Online Learning is fastest growing segment fueling the growth of Sex Reassignment Surgery Market12/4/2023 The Sex Reassignment Surgery Market is estimated to be valued at US$ 1.7 Bn in 2023 and is expected to exhibit a CAGR of 12.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Sex Reassignment Surgery, also known as gender confirmation surgery, involves plastic surgery procedures that alter one's physical appearance and sex characteristics to more closely resemble those of the identified gender. Various procedures are performed to feminize or masculinize the body, including hair removal, breast augmentation or reduction, vaginoplasty, orchidectomy, metoidioplasty, and phalloplasty. The goal of these surgeries is to relieve body dysphoria and help one live more comfortably. Market key trends: One of the key drivers propelling the growth of this market is the increasing acceptance and legal protections for LGBTQ+ community around the globe. More people are now open to transitioning and are legally protected against discrimination in their identified gender in several countries. Social media influence has also helped in driving positive discussions and reducing stigma associated with transitioning. Countries like Germany, Thailand and Colombia have emerged as leading medical tourism destinations for affordable sex reassignment surgeries. Moreover, technological advancements have improved surgical techniques and postoperative care, making the procedures safer and more effective. Porter’s Analysis Threat of new entrants: Low barriers to entry as the specialized field requires set up of specialized clinics and trained professionals. Bargaining power of buyers: Buyers have high bargaining power due to availability of several service providers and price sensitivity of the procedures. Bargaining power of suppliers: Suppliers of medical devices, instruments and pharmaceuticals have moderate bargaining power due to availability of substitutes. Threat of new substitutes: Low threat of substitutes as sex reassignment is a specialized procedure with no close substitute. Competitive rivalry: High as the players compete based on service quality, safety standards, clinical experience and brand value. SWOT Analysis Strength: Availability of trained professionals, specialized infrastructure and facilities for sex reassignment surgeries boost market growth. Weakness: Higher costs associated with reassignment procedures and lack of health insurance coverage in many regions pose challenges. Opportunity: Increasing awareness and social acceptance of LGBTI community and favorable government regulations in many countries offer lucrative opportunities. Threats: Social stigma and legal bans in conservative regions threaten market potential. Post-surgery complications also raise liability concerns. Key Takeaways The Global Sex Reassignment Ssurgery Market Share is expected to witness high growth, exhibiting CAGR of 12.4% over the forecast period, due to increasing social acceptance of the transgender community and favorable medical reimbursement policies worldwide. Regionally, North America dominated the global market in 2023, owing to growing transgender population and supportive medical regulations in the US and Canada promoting equal access to healthcare. Asia Pacific is anticipated to exhibit the fastest growth through 2030 driven by increasing medical tourism from Western nations toward destinations with advanced infrastructure and lower costs such as Thailand and Singapore. Key players operating in the sex reassignment surgery market are Chettawut Plastic Surgery Center, Mount Sinai Centre for Transgender Medicine and Surgery, Rumercosmetics, Phuket International Aesthetic Centre, Yeson Voice centre, Bella Masena Clinic, Transgender Surgery Institute, McLean Clinic, and Kamol Cosmetic Hospital. The players compete based on their clinical experience, infrastructure, and service quality to strengthen their global footprint. Read more https://www.ukwebwire.com/sex-reassignment-surgery-market-size-share-growth-outlook-2023/
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