Sex Reassignment Surgery Market Worth $6.26 Billion by 2030 - Exclusive Report by The Insight Partners
The global sex reassignment surgery market is growing at a CAGR of 10.1% from 2022 to 2030.
Pune, India, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Growing social acceptance of the trans community and Medicare reimbursement scenarios introduced by state and federal laws are factors driving the regional market growth. Gender-affirming surgery, also known as gender confirmation or sex reassignment surgery, is a procedure or series of procedures that can help shape the body of a transgender or nonbinary person to more closely align with the gender with which they identify. It has been reported that more than 48,000 people had at least one gender-affirming surgery during 2016-2019. This primarily included breast or chest procedures, often called top surgery, which made up more than 56% of the surgeries. People who had genital reconstructive procedures, called bottom surgeries, made up over 35% of the procedures. Facial and other cosmetic procedures are also included in the same. The number of gender-affirming surgeries rose from 4,552 in 2016 to 13,011 in 2019. Owing to the pandemic, the numbers slightly dropped in 2020 (12,818), this numbers has been rising since the second quarter of 2022. The number of medical appointments related to sex reassignment surgeries rose from 13,855 in 2016 to 38,740 in 2020. Such factors has aided the overall market growth in the recent past and is expected to continua similar trend during the forecast period.
According to our new research study on “Sex Reassignment Surgery Market Forecast to 2030 –Global Analysis – by Surgery Type, End User, and Geography,” the market is estimated to grow from USD 2.90 billion in 2022 to USD 6.26 billion by 2030; it is estimated to record a CAGR of 10.1% during 2022–2030.
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Global Sex Reassignment Surgery Market: Competitive Landscape and Key Developments
Companies such as Andrew Ives, Boston Childrens Hospital, British United Provident Association Ltd., Chettawut Plastic Surgery Center, CNY Cosmetic & Reconstructive Surgery, Costhetics Pty Ltd., Moein Surgical Arts, Mount Sinai Centre for Transgender Medicine and Surgery (CTMS), Oregon Health and Science University, Penn Medicine, Phuket International Aesthetic Centre (PIAC), Plastic Surgery Group of Rochester, Rumer Cosmetic Surgery, Â Sava Perovic Foundation Surgery, and Swedish Health Services are some of the major companies operating in global sex reassignment surgery market. Some of the key development initiatives undertaken by company participants in recent years are provided below:
In September 2023, the NHRC recommended setting up advisory boards at district level to assist transgender persons as well as help them in consultation, counselling, and treatment during their sex reassignment surgery at each and every district civil hospital. It has also been announced that public places should have separate washrooms for transgender persons. It has been also suggested that there should be a monetary grant of a proper amount for those who want to change their sex or even for those who want their free sex assignment surgery at government hospitals.
The regions can be segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America, North America sex reassignment surgery market captured the largest share in 2022 and is expected to continue a similar trend during the forecast period followed by Europe. The North America region is segmented into the United States, Canada, and Mexico. The United States region captured the largest share in 2022 and is anticipated to retain its dominance during the forecast period. According to the CNN Health (August, 2023), it has been reported that the number of sex reassignment surgeries in the United States nearly tripled between 2016 and 2019.
Global Sex Reassignment Surgery Market – Segmentation Overview
Based on surgery type, the sex reassignment surgery industry is segmented into male to female and female to male. The male to female segment held a larger share in 2022 and is expected to continue a similar trend during the forecast period. The majority of the patients are aged between 19 to 30 years old, making up more than 52% of the surgeries in the United States. Breast and chest procedures were twice as common as genital procedures among the same age group. More than 22% of the people who had surgery were aged between 31 to 40. Genital surgeries were more common among those older than 45. Also, favorable guidelines are one of the factors that assisted the segment growth. In September 2022, the World Professional Association for Transgender Health (WPATH) announced its updated Standards of Care and Ethical Guidelines for health professionals. Among the updates was a new suggestion that duly stated to lift the age restriction for youth seeking gender-affirming surgical treatment, in comparison to previous suggestion of surgery at 17 or older. The lifting the age restriction will not only increase access to care for transgender adolescents. Still, it will also result in the need for parental consent for surgeries before doctors perform the surgeries. According to the social justice department in Kerala as of October 2021, there has been more male-to-female sex reassignment surgeries (SRS) than for female-to-male sex reassignment surgeries (SRS). While only 19 transgender people, including 11 trans women, received the assistance in 2018-19, the number of candidates rose to 83, including 41 trans women, in 2021-22. Of the total of 191 transgender people who received the assistance from 2018, 127 were trans women and 64 were trans men.
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Based on end user, the sex reassignment surgery has been segmented into hospitals, specialty clinics, and others. Hospitals segment captured the largest share in 2022 and is expected to follow a similar trend during the forecast period. However, specialty clinics segment is expected to grow at the highest rate during the forecast period. Technological innovations and highly skilled professionals are driving the growth of the overall sex reassignment surgery market.
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