The Sex Reassignment Surgery Market to exceed USD 968 Million by 2024; according to a new research study published by Global Market Insights, Inc. 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.
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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.
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. dominated the North America sex reassignment surgery market and valued at USD 97.23 million in 2017. According to The American Society of Plastic Surgeons (ASPS), plastic surgeons in the U.S. performed more than 3,250 sex change operations in the year 2016, increasing by almost 19% as compared to the number of surgical procedures carried out previous year. Increase in insurance support along with rise in awareness and social acceptance will escalate the demand for sex change surgeries will only rise over the coming years.
UK sex reassignment surgery market is estimated to witness a sharp rise at a CAGR of 25.1% over the forecast period. The recent statistics have suggested that sex change surgeries have seen demand shoot up drastically over the past few years. Increase in number of surgical procedures in the country along with favorable polices provided by the NHS will lead to growing demand for sex change surgery.
Some of the leading players 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. These service providers focus on conducting complicated gender reassignment surgical procedure and provide necessary advanced care to the patients and hence attract more customers from various different regions.