Northbrook, IL 60062 -- (SBWire) -- 08/09/2023 --Surgical Procedures Market in terms of revenue was estimated to be worth $1,08,275.5 thousand procedures in 2023 and is poised to reach $1,27,748.5 thousand procedures by 2028, growing at a CAGR of 3.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. 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.
The surgical procedures industry is poised for significant advancements and transformations in the near future. Minimally invasive techniques will continue to gain prominence, offering benefits such as smaller incisions, faster recovery times, and reduced risks. The integration of robotics, automation, and artificial intelligence will enhance surgical precision and efficiency, while virtual reality and augmented reality technologies will revolutionize surgical training and planning. 3D printing will enable the production of customized implants and anatomical models, and precision medicine will tailor surgical approaches to individual patients. Telemedicine and remote surgeries will improve access to surgical care, and data analytics will optimize surgical outcomes. However, ethical and regulatory considerations will be essential to navigate the challenges arising from these advancements. Overall, the future of the surgical procedures industry promises improved patient outcomes, enhanced surgical techniques, and expanded access to surgical care.
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The emergence of COVID-19 pandemic resulted in a substantial decline in the procedural volume for most of the surgeries, however, witnessed a considerable increase post-pandemic 2021-2022 due to the backlog emerging from the delay. The US economy is still recovering from the pandemic, however the Russia-Ukraine war and the economic recession are further likely to impact market growth during the forecast years.
The structure of health insurance reimbursements has changed as patients are now more accountable for their healthcare expenses due to increased out-of-pocket (OOP) costs. High-cost sharing has affected treatment decisions, delaying access to care, and has put patients in a difficult financial situation. However, there are certain surgical procedures essential for maintaining health and well-being, such as emergency surgeries, cancer treatment, and procedures to treat chronic conditions, that are expected to witness moderate to low impact of the economic downturn. In addition, the impact may further be influenced by factors such as changes in government policies, advancements in medical technology, and funding for healthcare. Overall, the impact of recession on surgical procedures in the US is complex and multifaceted and may depend on a range of economic, social, and political factors.
Surgical Procedures Market Dynamics:
Drivers:
1. Growing prevalence of cancer requiring surgical treatment
2. Growth in geriatric population and rise in chronic disease prevalence
3. Increasing rate of organ transplantation
4. Technological advancements in surgical procedures
Opportunities:
1. Increasing adoption of outpatient surgeries
2. Improved surgical techniques in bariatric procedures
Challenges:
1. Surgical errors
2. Complications associated with surgical procedures
3. Shortage of surgeons
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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. Dental 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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Surgical Procedures Market Advantages:
- Improved Patient Outcomes: Surgical procedures play a crucial role in treating various medical conditions and improving patient outcomes. They can alleviate pain, restore function, and even save lives. Advancements in surgical techniques, technology, and perioperative care contribute to better surgical outcomes and patient satisfaction.
- Technological Innovations: The surgical procedures market is driven by continuous technological advancements. Innovations such as minimally invasive techniques, robotics, and imaging technologies have revolutionized surgical practices. These advancements enable surgeons to perform procedures with greater precision, accuracy, and safety, leading to reduced complications and faster recovery times for patients.
- Expanded Treatment Options: Surgical procedures offer a wide range of treatment options for different medical conditions. From routine surgeries like appendectomies and cataract removals to complex procedures like organ transplantation and cancer surgeries, the surgical field encompasses a vast array of interventions. This diversity allows for tailored treatment plans based on individual patient needs.
- Rapidly Growing Market: The surgical procedures market is experiencing substantial growth worldwide. Factors such as an aging population, increasing prevalence of chronic diseases, and rising demand for cosmetic surgeries contribute to the market's expansion. This growth provides opportunities for healthcare providers, medical device manufacturers, and other stakeholders in the industry.
- Job Creation and Economic Impact: The surgical procedures market generates significant employment opportunities. Surgeons, anesthesiologists, surgical nurses, and other healthcare professionals form a specialized workforce to support the delivery of surgical care. Additionally, the market contributes to economic growth through the demand for medical equipment, supplies, and infrastructure development.
- Continuous Advancements and Research: The surgical procedures market is driven by ongoing research and development. Surgeons, scientists, and engineers are constantly seeking ways to improve surgical techniques, develop innovative tools, and enhance patient outcomes. This culture of innovation fosters collaboration and pushes the boundaries of surgical practices.
- Global Accessibility: Surgical procedures are increasingly accessible to patients worldwide. While challenges exist in terms of access to healthcare in certain regions, efforts are being made to improve surgical care delivery, especially in underserved areas. Telemedicine, remote surgical guidance, and medical missions are among the initiatives aimed at expanding access to surgical procedures globally.
Overall, the surgical procedures market offers advantages in terms of improved patient outcomes, technological innovations, expanded treatment options, economic growth, and global accessibility. These factors contribute to the continued growth and importance of the surgical field in healthcare.
Surgical Procedures Market Worth $1,27,748.5 Thousand Procedures : MarketsandMarkets
The global surgical procedures market in terms of revenue was estimated to be worth 1,08,275.5 thousand procedures in 2023 and is poised to reach 1,27,748.5 thousand procedures by 2028, growing at a CAGR of 3.4% from 2023 to 2028.