Ambulatory surgical centers (ASCs) are modern healthcare facilities that provide same-day surgical care, including diagnostic and preventive procedures. ASCs offer a cost-effective alternative to hospital outpatient departments for procedures like cataract removal, colonoscopy, and orthopedic surgeries. Patients prefer ASCs due to shorter wait times and a more patient-centric care approach in a less clinical environment. With rising healthcare costs and need for greater efficiency, ASCs help reduce financial strain on hospitals and patients.
The global Ambulatory Surgical Center Market is estimated to be valued at US$ 115 billion in 2023 and is expected to exhibit a CAGR of 36% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Integrating telehealth, remote patient monitoring, and cloud-based records management systems enables streamlined communication between providers and care teams. Digitizing administrative tasks like scheduling, billing and reporting frees up resources for direct patient care. Adopting AI-driven predictive analytics also helps optimize capacity planning and reduce cancellations. Such operational improvements allow ASCs to scale procedures while maintaining high quality standards, positioning them to capture a larger share of the outpatient surgery market.
Porter’s Analysis
Threat of new entrants: The ambulatory surgical center market has moderate threat of new entrants due to high setup costs and bargaining power of suppliers. Insurance reimbursements and regulations also act as entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power as they can compare price and services of different ambulatory surgical centers. However, centers have differentiated services so complete switching is difficult.
Bargaining power of suppliers: Suppliers of medical equipment and support services have low to moderate bargaining power as there are many suppliers in the market.
Threat of new substitutes: Substitutes like outpatient departments pose low threat as ASC provide focused specialty services in a convenient setup.
Competitive rivalry: The ASC market sees high competition due to many regional players and focus on niche specialties.
SWOT Analysis
Strengths: ASC provide specialty surgery services in a convenient and cost-effective manner. They have focused infrastructure and staff for select procedures.
Weaknesses: ASC have limited emergency and complex procedure handling ability. They also face financial constraints for infrastructure upgrades.
Opportunities: Rising elder population and prevalence of lifestyle diseases increase need for specialty surgeries. Regulations also support utilization of lower cost ASCs.
Threats: Economic slowdowns can decrease discretionary healthcare spending. Stringent quality standards also increase compliance costs.
Key Takeaways
The Global Ambulatory Surgical Center Market Size is expected to witness high growth over the forecast period.
Regional analysis indicates North America dominates currently due to well developed infrastructure and supportive regulations. The growth is led by the US market which accounts for over 70% share currently. Asia Pacific is projected to be the fastest growing region owing to investments to strengthen healthcare access in major countries.
Key players operating in the ambulatory surgical center market are United Surgical Partners International, Tenet Healthcare, Envision Healthcare, Surgery Partners, Nueterra Healthcare.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it