The sex reassignment surgery market comprises procedures that help transgender individuals undergo physical transitioning to match their gender identity through surgical alteration of genitals and other sex characteristics. Procedures offered include breast/chest surgery, facial feminzation, nasal reconstruction, trachea shave, and genital reconstruction through procedures like orchiectomy, penectomy, vaginoplasty or phalloplasty. Demand for such surgeries is rising globally due to growing awareness about transgender rights and better societal understanding of gender dysphoria. Additionally, advancements in surgical techniques have improved outcomes.
The Global Sex Reassignment Surgery Market is estimated to be valued at US$ 879.57 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 To 2031.
Key Takeaways
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, Kamol Cosmetic Hospital, Dr. Alter G&unter Clinic, NYC Health + Hospitals/Jacob, Ram Manohar Lohia (RML) Hospital.
The Sex Reassignment Surgery market Size is growing owing to rising societal acceptance of transgender individuals and more freedom of choice regarding gender identity. Additionally, better availability of transgender-focused healthcare services and trained professionals are encouraging more people to opt for physical transitioning.
The market is also witnessing expansion in terms of infrastructure and expertise globally. Previously limited to few developed regions, quality gender affirmation care is now accessible in many developing parts of the world too. This is positively impacting the market size and growth prospects.
Market key trends
The Medical Bionic Implants Market is increasing societal awareness and acceptance of transgender rights. More people are coming out openly about their gender identity, facing less societal stigma. This is encouraging greater numbers of individuals opting for physical transition in order to alleviate gender dysphoria. Some major countries have also passed legislation outlawing discrimination based on gender identity and ensuring access to affirming healthcare. These progressive social and legal changes are fueling the market rise.
Porter's Analysis
Threat of new entrants: Low as significant capital and expertise are required.
Bargaining power of buyers: Moderate as there are several providers but cost is high.
Bargaining power of suppliers: Low as the industry is quite fragmented.
Threat of new substitutes: Moderate as virtual gender therapy and non-surgical methods gaining popularity.
Competitive rivalry: High as most players offer similar services to attract patients.
Geographical Regions
North America currently holds the largest share of the sex reassignment surgery market in terms of value owing to supportive insurance policies and presence of major players. According to the American Society of Plastic Surgeons, around 3,200 Americans received gender affirmation procedures in 2021, a surge of almost 150% since 2015.
Asia Pacific is expected to register the fastest growth during the forecast period. This can be attributed to improving healthcare infrastructure, growing awareness, and a cultural shift toward accepting transgender people, especially in countries like Thailand, South Korea and India. In Thailand, over 11,000 sex reassignment surgeries are performed annually, making it a major destination for medical tourism in the region.
Get More Insights On, Sex Reassignment Surgery Market
Explore More Article On, Surgical Robots Market
For More Insights Discover the Report In language that Resonates with you
· French
· German
· Italian
· Russian
· Japanese
· Chinese
· Korean
· Portuguese
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
Comments
0 comment