Surgical Procedures Market worth 1,27,748.5 Thousand Procedures by 2028

Surgical Procedures Market in terms of revenue was estimated to be worth $1,08,275.5 thousand procedures in 2023 and is poised to reach $1,27,748.5 thousand procedures by 2028, growing at a CAGR of 3.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of the US surgical procedures market is largely driven by the growing prevalence of chronic diseases, the rising geriatric population, technology advancement and increased rate of organ transplantation. On the other hand, complications associated with surgical procedures and risk of surgical errors are likely to refrain the market growth to a certain extent.

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The emergence of COVID-19 pandemic resulted in a substantial decline in the procedural volume for most of the surgeries, however, witnessed a considerable increase post-pandemic 2021-2022 due to the backlog emerging from the delay. The US economy is still recovering from the pandemic, however the Russia-Ukraine war and the economic recession are further likely to impact market growth during the forecast years.

The structure of health insurance reimbursements has changed as patients are now more accountable for their healthcare expenses due to increased out-of-pocket (OOP) costs. High-cost sharing has affected treatment decisions, delaying access to care, and has put patients in a difficult financial situation. However, there are certain surgical procedures essential for maintaining health and well-being, such as emergency surgeries, cancer treatment, and procedures to treat chronic conditions, that are expected to witness moderate to low impact of the economic downturn. In addition, the impact may further be influenced by factors such as changes in government policies, advancements in medical technology, and funding for healthcare. Overall, the impact of recession on surgical procedures in the US is complex and multifaceted and may depend on a range of economic, social, and political factors.

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In 2022, the dental surgical procedures segment accounted for the largest share of this market.

Based on type, the US surgical procedures market is segmented into orthopedic, gastrointestinal, urologic, dental, cardiovascular, ophthalmic, cosmetic, ENT, obstetric/gynecologic, and other surgical procedures. Dental surgical procedures segment accounted for the largest share in 2022, attributed to the increasing awareness of oral care, rising aging population, growing prevalence of teeth loss, and increasing dental expenditure in the US. According to National Library of Medicine, it is estimated that four out of every five older adults live with at least one chronic disease. Some common chronic conditions have direct impact on the oral health directly affect the teeth and gums, particularly degenerative and disabling ones such as Parkinson's and Alzheimer's. Moreover, dental implants have seen growing demand in the above-65 age group. Commonly conducted dental surgeries include:

Periodontal (gum) surgery: Periodontal disease affects the tissues surrounding and supporting the tooth. The disease is characterized by bleeding or swollen gums (gingivitis), pain, and sometimes bad breath. In its more severe form, the gum can come away from the tooth and supporting bone, causing teeth to become loose and sometimes fall out.
Dental implants: Dental implants replace teeth due to decay, disease, oral cancer, or several causes like smoking or alcoholism.

The physicians offices segment dominated the US surgical procedures market in 2022.

Based on channel, the US surgical procedures market is segmented into physician offices, hospitals, and ambulatory surgery centers. Physician offices held the largest share in 2022, followed by hospitals and ambulatory surgery centers. The large share of this segment can be attributed to factors such as the growth in office-based surgical procedures-in turn, due to the preference for greater autonomy (among physicians), technological advances making office-based surgery feasible for more procedures, and the potential to enhance physician office revenue.

Ambulatory surgery center segment is expected to witness the highest CAGR from 2023 to 2028

The highest CAGR of this segment can be attributed to the potential for cost reduction and the rising demand for better and quicker care among patients. In 2022, specialities that increased their footprint in Ambulatory Surgical Centers (ASCs) included, orthopaedics, cardiology, and higher acuity spine procedures. According to the data from Ambulatory Surgical Center Association, orthopedics was the most common specialty served by ASCs in 2022.

Surgical Procedures Market - Key Stakeholders:

Hospitals
Ambulatory Surgery Centers
Physician Offices
Outpatient Settings
Oncology Centers
Health Insurance Payers
Research Institutes
Government associations

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