NEW YORK, Dec. 2, 2024 /PRNewswire/ -- According to a new, comprehensive report from The Insight Partners, the global Specialty Hospitals Market Dynamics, Recent Developments, and Strategic Insights by 2031 is experiencing significant growth due to the increase in public-private partnerships in the healthcare industry.
The report runs an in-depth analysis of market trends, key players, and future opportunities. The specialty hospitals market is analyzed on the basis of specialty type, service type, and hospital type.
The report from The Insight Partners provides several stakeholders-including service providers, physicians, patients, and end users-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
List of the prominent players in the Specialty Hospitals Market Source:
• Advanced Specialty Hospitals
• Encompass Health Corporation
• Icahn School of Medicine at Mount Sinai; Indiana University Health, Inc.
• Kindred Healthcare, LLC
• Memorial Sloan Kettering Cancer Center
• Select Medical Holdings Corp
• Stanford Health Care
• Steward Health Care System LLC
• Universal Health Services Inc
• Vibra Healthcare, LLC
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Overview of Report Findings
1. Market Growth: The global specialty hospitals market is expected to reach US$ 1,361.21 billion by 2031 from US$ 495.15 billion in 2023; it is expected to record a CAGR of 13.5% during the forecast period. A specialized hospital is any hospital devoted primarily to the specialized care and treatment of persons with chronic or long-term illness, injury, or infirmity.
2. Increasing Incidence of Chronic Diseases: The hospital industry continuously emphasizes quality of care and patient satisfaction. Specialty hospitals provide specialized care to patients with cancer and cardiology, orthopedic, and other conditions. Cancer affects populations of all genders, races, and ages, including children, adults, and elderly populations. According to GLOBOCAN, in 2022, there were 19.9 million new cancer cases globally. Among these, trachea, bronchus, lung, and breast were the most common cancers worldwide. Owing to the increasing cancer burden, Ministries of Health and other national health policymakers are increasingly partnering with nongovernmental health organizations, government agencies, and pharmaceutical and biotechnology companies in the US and other high-income countries to develop national cancer prevention. According to the US Department of Health and Human Services report, in 2023, an estimated 129 million people in the US had at least one major chronic disease, such as heart disease, cancer, diabetes, obesity, and hypertension. Owing to the high burden of chronic diseases, the number of hospitals and specialty hospitals, both public and private, is rapidly increasing. For instance, according to the American Hospital Association, in 2021, there were ~6,090 hospitals in the US, while in 2023, there were ~6,120 hospitals, an increase of nearly 0.5% from 2021 to 2023.
As the incidence of chronic disease continues to rise, there is an increase in demand for specialized care. This will result in an increase in the number of specialty hospitals, leading to improved patient outcomes and advancement in medical care. Thus, the increasing incidence of chronic diseases drives the global specialty hospitals market.
3. Growing Public-Private Partnerships in Healthcare Industry: A public-private partnership (PPP) is a cooperative arrangement between two or more public and private hospitals. There is a lack of medical infrastructure in public hospitals; hence, partnership with the private sector has emerged as a new avenue to eradicate the insufficiencies. The approach also includes developing private specialty hospitals on public land that allow a certain number of beds/treatments available to publicly funded patients. In India, the Government of Punjab and Max Healthcare Institute entered into a PPP to set up a super specialty healthcare facility for cancer and trauma care. The partnership focuses on providing healthcare services for cancer and trauma care in Mohali, Punjab. According to the partnership, Max Healthcare Institute Ltd (private provider) shall construct and manage the Greenfield super specialty hospital for a period of 50 years (concession period); and the Government of Punjab shall provide the land required for the hospital to Max Healthcare Institute Ltd, who will provide the healthcare services. Max Healthcare Institute Ltd will pay the Government of Punjab an upfront consideration and 5% of the total revenue as an annual concession fee.
PPP hospitals offer benefits such as improved access and reach, improved equity, better efficiency, opportunity to regulate, accountability, improved quality/rational practice, and augmented resources-funds technology. Owing to these benefits, such partnerships are increasing in the healthcare sector, boosting the specialty hospitals market growth.
4. Geographic Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific, respectively. Further, Asia Pacific is expected to record the highest CAGR during the forecast period.
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Report Scope
Feature of the Report | Details |
Market Size in 2023 | US$ 495.15 Billion |
Projected Market Size in 2031 | US$ 1,361.21 Billion |
CAGR Growth Rate | 13.5 % |
Base Year | 2022 |
Forecast Period | 2024-2031 |
Key Segment | By Architecture, Application, Connectivity and Region |
Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Market Segmentation
• Based on specialty type, the specialty hospitals market is segmented into pediatric hospitals, obstetrics-gynecology hospitals, ENT hospitals, oncology hospitals, rehabilitation hospitals, orthopedic hospitals, neurology hospitals, cardiology hospitals, IVF hospitals, and others. The neurology hospitals segment held the largest share of the market in 2023.
• In service type, the specialty hospitals market is segmented into outpatient and inpatient. The inpatient segment led the market in 2023.
• By hospital type, the specialty hospitals market is segmented into public hospitals and private hospitals. In 2023, the private hospitals segment dominated the market with a larger share.
• The specialty hospitals market is segmented into five major regions: North America, Europe, APAC, the Middle East & Africa, and South & Central America.
Competitive Strategy and Development
• Trending Topics: Single Specialty Hospitals, Micro, Multi-Specialty Hospital, Super specialty hospital
Global Headlines on Specialty Hospitals Market
• MASSH Super Specialty Hospitals Expands Its Reach in Noida
• ZT Corporate Expands Healthcare Portfolio with Acquisition of South Texas' STAT Specialty Hospital and Emergency Center
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Conclusion
Specialty hospitals play a crucial role in the healthcare ecosystem by delivering focused, high-quality care in specific medical fields, from cardiology to orthopedics. The growth of the specialty hospitals market is driven by the increased demand for specialized services, advancements in medical technology, and a shift toward value-based care. These facilities often provide higher expertise and improved patient outcomes through tailored treatment approaches, leading to shorter recovery times and reduced hospital stays. Financially, specialty hospitals operate with better efficiency and higher margins than general hospitals, primarily due to their focused service lines and streamlined operations. However, they also face challenges such as regulatory scrutiny, competition from general hospitals expanding their specialty services, and the need for continuous investment in cutting-edge technology. Furthermore, the rising trend of outpatient care is prompting specialty hospitals to innovate and adapt, offering more services in an outpatient setting to meet patient preferences. Overall, the specialty hospital sector presents a dynamic landscape with significant opportunities for growth and improvement, necessitating ongoing analysis to navigate the complexities of healthcare delivery and maintain a competitive edge in the ever-evolving market.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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