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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