Specialty Hospitals Market to Grow at a CAGR of 2.8% to reach US$ 509.10 Mn from 2018 to 2027

Specialty Hospitals Market to 2027 - Global Analysis and Forecasts by Type (Cardiac Hospitals, Cancer Hospitals, Rehabilitation Hospitals, ENT Hospitals, Neurological Hospitals, Orthopedic Hospitals, and Others) and Geography

Publication Month : Jan 2019

  • Report Code : TIPRE00002868
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 131
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The Specialty Hospitals in healthcare market was valued at US$ 401.65 million in 2018 and it is projected to reach US$ 509.10 million by 2027; it is expected to grow at a CAGR of 2.8% from 2019 to 2027.

Specialty hospitals can be defined as hospitals that are involved in treatment for a specific medical condition or illness. Initially there were only children or women specialty hospitals which were dedicated to women’s and children’s health issues. With the advent of technology now there are specialty hospitals dedicated to a certain disease like cardiology specialty hospital or a cancer specialty clinic. The need for specialized inpatient and outpatient care has been growing. Specialty hospitals have an important role for treating patients who need special care offering high quality care and safety and enhancing access. The growth of the Specialty Hospitals in healthcare market is attributed to the increasing incidences of chronic diseases, growing public private partnership in healthcare industry and growing geriatric population likely to have a positive impact on the growth of the market in the coming years.

Report Coverage

The Specialty Hospitals in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.

Lucrative Regions for Specialty Hospitals in Healthcare Market

Lucrative Regions for Specialty Hospitals in Healthcare Market
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Market Insights

Growing Applications of Specialty Hospitals in Healthcare to Drive Specialty Hospitals in Healthcare Market Growth

Specialty hospitals are not new and are involved in providing cancer, cardiology, orthopedic and other specialized patient care. The hospital industry is subject of renewed emphasis on quality of care and consumer satisfaction and hence specialty hospitals have been established to offer specialized care. Joint replacement surgery is on rise due to rising joint diseases like arthritis. Each year more and more people live with this condition, which can result in life-changing complications. According to the American Academy of Orthopaedic Surgeons, by 2030, number of total knee replacement surgeries in the US are projected to grow to 3.5 million procedures per year. The increase in the joint replacement procedures poses opportunities for specialty hospitals market to grow. 

Also, according to the World Health Organization in 2018, cancer was the second leading cause of death across the globe, and is responsible for an estimated 9.6 million deaths in 2018. Furthermore, the American Cancer Society estimated that in 2018, 1,735,350 new cancer cases were diagnosed. Cardiology specialty hospitals treat several heart conditions that helps in relieving and controlling the symptoms. According to Emory Healthcare in 2018, around 5 million people in America suffer from congestive heart failure (CHF).

Thus, the increasing incidences of chronic diseases holds several opportunities for the specialty market to grow during the forecast period.

A public–private partnership (PPP) is a cooperative arrangement between two or more public and private hospitals. There are deficiencies in public hospitals, hence partnership with private sector has emerged as a new avenue to eradicate the insufficiencies. The approach also includes developing private specialty hospital on public land that allows certain number of beds/ treatments available to publicly funded patients. 

For instance, In India, the Government of Punjab and Max Healthcare Institute entered into Public Private Partnership and are setting 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 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 annual concession fee. PPP hospitals offer benefits like improve access & reach, improve equity (reduce out of pocket expenses), better efficiency, opportunity to regulate & accountability, improve quality/ rational practice, and augment resources- funds, technology. 

Therefore, owing to the advantages of the Public Private Partnership in hospitals sector, the specialty hospitals are likely to boost the growth of the specialty hospitals market in the forecast years.

With advancements in medical services in the past few years, there has been a continuous growth in the geriatric population across the globe, majorly in the developing countries. The geriatric population is highly prone to develop psychiatric disorders, lifestyle diseases, orthopedic diseases and other disorders. This is probably due to age related changes in the brain, body, concomitant physical disorders, along with increased stress in later life and other socioeconomic factors. Hence the aging population requires specialized care. 

According to the Population Reference Bureau report 2016, the number of people aged 65 and older is projected to more than double from 46 million in 2016 to over 98 million by 2060. Also, the United Nations in 2017, estimated reported that there are approximately 962 million people aged 60 across the globe. It also projected that the number of aged people in the world is projected to be 1.4 billion in 2030 and 2.1 billion in 2050, and could rise to 3.1 billion in 2100.

The geriatric specialty hospitals provide comprehensive care with a focus on the patient’s independence, quality of life, and family support. These specialty hospitals treat conditions like fecal incontinence, urinary incontinence, diabetes, Alzheimer’s, heart diseases, arthritis and other chronic diseases. These hospitals ensure that the patient receives the personalized care, and the quality treatment they deserve. 

Thus the growing ageing population demands the need for more specialty hospitals and hence drives the market growth.

Type-Based Insights

In terms of type, the Specialty Hospitals in healthcare market is segmented into cardiac hospitals, cancer hospitals, rehabilitation hospitals, ent hospitals, neurological hospitals, orthopedic hospitals, and others. In 2017, the cardiac hospitals segment held a largest market share of 23.2% of the specialty hospitals market, by type.

Specialty Hospitals in Healthcare Market, by Type – 2018 and 2027

Specialty Hospitals in Healthcare Market, by Type – 2018 and 2027
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Specialty Hospitals Market: Strategic Insights

specialty-hospitals-market
Market Size Value inUS$ 401.65 Million in 2018
Market Size Value byUS$ 509.10 Million by 2027
Growth rateCAGR of 2.8% from 2019-2027
Forecast Period2019-2027
Base Year2019
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The Specialty Hospitals in healthcare market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.

Specialty Hospitals in Healthcare Market – by Type

  • Cancer Hospitals 
  • Cardiac Hospitals
  • Rehabilitation Hospitals
  • ENT Hospitals 
  • Neurological Hospitals
  • Orthopedic Hospitals
  • Others

Specialty Hospitals in Healthcare Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East & Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America and Central America (SCAM)

    • Brazil
    • Argentina
    • Rest of SCAM

Company Profiles

  • Encompass Health Corporation
  • Kindred Healthcare Inc.
  • Memorial Sloan-Kettering
  • Steward Health Care System LLC
  • Belhoul Speciality Hospital
  • Advanced Specialty Hospitals
  • HCA Management Services
  • L.P.
  • TH Medica Community Health Systems, Inc.
  • Universal Health Services, Inc
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of Companies

  1. Encompass Health Corporation
  2. Kindred Healthcare Inc
  3. Memorial Sloan-Kettering
  4. Steward Health Care System LLC
  5. Belhoul Speciality Hospital
  6. Advanced Specialty Hospitals
  7. HCA Management Services L.P
  8. TH Medica, Community Health Systems, Inc.
  9. Universal Health Services, Inc.
  10. Select Medical Corporation (Kessler Institute for Rehabilitation)

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  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

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Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

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The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

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