Market Definition
A surgical procedure or surgery is a medical
specialty that uses operative manual and instrumental techniques on a person to
investigate or treat a pathological condition such as a disease or injury to
help improve bodily function and appearance or repair unwanted ruptured areas.
Surgery can involve cutting, abrading, suturing, or physically changing body
tissues and organs.
Surgical
Procedures Market Size,
The report "Surgical Procedures Market is
projected to reach 1,27,748.5 thousand procedures by 2028 from 1,08,275.5
thousand procedures in 2023, at a CAGR of 3.4% during the forecast period.
The growth of the US surgical procedures market is
largely driven by the growing prevalence of chronic diseases, the rising
geriatric population, technology advancement and increased rate of organ
transplantation. On the other hand, complications associated with surgical
procedures and risk of surgical errors are likely to refrain the market growth
to a certain extent.
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Growth Driver: Technological advancements in
surgical procedures
US is considered a leader in medical technology
innovation; most advanced surgical products and devices are developed and
manufactured by US-based companies. The rapid growth of surgeries has been
possible due to significant advancements in medical technology, which partly
solved some of the technical and clinical challenges associated with surgical
procedures. Hospitals and healthcare systems invest heavily in the latest
technologies to provide the best possible care for their patients.
Market Segmentation:
In
2022, the dental surgical procedures segment accounted for the largest share of
this market.
Based on type, the US surgical procedures market is
segmented into orthopedic, gastrointestinal, urologic, dental, cardiovascular,
ophthalmic, cosmetic, ENT, obstetric/gynecologic, and other surgical
procedures. Sental surgical procedures segment accounted for the largest share
in 2022, attributed to the increasing awareness of oral care, rising aging
population, growing prevalence of teeth loss, and increasing dental expenditure
in the US. According to National Library of Medicine, it is estimated that four
out of every five older adults live with at least one chronic disease. Some
common chronic conditions have direct impact on the oral health directly affect
the teeth and gums, particularly degenerative and disabling ones such as
Parkinson’s and Alzheimer’s. Moreover, dental implants have seen growing demand
in the above-65 age group. Commonly conducted dental surgeries include:
- Periodontal (gum) surgery: Periodontal disease affects the
tissues surrounding and supporting the tooth. The disease is characterized
by bleeding or swollen gums (gingivitis), pain, and sometimes bad breath.
In its more severe form, the gum can come away from the tooth and
supporting bone, causing teeth to become loose and sometimes fall out.
- Dental implants: Dental implants replace teeth due to decay,
disease, oral cancer, or several causes like smoking or alcoholism.
The physicians offices segment dominated the US
surgical procedures market in 2022.
Based on channel, the US surgical procedures market
is segmented into physician offices, hospitals, and ambulatory surgery centers.
Physician offices held the largest share in 2022, followed by hospitals and
ambulatory surgery centers. The large share of this segment can be attributed
to factors such as the growth in office-based surgical procedures—in turn, due
to the preference for greater autonomy (among physicians), technological
advances making office-based surgery feasible for more procedures, and the
potential to enhance physician office revenue.
Ambulatory surgery center segment is expected to
witness the highest CAGR from 2023 to 2028
The highest CAGR of this segment can be attributed
to the potential for cost reduction and the rising demand for better and
quicker care among patients. In 2022, specialities that increased their
footprint in Ambulatory Surgical Centers (ASCs) included, orthopaedics,
cardiology, and higher acuity spine procedures. According to the data from
Ambulatory Surgical Center Association, orthopedics was the most common
specialty served by ASCs in 2022.
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Growth Opportunity: Increasing Adoption Of Outpatient Surgeries
Ambulatory surgery centers (ASCs) are freestanding
facilities specializing in surgical, diagnostic, and preventive procedures that
do not require hospital admission. Medical procedures are moving into these
outpatient facilities due to technological advances such as minimally invasive
surgical procedures and value-based care incentives. Health systems have also
been acquiring or partnering with physicians and physician practices, further
driving the volume of services performed in outpatient settings. The cost-effectiveness
of ASCs provides significant savings for governments, third-party payers, and
patients. A study conducted by Healthcare BlueBook (a provider of data for
healthcare services) and HealthSmart (a provider of health plans for
self-funded employers) concluded that ASCs decreased the cost of outpatient
surgery by USD 38 billion annually since these facilities offer a lower-cost
site of care in comparison with hospital outpatient departments.
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