North America Specialty Hospitals Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The North America specialty hospitals market was valued at US$ 1,43,435.69 million in 2023 and is expected to reach US$ 4,06,203.96 million by 2031; it is estimated to register a CAGR of 13.9% from 2023 to 2031.

Increasing Incidence of Chronic Diseases Fuel North America Specialty Hospitals Market

The hospital industry continuously emphasizes quality of care and patient satisfaction. Specialty hospitals provide cancer, cardiology, orthopedic, and other specialized patient care. 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 cases of cancer globally. Among these, trachea, bronchus, and lungs, followed by 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 market.

North America Specialty Hospitals Market Overview

A wide range of providers, including large, well-known institutions such as Hospital for Special Surgery and Cancer Treatment Centers of America, are part of the specialty hospital industry. These providers also include smaller clinics and surgery centers, many of which are profit and private. The industry is initiating substantial mergers, acquisitions, and affiliation activities to record moderate growth, which has been aided by payment reform. For instance, Select Medical announced in April 2023 that it had signed a deal to purchase Richmond, Virginia's Vibra Hospital of Richmond-a long-term acute care facility. Through the acquisition, Select Medical expanded its care continuum in Virginia, offering patients access to a comprehensive network of inpatient and outpatient treatment facilities at every stage of their recovery. Moreover, the use of cutting-edge medical technologies, such as robotic surgery and specialized diagnostic equipment, boosts patient attraction and efficacy in specialty hospitals. For instance, WebMD LLC reports that approximately 644,000 robotic surgeries were carried out in the US in 2021. Therefore, the development of robotic surgeries and the considerable availability of specialty hospitals are the factors driving the specialty hospitals market in the US.

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North America Specialty Hospitals Market Segmentation Analysis:

The North America specialty hospitals market is categorized into types, service type, hospital type, and country.

Based on types, the North America specialty hospitals market is segmented into pediatric hospitals, obstetrics-gynecology hospitals, ENT hospitals, oncology hospitals, rehabilitation hospitals, orthopedic hospital, neurology hospital, cardiology hospitals, IVF hospitals, and others. The neurology hospital segment held the largest market share in 2023.

In terms of service type, the North America specialty hospitals market is bifurcated into outpatient and inpatient. The inpatient segment held a larger market share in 2023.

By hospital type, the North America specialty hospitals market is bifurcated into public hospital and private hospital. The private hospital segment held a larger market share in 2023.

By country, the North America specialty hospitals market is segmented into the US, Canada, and Mexico. The US dominated the North America specialty hospitals market share in 2023.

North America Specialty Hospitals Market Report Scope

North America Specialty Hospitals Market Players Density: Understanding Its Impact on Business Dynamics

The North America Specialty Hospitals Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

North America Specialty Hospitals Market Company Profiles

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; Brigham and Women's Hospital; Cleveland Clinic; Community Health Systems Inc; HCA Healthcare; Johns Hopkins Medicine (Wilmer Eye Institute); McLean Hospital; and NYU Langone Hospitals are some of the leading companies operating in the North America specialty hospitals market.