Ambulatory surgical centers (ASCs) are modern healthcare facilities focused on providing same-day surgical procedures for patients including orthopedic, ophthalmology, pain management, gastroenterology, and other general surgeries. ASCs provide a convenient and cost-effective alternative to hospital-based outpatient procedures through streamlined systems and less complex regulatory requirements. This minimizes wait times and reduces healthcare costs significantly.
The global ambulatory surgical center market is estimated to be valued at US$ 100.3 Bn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the projected high growth of the ambulatory surgical center market is the increasing number of outpatient surgeries being performed across the globe. As per data, approximately 85% of all surgeries conducted now are appropriate for outpatient/ambulatory settings. ASCs allow surgery to be performed safely and effectively in lower-cost outpatient setup versus inpatient hospital costs. In addition, the prevalent trend of healthcare moving from inpatient to outpatient settings is further fueling the demand for convenient and affordable ASCs. With ongoing research assessing safety and feasibility, more complex procedures that were traditionally performed as inpatients are now shifting to outpatient ASC locations.
SWOT Analysis
Strength: Ambulatory surgical centers offer a more cost effective and convenient alternative to hospital-based outpatient procedures. They typically have shorter wait times and are designed specifically for outpatient surgeries. Many ASCs employ high-quality physicians and medical staff with specialized expertise in areas like orthopedics, ophthalmology and gastroenterology.
Weakness: ASCs face significant compliance requirements around staff credentialing, patient safety and quality of care. Some procedures that carry higher risk may still need to take place in hospitals that have intensive care and emergency facilities on standby. ASCs also have relatively smaller scale compared to large hospitals.
Opportunity: An aging population and rising prevalence of chronic diseases is leading to growing demand for various outpatient surgical procedures. ASCs allow more procedures to be shifted from inpatient to lower cost outpatient settings. New payment models also create incentives to reduce healthcare costs through greater use of ASCs.
Threats: Potential repeal or weakening of laws requiring insurers to cover ASC rates on par with hospitals could reduce reimbursements. Economic downturns may impact discretionary procedures handled by ASCs. Hospitals are increasingly establishing their own lower cost offsite surgical centers to compete with independent ASCs.
Key Takeaways
The global ambulatory surgical center market is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$150 billion by 2031, registering a CAGR of 4.3% during this period.
Regional analysis shows that North America currently dominates the market due to favorable regulatory scenarios and reimbursement structures that promote the shift of surgeries from inpatient to lower cost outpatient settings like ASCs. The United States in particular has seen widespread adoption of ASCs for common procedures. However, Asia Pacific is projected to be the fastest growing regional market going forward given rising medical tourism, healthcare investments and a large untapped population base in need of surgical care.
Key players operating in the ambulatory surgical center market are United Surgical Partners International, Tenet Healthcare, Envision Healthcare, Surgery Partners, Mednax and HCA Healthcare. These ASC operators have a widespread network and offer a broad range of high-volume outpatient procedures. Major hospital groups are also establishing their affiliated ASCs at off-campus locations, contributing to ongoing consolidation in the industry.
