Outpatient surgery is the surgical procedure that does not require an overnight hospital stay or admission. The term outpatient raises from the fact that surgery patients may be entering and leaving the facility on the same day. The major advantages of outpatient surgery over the inpatient surgery comprise greater convenience and reduced costs. Furthermore, outpatient surgery may occur in an inpatient facility, in a self-contained unit within a hospital, which is also known as a hospital outpatient department, in a freestanding, self-contained unit, that is also known as the ambulatory surgery center, or even in a physician's office-based unit. Common procedures that are now routinely performed on an outpatient basis include tonsillectomies, hernia repairs, gallbladder removals, some cosmetic surgeries, and cataract surgeries.
COVID-19 scenario analysis:
The outbreak of the cornovirus-2 has led to the global economic recession, affecting the pharmaceutical and biotechnological industries. This will also impede the growth of the medical supplies, which are used for surgical procedures, except those that can be used for management of the disease. The COVID-19 pandemic has an antagonistic impact on the healthcare system, resulting in 50% to 70% drop in revenue since March. There are many small clinics, hospitals, and nursing homes, which have been forced to shut their operations due to the pandemic situation. The resultant solution was to undergo complete lockout causing loss of the majority of the income for the smaller hospitals and reduction in the surgical procedures during the forecast period. In addition, visa cancellations have led to an interruption in medical tourism and can hamper the healthcare services market growth.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The major factor affecting the market growth include, the surge in the number of targeted diseases such as respiratory diseases, cardiovascular diseases and sleep apnea diseases, which would boost the industry. The growth in the number of outpatient surgical procedures which require general anesthesia, medium and high sedation, use of capnography monitoring device would help the market grow in the coming years. However, the stringent growth in the regulations may impede the market growth in the near future.
New product advancements to flourish the market
In December 2018, Johnson & Johnson Medical Devices Companies announced that Ethicon had launched, VISTASEAL Fibrin Sealant (Human) which can be used to help surgeons manage bleeding during surgery. It contains a mixture of fibrinogen and thrombin, which are the clotting proteins found in human plasma. This, when applied to the bleeding site leads to the formation of a rapid, adherent, and durable clotting and had been confirmed to sustain hemostasis (stoppage of bleeding), even in high-risk patients.
In February 2020, Smith and Nephew, which is the global medical technology business, announced ‘Positive Connections,’ that is a turnkey service, which can be used to help the healthcare providers seeking to offer augmented access for orthopedic cases to Ambulatory Surgery Centers (ASCs) and also to other outpatient settings. Furthermore, recent developments in surgical technology, anesthesia protocols, and the changes to Medicare reimbursement are prompting an upsurge in demand from providers to provide orthopedic procedures in outpatient settings, such as ASCs.
Surge in mergers and acquisitions to boost the market
In August 2017, Surgery Partners, Inc., which is a leading healthcare services company, announced that it had acquired National Surgical Healthcare (“NSH”), an owner and operator of surgical facilities in partnership with local physicians. The addition of National Surgical Healthcare, the Surgery Partners, had strengthened its position as one of the nation’s largest independent providers of the outpatient surgical services.
In January 2017, Optum, which is a leading health services company and part of UnitedHealth Group, and Surgical Care Affiliates, Inc., which is a leading ambulatory surgery center (ASC) and surgical hospital provider, are coalescing. The combination builds upon the two companies’ effective ASC collaborations and would help expand OptumCare’s abilities in outpatient surgical procedures.
Key benefits of the report:
- This study presents the analytical depiction of the global outpatient surgical procedures industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global outpatient surgical procedures market share.
- The current market is quantitatively analyzed to highlight the global outpatient surgical procedures market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global outpatient surgical procedures market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the outpatient surgical procedures market research report:
- Which are the leading market players active in the outpatient surgical procedures market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in tasking further strategic steps?
Outpatient Surgical Procedures Market Report Highlights
Key Market Players
St Jude Children's Research Hospital, Massachusetts General Hospital, University of Washington Medical Center, New York Presbyterian, Taipei Veterans General Hospital, Mayo Clinic, Johns Hopkins Medicine, University of Maryland Medical, Mount Sinai Hospital, Cleveland Clinic