Ocean View, DE -- (SBWIRE) -- 05/17/2020 -- Sex Reassignment Surgery Market will exceed USD 968 million by 2024; as per a new research report.

Increase in number of gender reassignment surgical procedures across the world will drive the growth of sex reassignment surgery market. There has been an increase in the patients wanting to change their sex from male to female or vice versa, increasing nearly fourfold in the last decade. According to the recent statistics from The American Society of Plastic Surgeons, in the U.S. plastic surgeons performed more than 3,250 sex change operations in the year 2016, increased by 19% as compared to the previous year.

In the last few years, public awareness regarding transgender and gender nonconforming (TGNC) population has reached unprecedented heights. Increase in awareness and resources regarding transgender issues and accessibility related to gender reassignment surgical procedures have resulted in boosting the demand for sex reassignment surgeries. According to the recent news, more people are seeking advice on the sex reassignment surgical procedure, indicating a better societal awareness and acceptance of gender diversity behind the growing demand.

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A concerning number of transgender patients that have undergone gender reassignment surgeries have expressed regrets, suicidal thoughts and depression. Increase in number of sex change regret incidence will affect the growth of sex reassignment market as it will lead to decline in the number of people opting for surgical procedures.

Male to female gender reassignment surgical procedure was valued over USD 115.5 million in the year 2017. According to the recent survey, it was found that male to female sex change surgeries are three times more than female to male surgical procedures. In the developed countries more and more, transgender male are willing to undergo gender transition resulting in growing the demand for surgical procedures, fueling the business growth.

U.S. gender reassignment surgery market will grow at a CAGR of 24.5% during the projection time period. Increase in number of total sex change surgical procedures in the last few years will augment the country market. According to The American Society of Plastic Surgeons, in U.S., there was a total of 19% increase in number of surgical procedures conducted in 2016.

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Thailand sex reassignment surgery market is the second biggest market after U.S., accounting for around USD 16.2 million in the year 2017. High number of transgender population opting for sex change surgical procedure, low cost of the surgical procedure and booming medical tourism in the country will augment the industry growth in upcoming years.

Some of the leading service providers in the sex reassignment surgery market include Mount Sinai Centre for Transgender Medicine and Surgery (CTMS), Transgender Surgery Institute of Southern California, Rumercosmetics, Chettawut Plastic Surgery centre, Phuket International Aesthetic Centre (PIAC), Sava Perovic Foundation Surgery, Yeson Voice centre, Bupa Cromwell Hospital. Complicated sex reassignment surgery offerings and advanced care are major promises that are offered by these institutions to attract more and more customers from various regions.