Sex Reassignment Surgery Market size to exceed $1.5 Bn by 2026

Sex Reassignment Surgery Market size is poised to surpass USD 1.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Growing sex reassignment surgery across the globe, rise in awareness, increasing gender reversible surgery and rising transgender population will enhance the business growth. Also, legal acceptance in developed and developing countries along with favorable government initiatives for these surgeries are a few factors that are contributing into the sex reassignment surgery market growth positively.

 

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Growing awareness and legal acceptance of transgender are expected to propel market growth

Presence of favorable initiatives from the government and health insurers are boosting the market growth. For instance, Medicare in 2015 started providing coverage to pay for sex reassignment surgery for transgender since it was essential for the health insurer to treat gender dysphoria in the country. Medicare further provides a coverage to hormone therapy for transgender people in the U.S. that in turn has propelled the market growth.
 

Growing number of sex reassignment surgeries across the globe especially in the U.S., UK, China are propelling the gender reassignment surgery market growth positively. In addition, upsurge in the number of people undergoing for gender reversal surgeries in the past few years have further boosted the industry growth.
 

Browse key industry insights spread across 81 pages with 134 market data tables & 6 figures & charts from the report, Sex Reassignment Surgery Market Size By Gender Transition (Male to Female {Facial, Breast, Genitals}, Female to Male {Facial, Chest, Genitals}), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020– 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/sex-reassignment-surgery-market
 

Increase in number of male to female surgeries will boost the market growth

Male to female held the largest market revenue and is estimated to grow at around 26.8% over the estimation period. The high market growth is due to rising number of male transgender opting for sex reassignment surgery in the past few years. According to the statistics published in the news, in the U.S. in 2016 male to female gender reassignment surgeries were around 3,000 as compared to around 1,400 in 2015. Furthermore, according to the surgeons, male to female sex reassignment surgery procedures are less complicated than female to male procedures. Thus, with reducing complexities, the demand for male to female sex reassignment surgery market is projected to expand rapidly.
 

The trend of aesthetic craniofacial surgical procedures in order to change the look of transgender male to female has increased in the last few years. As per The American Society of Plastic Surgeons, in the U.S., the number of facial surgical procedures in male to female increased from 1,272 in 2015 to 1,623 in 2016. Facial feminization surgery is considered as safe, effective and satisfactory procedure for the patients that has further contributed in the market growth. Hence, with the upsurge in number of people opting for facial feminization the market will see a tremendous growth in the coming years.
 

Low-cost gender reassignment surgeries to make Thailand a lucrative market in the upcoming years

Thailand dominated the Asia Pacific sex reassignment surgery market holding the largest revenue share in 2019 and was valued at USD 25.9 million. The high growth of sex reassignment surgery can be attributed to the several factors such as rising practice of transgender surgery, positive procedure results, low-cost health care, and availability of experienced surgeons. According to a recent research articles, the growing gender affirming surgeries in the country have boosted the medical tourism that in turn has attracted more than 2 million visitors each year. In addition, growing awareness on the internet, social acceptance and legal changes that prevent discrimination are some other factors that are contributing in the market growth. Hence, the above-mentioned factors are propelling the market growth in the country significantly.
 

The U.S. held the largest market share of more than 50% for sex reassignment surgery market and is predicted to showcase significant growth over the forecast period. The growth is owing to the growing number of gender reassignment surgical procedures in the country. Sex reassignment surgery also known as gender confirmation surgery in 2016 rose with 19% compared to 2015 and the high growth is attributed to the rising social acceptance of transgender people and expanded Medicare coverage. According to the statistics published by American Society of Plastic Surgeons in a news report in 2016, around 3,000 reassignment surgeries among which 54% were performed on transgender women or male to female patients and the remaining 46% were on female to male patients. Thus, owing to these statistics the sex reassignment surgery industry is expected to witness the significant business in the forecast period.
 

Service providers offering advanced care to patients that in turn attracts the customers

Some of the leading players in the industry sex reassignment surgery market include Bupa Cromwell Hospital, Yeson Voice center, Chettawut Plastic Surgery Centre, Sava Perovic Foundation Surgery, Phuket International Aesthetic Centre (PIAC), Rumercosmetics, Transgender Surgery Institute of Southern California and Mount Sinai Centre for Transgender Medicine and Surgery (CTMS). These service providers are emphasizing on complex gender reassignment surgical procedure and offer essential advanced care to patient, thereby boosting more customers across the regions that in turn will propel the market growth.
 

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