Sex Reassignment Surgery Market size is set to exceed USD 968 Million by 2024; according to a new research study published by Global Market Insights, Inc.The transgender healthcare concern is rising and experiencing considerable surge in interest from several healthcare providers and policy makers. Presence of favorable government policies such as The Affordable Care Act in the country prevents most of the health insurers from discriminating transgenders from other country population. Hence, presence of favorable policies from the U.S. government for patients opting or undergoing gender reassignment surgeries will expand the business growth in the forthcoming years.
The number of transgender and intersex people opting for sex change surgical procedures across the globe is on rise, especially in the developed regions of United States. There has been a surge in the patients wanting to change their sex from male to female or vice versa, increasing nearly fourfold in the last decade boosting the demand for sex reassignment surgical procedures.
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Increase in number of sex regret incidence among the people that have already undergone the gender reassignment surgical procedure will be one of the major market impeding factor. According to the recent survey it was observed that the number of patients that regretted sex change surgeries was high among the biologic males that underwent operations and the rate has been increasing in the last few years.
Male to female gender reassignment surgery market is estimated to witness considerable amount of growth at a CAGR of 25.7% over the forecast timeframe. In the U.S., male to female surgical procedures are on rise and increased from 1,380 surgical procedures in 2015 to around 1,876 in 2016. According to the surgeons, male to female surgical procedures are less complicated as compared to that of the female to male procedures hence, male to female gender reassignment surgery market will grow in the forthcoming years.
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U.S. dominated the North America sex reassignment surgery market and valued at USD 97.23 million in 2017. According to The American Society of Plastic Surgeons (ASPS), plastic surgeons in the U.S. performed more than 3,250 sex change operations in the year 2016, increasing by almost 19% as compared to the number of surgical procedures carried out previous year. Increase in insurance support along with rise in awareness and social acceptance will escalate the demand for sex change surgeries will only rise over the coming years.
UK sex reassignment surgery market is estimated to witness a sharp rise at a CAGR of 25.1% over the forecast period. The recent statistics have suggested that sex change surgeries have seen demand shoot up drastically over the past few years. Increase in number of surgical procedures in the country along with favorable polices provided by the NHS will lead to growing demand for sex change surgery.
Some of the leading players in the sex reassignment surgery market include Mount Sinai Centre for Transgender Medicine and Surgery (CTMS), Transgender Surgery Institute of Southern California, Rumercosmetics, Chettawut Plastic Surgery centre, Phuket International Aesthetic Centre (PIAC), Sava Perovic Foundation Surgery, Yeson Voice centre, Bupa Cromwell Hospital. These service providers focus on conducting complicated gender reassignment surgical procedure and provide necessary advanced care to the patients and hence attract more customers from various different regions.