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(Medical-NewsWire.com, May 18, 2022 ) Global Industry Growth Boosting Factors:
The growth of the US surgical procedures market is largely driven by the growing prevalence of chronic diseases, the rising geriatric population, and increased investment in health facilities. On the other hand, stringent regulations and the high cost of medical devices are major restraints in the market.
Projected Revenue Surge:
The US surgical procedures market is projected to reach 122,881.5 thousand procedures by 2027 from 105,814.5 thousand procedures in 2022, at a CAGR of 3.0% during the forecast period.
Ipact of COVID19:
The emergence of the COVID-19 pandemic has changed the delivery of medical care. The increased pressure due to the growing rate of hospitalization of COVID-19 patients led to the re-profiling of many hospitals and departments for treating patients with COVID-19. Consequently, many elective surgeries were canceled or postponed worldwide to reserve or redirect the available limited capacities and resources (like hospital beds and patient care professionals) toward COVID-19 patient care and to reduce the spread of the virus.
Moreover, from 2019–2020, the procedural volume for all surgeries declined substantially, but it is expected to increase post-pandemic 2021–2022 due to the backlog emerging from this delay. According to a study by Stanford Medicine, after the March 2020 COVID-19 shutdown, nonurgent In 2021, the dental surgical procedures segment accounted for the largest share of this market.
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Global Industry Segmentation:
Based on type, the US surgical procedures market is segmented into gastrointestinal surgical procedures, cardiovascular surgical procedures, dental surgical procedures, cosmetic surgical procedures, urologic surgical procedures, ophthalmic surgical procedures, orthopedic surgical procedures, ENT surgical procedures, obstetric/gynecologic surgical procedures, and other surgical procedures. The share of dental surgical procedures segment can be attributed to the increasing awareness of oral care, increasing prevalence of oral diseases, and rising aging population and the associated teeth loss. Common types of dental surgery include:
Root canal: Root canals are the most common type of dental surgery. According to the School of Dental Medicine (US), more than 15 million root canals are performed every year in the US. According to the American Association of Endodontists, root canals have a success rate of over 95%, and, in most cases, they last a lifetime.
Dental implants: Dental implants replace teeth due to decay, disease, oral cancer, or several causes like smoking or alcoholism.
In 2021, the ambulatory surgery center segment accounted for the largest share of this market.
Based on channel, the US surgical procedures market is segmented into physician offices, hospitals, and ambulatory surgery centers. The ambulatory surgery center segment is estimated to grow at the highest CAGR during the forecast period. The preference for ASCs has risen due to their limited hospitalization time, lower costs than hospital outpatient departments (HOPDs), effective postoperative care, limited risk of disease relapse, and faster patient recovery.
The inpatient surgeries segment accounted for the largest share of the US surgical procedures market for hospitals in 2021.
Hospitals are subsegmented into inpatient surgeries and outpatient surgeries. The inpatient surgeries segment accounted the largest share of the US surgical procedures market for hospitals in 2021. Market growth of this segment is attributed to the preference for robotic-assisted surgery, the surge in the geriatric population, the growing incidence of target conditions (such as cardiovascular diseases, neurological disorders, and traumatic injuries), and the introduction of advanced surgical technologies.surgery rates dropped, but within months they bounced back and remained at pre-pandemic levels.
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There was a 48% decrease in surgical volume during the seven weeks after mid-March when the CMS recommended that hospitals minimize, postpone, or cancel elective surgeries. By July 2020, the nation’s hospitals had ramped up surgical operations with improved safety protocols, and surgery rates began to return to their 2019 levels. By the end of the year, the total volume of surgeries was only 10% below the 2019 volume.
Mr. Aashish Mehra