3 key trends driving ASC market growth

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The global ASC market is expected to reach $117 billion by 2027, up from $75.7 billion in 2020, primarily driven by an increase in the number of surgical procedures that can be performed at ASCs, according to a September report from Global Market Insights.

Other contributing factors behind the industry's growth include migration of approved procedures to the ASC from the hospital outpatient department, quality of care, patient satisfaction rates and lower cost to the healthcare system than inpatient settings.

Here are the three biggest drivers of the global ASC market's growth:

1. Growing demand for multispecialty ASCs.

Multispecialty surgery centers provide a range of surgical services and allow for the diversification of risks — if one specialty takes a hit from reimbursements or a new nonsurgical treatment, an ASC could remain afloat with the strength of its other specialties. Ultimately, the strength behind the administration reveals how many specialties a surgery center can handle.

Recent years have seen a spike in demand for multispecialty facilities, which are convenient for patients seeking treatment for a range of issues under one roof. As of 2020, there are 1,802 multispecialty ASCs in the U.S., representing 39 percent of the market. In the coming years, the increasing number of chronic disorders and a rising elderly population base are projected to create various market progression opportunities in this space.

2. More patients seeking outpatient orthopedic care.

Orthopedic surgeries are among the highest-reimbursed procedures among surgical specialties, but both patients and payers can achieve cost savings when these cases are done at ASCs. According to the Journal of the American Academy of Orthopedic Surgeons, ASCs make it possible to save 17 percent to 43 percent on direct costs depending on the procedure, which significantly improves patient satisfaction.

In addition, more patients want to have orthopedic surgeries performed at specialized surgery centers, which pride themselves on being low-cost, high-quality sites of care. The pandemic has also accelerated the trend toward outpatient migration as patients wish to avoid the risk of COVID-19 transmission at hospitals where sick patients are being treated. From 2021 to 2027, these trends are expected to boost the orthopedic segment of the ASC market at a compound annual growth rate of 6.5 percent, according to Global Market Insights.

3. Government programs in the Asia-Pacific region.

Further afield, a large patient pool with various health conditions is expected to drive ASC growth in the Asia-Pacific region, where favorable government initiatives and increasing patient awareness of outpatient surgeries are also contributing factors.

The region is also one of the largest destinations for medical tourism because of its high-quality care and lower costs, according to the report. The Asia-Pacific ASCs market was valued at $14.6 billion in 2020 and is projected to see a spike in demand for outpatient procedures in the coming years. 

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