Acumen Research and Consulting recently published report titled “Ambulatory Surgical Center Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”, forecasts that the market for ambulatory surgical center is expected to grow at a CAGR of around 6.2%.
Ambulatory surgical centers (ASCs) operate at significant affordable pricing, making it attractive for the overall market growth
According to the report released by the Ambulatory Surgery Center Association (ASCA), ASCs are more focused on ensuring patients have the best surgical experience possible and the care they provide is more affordable. ASCs have gained high attention in the global market owing to its cost saving process as patients typically pay less coinsurance for procedures performed in the ASC than for comparable procedures in the hospital setting.
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For instance, a Medicare beneficiary could pay as much as US$496 in coinsurance for a cataract extraction performed in hospital outpatient department (HOPD) however same beneficiary copayment in the ASC would be only US$195. By conducting surgery in the ambulatory surgery center the patient may save as much as 61% or more than US$300 as compared to their out-of-pocket coinsurance for the same procedure in the hospital.
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ASCs improve patient choice, resulting in growing demand for ASCs
The number of ASCs continues to rise steadily in response to demand from the key participants such as surgical care-patients, physicians, and insurers. This demand has been strongly witnessed due to high levels of patient satisfaction, efficient physician practice, high level of service quality and cost saving. Further, growth has been stupendous by over 8.3% over the years for ambulatory surgical centers market. Apart from that, there exist disparate reimbursement policies for hospitals and ASCs. For example, Centers of Medicare and Medicaid Services (CMS) utilize the Hospital Outpatient Prospective Payment System for the reimbursement for surgeries performed at a hospital outpatient department (HOPD) and the Medicare Physician Fee Schedule for surgeries at ASCs. In 2016, this differential in reimbursement structures resulted to ASCs receiving only 53% of what HOPDs were paid for the same surgery. For example, CMS pays roughly US$1,700 for an HOPD cataract surgery and approximately US$900 for the same surgery done at an ASC. Therefore, utilizing ASC rather than HOPD reimbursement could save CMS up to US$2.3 Bn annually if substantial numbers of surgeries are shifted from HOPDs to ASCs.
The global ambulatory surgical center market is segmented based on ownership, surgery type, specialty type, and service. By ownership, the market is segmented as physician only, hospital only, corporation only, physician & hospital, physician & corporation, and hospital & corporation.
North America dominates; Asia Pacific is set to record all time high CAGR for ambulatory surgical center (ASCs) market
North America holds dominating share for ambulatory surgical center market during the analysis period of 2021 to 2028. The Project HOPE (Heart Outcomes Prevention Evaluation) report states that during the past 30 years, outpatient surgery has grabbed tremendous importance for the medical care in the US. On average, procedures performed in ASCs take 31.8 lesser minutes than those performed in hospitals, a 25% difference relative to the mean procedure time. Apart from that, the California Ambulatory Surgery Association (CASA) is a proactive leader in the ambulatory surgery industry, that’s provides communication, education, and appropriate legislative and regulatory action for enhancement of industry excellence. These are the factors that contribute for the regional level growth for ambulatory surgical centers market.
On the other hand, Asia Pacific is exhibited to record fastest growing CAGR for ambulatory surgical center market. As ASCs offer tremendous benefits associated with superior quality, safety, convenient scheduling, and reliable services it is bolstering the growth of APAC market. In India, the market for ambulatory surgical center contributes about 15% of the overall revenue. This is evaluated due to the increasing prevalence of stress related disorders like cardiovascular and neurological diseases. For instance, people suffering from neurological disorders in India have doubled between the periods of 1990 to 2019 from 4.0% to 8.2% respectively, according to the statistics released by the Lancet Global Health. These are the aforementioned factors that are responsible for the APAC growth during the analysis period of 2021 to 2028
The prominent players of the global ambulatory surgical center market include
Ambulatory Surgical Centers of America (ASCOA), AMSURG, ASD Management, HCA Healthcare, Pinnacle III, Proliance Surgeons, Regent Surgical Health, Surgery Partners, SurgCenter, Surgical Management Professionals LLC., and El Centro Regional Medical Center (ECRMC) among others
The market for ambulatory surgical center market is highly competitive and fragmented due to the presence of large number of multinational as well as local players. The leading players are constantly looking to increase their share in the market.
- In July 2021, El Centro Regional Medical Center (ECRMC), announced collaboration with Cerner Corporation. The collaboration aims integrated financial and clinical system. Cerner Corporation look forward to the years ahead with ECRMC as they continue to deliver their mission to promote health and wellness through the delivery of innovative-high quality patient care.
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Content Source: https://www.globenewswire.com/news-release/2021/10/12/2312738/0/en/Ambulatory-Surgical-Center-Market-Value-US-134-5-Bn-By-2028-Prediction-By-Acumen-Research-and-Consulting-Experts.html