United States Surgical Procedures Market to Grow at 5.4% during Forecast Period
Published | 26 August 2022
United States Surgical Procedures Market expansion is mostly attributable to the rising incidence of cancer, aging population, rise in chronic diseases, and the development of surgical techniques.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States Surgical Procedures Market is projected to grow at a CAGR of 5.4% during 2022 - 2028. One of the world's biggest markets for surgical procedures is the United States. The best-in-class healthcare infrastructure in the world, outfitted with cutting-edge technology and equipment, as well as higher healthcare spending by the country's citizens and improved reimbursement policies by the U.S. government, are the driving forces behind the U.S. Surgical Procedure Market. Furthermore, U.S. Surgical Procedure Market Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. Also, the U.S. Surgical Procedure Market is anticipated to expand shortly, driven mostly by the country's aging population, rising instances of lifestyle-related health issues among its residents, and ongoing supportive government policies for healthcare spending. On the other hand, the market is significantly constrained by strict restrictions and the high price of medical gadgets.
Rising Surgery Volumes in Gynecology
Gynecology is anticipated to expand exponentially during the forecast period as a result of changing lifestyles and increased disposable income. Growth prospects for market participants are being created by an increase in per capita income in emerging economies and improved identification of gynecological illnesses such as uterine fibroids, menorrhagia, and cervical cancer. Women are being encouraged to seek care and have surgery as a result of rising knowledge of various gynecological disorders. The number of cesarean sections performed nationwide is rising as more patients desire the treatment without a medical need. Stakeholders are expanding R&D to meet criteria for pelvic laparoscopy, cervical cryosurgery, hysteroscopy, and colposcopy, among others because gynecological surgeries and procedures have the potential to be difficult.
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Rising Grey Population drives demand for Surgical Procedures
Because chronic diseases are common among the elderly, the growing geriatric population has been identified as the main factor driving the expansion of the surgical operations volume market. The growing population of people over the age of 65 is predicted to boost the market growth. Adults over the age of 65 account for around 13% of the total population, according to the United States Census Bureau, with this proportion predicted to climb to 20% by 2030. The World Health Organization (WHO) predicts that the global geriatric population will reach 1.5 billion by 2050. The US has a sizable grey population. Another factor boosting the surgical procedures volume market is the increase in the number of trauma injury patients.
Challenge: Surgical Blunders
In the US, surgical errors are a major cause of death and a critical public health issue. The most common reason for harm and injury in healthcare systems is medical error. Worldwide, the cost of drug errors has been estimated at USD 42 billion yearly, and up to 25% of patients experience consequences from risky surgical care operations. At least 4000 surgical errors happen annually in the US, according to NCBI. The following are some reasons why surgeons may perform surgeries incorrectly: Surgical errors are frequently the result of inadequate knowledge and training. Additionally, inadequate planning on rare occasions, surgeons and other operating room experts could not be sufficiently prepared for surgeries.
Segmental Coverage
United States Surgical Procedures Market – By Distribution Channel
Based on the distribution channel, the United States Surgical Procedures Market is segmented into Physician Offices, Hospitals (Inpatient and Outpatient), and ASC. The physician offices category has the biggest market share of these. The majority of this sector is accounted for by the increasing number of minimally invasive surgeries and the high number of surgeries performed in physician offices, such as dental treatments, upper endoscopy, colonoscopy, rhinoplasty, mammoplasty, lithotripsy, or vascular access-related procedures. The ASC (ambulatory surgery center) segment is likely to grow at the quickest CAGR throughout the forecast period. The highest CAGR in this area could be attributed to the prospect of cost savings and the growing desire among patients for better and faster care.
Impact of COVID-19 on United States Surgical Procedures Market
The increased pressure from the increasing rate of hospitalization of COVID-19 patients resulted in the re-profiling of several hospitals and departments for treating COVID-19 patients. Because of the reallocation of intensive care resources, the provision of cardiac procedures has been disproportionately impacted. According to a thorough examination of a Society of Thoracic Surgeons (STS) database, cardiac surgery volumes in the United States dropped by more than half during the first wave of the COVID-19 epidemic. Cardiac surgery services have been structurally remodeled into a consolidated system to continue emergency surgery provision alongside hospital management of COVID-19 patients. Although these techniques have aided in the focused management of COVID-19 patients, it is vital to consider the long-term repercussions of postponing elective heart surgery. Cardiovascular problems patients frequently experience deteriorating health.
Competitive Landscape
The leading market players in the United States Surgical Procedures Market are AMSURG, T.H.Medical, Surgery Partners, SurgCenter, Surgical Care Affiliates, HCA Healthcare, Physicians Endoscopy, Covenant Physician Partners Inc, Constitution Surgery Alliance, ASD Management, and Medical Facilities Corporation.
The United States Surgical Procedures Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States Surgical Procedures Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Surgical Procedures Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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