The global Sex Reassignment Surgery Market is estimated to be valued at US$ 1.7 Bn in 2023 and is expected to exhibit a CAGR of 12.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sex reassignment surgery (SRS), also known as gender reassignment surgery (GRS) or gender confirmation surgery, is a surgical procedure or procedures performed to alter one’s sexual characteristics to better match one’s gender identity. The surgery may involve augmentation mammoplasty, breast reduction, facial feminization surgery (FFS), trauma surgery to alter genitals, or other procedures, depending on one’s physical needs for living comfortably in the gender with which they identify. While SRS is not a treatment itself, it does alleviate gender dysphoria in many cases, allowing people to live more comfortably in their bodies. SRS is typically not offered until a person has lived for at least one year in the gender role that matches their gender identity.
Market key trends:
One of the key trends in the sex reassignment surgery market is the rising global awareness regarding gender identity and ambiguity. The normalization of the LGBTQ community has increased acceptance of individuals who don’t conform to traditional gender identities. Growing social acceptance has led to an increase in the number of individuals opting for sex reassignment surgery globally. Moreover, factors such as technological advancements in gender reassignment procedures and availability of various surgery options have also boosted market growth. However, lack of public healthcare coverage for such surgeries remains a major challenge.
Porter’s Analysis
Threat of new entrants: Low capital requirements and availability skilled labor lead to threat of new entrants in the market. However, established players have strong brand image and recognition which act as a barrier.
Bargaining power of buyers: Buyers have high bargaining power due to availability of various treatment and surgery options. Switching costs for buyers are low.
Bargaining power of suppliers: Specialized skilled labor and surgeons act as suppliers. Low differentiation between surgeries increases supplier power.
Threat of new substitutes: Alternate non-invasive procedures like hormone therapy pose threat of substitution. However, they cannot completely replace invasive surgeries.
Competitive rivalry: Strong. Major players compete based on quality of care, success rates, geographic presence and digital marketing.
Key Takeaways
The Global Sex Reassignment Ssurgery Market Share is expected to witness high growth, exhibiting CAGR of 12.4% over the forecast period, due to increasing social acceptance and prevalence of gender dysphoria disorders.
Regionally, North America dominates the market followed by Europe. This is attributed to advanced healthcare infrastructure and high awareness levels. However, Asia Pacific is expected to witness fastest growth due increased medical tourism and lower treatment costs in the region.
Key players operating in the sex reassignment surgery market include Chettawut Plastic Surgery Center, Mount Sinai Centre for Transgender Medicine and Surgery, Rumercosmetics, Phuket International Aesthetic Centre, Yeson Voice centre, Bella Masena Clinic, Transgender Surgery Institute, McLean Clinic, Kamol Cosmetic Hospital. These companies compete based on surgical expertise, client recommendations, and digital marketing strategies to promote their brands.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
