Sex Reassignment Surgery Market Report 2023: Availability of Health Insurance Coverage to Boost Growth

DUBLIN, May 10, 2023 /PRNewswire/ -- The "Sex Reassignment Surgery Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.

The market for sex reassignment surgery is projected to develop at a CAGR of 11.5% during the forecast period of 2023 to 2031. Incidences of gender dysphoria are on the rise, and more people are opting for gender confirmation operations, which is projected to drive growth throughout the projection period.

78% of transgender males, according to a study conducted by Cedars Sinai in June 2020, experienced gender dysphoria before the age of 7. The average age at which transgender males develop gender dysphoria is approximately 6.2 years. As it helps individuals with gender dysphoria transition to their self-identified gender, sex reassignment surgery is increasing favor among young transgender Americans.

The Availability of Health Insurance Coverage for Sex Reassignment Surgery Will Encourage Market Growth

Frequently, the transgender population confronts severe mental health conditions such as anxiety and sadness. As the community's population grows with each passing year, the need for female-to-male gender change procedures may increase. In the United States, for instance, almost 9,000 transgender procedures are performed annually.

The frequency of female-to-male sex change surgeries will increase if health insurance programs include sex reassignment treatments. Market trends will be determined by technological advances, such as breakthrough surgical procedures that have proven effective in female-to-male gender-affirming surgery.

Increasing Gender Dysphoria Prevalence Will Fuel European Market Data.

The market size for sex reassignment surgery in Europe is anticipated to surpass US $ 480 million by 2031, owing to the increased public awareness of sophisticated sex reassignment surgeries. A rise in disposable income may inspire persons with gender dysphoria to have gender reassignment surgery to regain their confidence.

In Europe, the number of members of the LGBTQ community has increased dramatically. In 2022, the Office for National Statistics estimated that between 200,000 and 500,000 transgender people resided in the United Kingdom, and this number is anticipated to increase shortly. In Europe, the implementation of awareness efforts by various organizations, communities, and regulatory bodies will increase the demand for sex change surgery.

Cost Remains as the Key Concern

The high cost of procedures is a significant hindrance to the expansion of the worldwide gender reassignment surgery market. The usual overall cost of gender reassignment surgery includes expenses in the year preceding the procedure, during which hormone medication, counseling, and full-time living as the target sex are advised. In addition, the cost of gender reassignment surgery covers the actual surgical procedures and follow-up treatment, as well as continuous costs following the surgery, such as lifelong hormone therapy and ongoing doctor visits.

In addition to the cost of surgery, there are costs associated with medicine and rehabilitation. Before undertaking global bodily change, a year of psychotherapy with a psychologist is required. Thus, the high cost of gender reassignment procedures is a significant disadvantage that can hinder the market's growth throughout the projection period.

FTM Dominated the Market in 2022

The market is split into male-to-female (MTF) and female-to-male (FTM) based on gender transition (FTM). In 2022, the FTM segment led the market in terms of revenue share. Continual improvements in metoidioplasty, phalloplasty, scrotoplasty, and chest reconstruction are responsible for this. According to ASPS, transgender female sex reassignment surgeries and breast/chest & face procedures increased by 13% & 14% in 2022, respectively.

During the projected period, the male-to-female category will experience a significant increase in market share. Male-to-female gender reassignment surgery entails changing the male genitals into a form that resembles and, to some extent, functions like female genitalia. Patients typically undergo female hormone therapy before surgery to make them appear more feminine, while this is not required. Associated operations include vaginoplasty, facial hair removal, breast augmentation, facial feminization surgery, and several others.

The male-to-female market is expected to grow during the forecast period. Parts of the original penis are employed to build a sensate neo-vagina during a male-to-female gender reassignment procedure. The removal of the testicles is known as orchiectomy. Labia are constructed from scrotal skin. The neo-clitoris is constructed from the penis' erectile tissue. However, the urethra remains intact and functional. Sexual orientation surgery is irreversible. Therefore, anyone interested in undergoing a male-to-female sex change operation should thoroughly analyze the decision. During the forecast period, these variables will fuel market expansion.

North America Held over Half of the Market Revenues

In 2022, North America held 50% of the revenue share. Typically, board-certified or licensed plastic surgeons are among the surgeons that conduct gender reassignment operations. The fundamental purpose of these surgical procedures is to provide transgender people with the functional abilities and physical appearance of the gender with which they identify emotionally and psychologically. This form of surgery comprises face feminization surgery, facial masculinization surgery, and transmasculine bottom surgery.

During the forecast period, the increase in the incidence of gender dysphoria and the number of individuals opting for gender reassignment procedures are anticipated to drive the regional market. Aetna Inc. (Aetna) and Unicare offer coverage for surgical treatments such as bilateral salpingo-oophorectomy, hysterectomy, orchiectomy, and ovariectomy. Consequently, the improving reimbursement picture is anticipated to have a beneficial impact on the regional market's growth during the projection period.

Market Competition to Intensify During the Forecast Period

The market for sex reassignment surgery is fragmented. The firms contributing to the growth of the market are concentrating on enhancing their market presence by adopting multiple methods. They provide unique and cutting-edge surgical procedures, such as tracheal shave (chondrolaryngoplasty), male and female breast reduction, neo-vaginoplasty, and genital remodeling. Companies are recognized on the Health Care Equality Index and are investing in LGBTQ+ healthcare.

Market Segmentation
Male to female

Facial
Breast
Genital
Phallectomy
Orchiectomy
Vaginoplasty

Female to male

Facial
Chest
Genital
Hysterectomy
Phalloplasty

End-user

Hospitals
Clinics

Key questions answered in this report

What are the key micro and macro environmental factors that are impacting the growth of Sex Reassignment Surgery market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Sex Reassignment Surgery market?
Which is the largest regional market for Sex Reassignment Surgery market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Sex Reassignment Surgery market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Sex Reassignment Surgery market worldwide?

Key Topics Covered:

1. Preface

2. Executive Summary

3. Sex Reassignment Surgery Market: Competitive Analysis

4. Sex Reassignment Surgery Market: Macro Analysis & Market Dynamics

5. Sex Reassignment Surgery Market: By Male to female, 2021-2031, USD (Million)

6. Sex Reassignment Surgery Market: By Female to male, 2021-2031, USD (Million)

7. Sex Reassignment Surgery Market: By End-user, 2021-2031, USD (Million)

8. North America Sex Reassignment Surgery Market, 2021-2031, USD (Million)

9. UK and European Union Sex Reassignment Surgery Market, 2021-2031, USD (Million)

10. Asia Pacific Sex Reassignment Surgery Market, 2021-2031, USD (Million)

11. Latin America Sex Reassignment Surgery Market, 2021-2031, USD (Million)

12. Middle East and Africa Sex Reassignment Surgery Market, 2021-2031, USD (Million)

13. Company Profile

Companies Mentioned

LGBTQ+ healthcare
Transgender Surgery Institute of Southern California
Mount Sinai Centre
Rumercosmetics
Phuket International Aesthetic Centre (PIAC)
Chettawut Plastic Surgery Centre
Sava Perovic Foundation Surgery
MohebMehr H

For more information about this report visit https://www.researchandmarkets.com/r/t7ncvq

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