaedic ailments. Growing cases of arthritis in countries such as China and Japan increases the demand for outpatient surgeries. For instance, NCBI in 2014 estimated the prevalence of rheumatoid arthritis in Japan was around 1 million that is expected to further increase over the coming years. Hence, increasing prevalence of bone disorders coupled with rising incidences of road accidents should escalate the segmental growth.
Single specialty segment is expected to witness more than 5% growth over the analysis period. Segmental growth is attributed to increasing preference of geriatric population for outpatient surgeries carried out at single specialty ASCs. Single specialty ASCs provide specialized treatments. Moreover, physicians can focus on particular set of patients that further improves quality of treatment provided to patients. Physicians receive large ownership share in small single specialty centre, hence risk of physician attrition is low at single specialty as compared to multispecialty that positively impacts the segment growth.
Diagnosis segment held 22% revenue share in 2017 due to availability of ASCs that are well-equipped with diagnostic medical devices. Increasing prevalence of cardiovascular diseases and other chronic infections has increased the demand for cost effective diagnostic procedures available at ASCs boosting segment growth over the forthcoming years. Furthermore, rising awareness regarding early diagnosis of chronic diseases has reduced mortality rates. Also, early diagnosis of diseases such as cancer may lower the chances of treatment complications that will prove beneficial for the segment growth.
China ambulatory surgical centres market was valued at 1.9 billion in 2017. Considerable revenue size can be attributed to increasing geriatric population. According to World Bank, around 11% of China’s population falls in the age group of 65 years and above. Elderly population suffers from several diseases that increases the demand for outpatient surgeries. Above mentioned factor coupled with rising government initiatives for ASCs should propel the industry growth.
Some of the notable players operating in the market are Affinity Surgery Centre, Vasan Eye Care, Centre for Sight, RG Stone, Japanese Red Cross Medical Center, University of Tokyo Hospitals, Ambulatory Endoscopy Centre (AEC), Aptus Surgery Centre, Novena Surgery, Asan Medical Center, Durango Outpatient Surgery Center, Valley Ambulatory Surgery Center. These key industry players implement several strategic initiatives such as adoption of advanced diagnostic devices and collaborations with insurance providers that help them in maintaining their market position. For instance, in May 2017, Aptus surgery centre purchased MAKOplasty, a robotic-arm assisted machine that is used in partial knee replacement. This will enhance the success rate of outpatient surgery.
Ambulatory surgical centres industry can be traced back to 1970’s. The first ambulatory surgical centre was managed by two physicians focused on providing quality care to patients at minimum cost. Later, as people in different regions became aware regarding ASCs that provided affordable treatments, this industry started gaining momentum. ASCs were established over the globe gradually. Ambulatory surgical centres industry has several growth opportunities in Asia Pacific region. Asian countries have huge geriatric population that relies on affordable healthcare services. Over last 40 years, Asia Pacific ambulatory surgical centres industry has experienced enormous growth due to availability of well-equipped ASCs imparting quality care to patients.