Specialty Hospitals Market Report Outlook and Trends by 2031
The specialty hospitals market is projected to reach US$ 1,361.21 billion by 2031 from US$ 495.15 billion in 2023. The market is expected to register a CAGR of 13.5% during 2023–2031. The rising popularity of micro-hospitals is expected to act as a future key trend in the market.
Specialty Hospitals Market Analysis
Micro-hospitals are bridging the gap for better and timely healthcare for remote communities. Micro-hospitals cannot offer all the services provided in a traditional hospital; however, they can certainly cater to more than 90% of the healthcare needs of the people. For instance, in the first half of 2024, UChicago Medicine Crown Point, a micro-hospital facility, was opened in northwest Indiana in the US. Also, many health systems, such as Dignity Health and SCL Health, are using micro-hospitals to expand their services and fill gaps in markets. These hospitals offer services such as emergency medical care, laboratories and lab services, inpatient care, imaging, pharmacy services, surgeries, primary care, labor and delivery, dietary services, and pediatric care. Owing to these advantages, micro hospitals are gaining a foothold and being launched in multiple regions. With the growing popularity of micro hospitals in providing cost-effective solutions to patients, the healthcare industry is likely to experience positive outcomes in the near future.
Specialty Hospitals Market Overview
Public-private partnerships (P3) are one of the most capable models for financing successful healthcare innovations. Public-private partnerships have introduced new life into delayed projects and provided new solutions to numerous industries, especially the hospital industry. The hospitals are entering into partnerships to increase quality and efficiency of care as well as increase access to specialty care. The hospital industry in some developed and developing regions is under immense pressure. It is facing problems such as reimbursement and cost pressures while serving an increasingly aging population suffering from chronic diseases. Hospitals are looking for techniques that would enhance their productivity and efficiency in order to decrease operational costs.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Specialty Hospitals Market: Strategic Insights
Specialty Hospitals Market
-
CAGR (2023 - 2031)
13.5%
-
Market Size 2023
US$ 495.15 Billion
-
Market Size 2031
US$ 1,361.21 Billion
Market Dynamics
GROWTH DRIVERS
- Growing Public-Private Partnerships in Healthcare Industry
FUTURE TRENDS
- Rising Popularity of Micro Hospitals
OPPORTUNITIES
- Growing Super Specialty and Multi Specialty Hospitals
Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Types
- Pediatric Hospitals
- Obstetrics-Gynecology Hospitals
- ENT Hospitals
- Oncology Hospitals
- Rehabilitation Hospitals
- Orthopedic Hospital
- Neurology Hospital
- Cardiology Hospitals
- IVF Hospitals
Service Type
- Outpatient and Inpatient
Hospital Type
- Public Hospital and Private Hospital
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Specialty Hospitals Market: Strategic Insights
-
CAGR (2023 - 2031)13.5% -
Market Size 2023
US$ 495.15 Billion -
Market Size 2031
US$ 1,361.21 Billion
Market Dynamics
- Growing Public-Private Partnerships in Healthcare Industry
- Rising Popularity of Micro Hospitals
- Growing Super Specialty and Multi Specialty Hospitals
Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Pediatric Hospitals
- Obstetrics-Gynecology Hospitals
- ENT Hospitals
- Oncology Hospitals
- Rehabilitation Hospitals
- Orthopedic Hospital
- Neurology Hospital
- Cardiology Hospitals
- IVF Hospitals
- Outpatient and Inpatient
- Public Hospital and Private Hospital
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Specialty Hospitals Market Drivers and Opportunities
Increasing Incidence of Chronic Diseases
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 lung, 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 hospitals market
Growing Super Specialty and Multispecialty Hospitals
Multi-specialty hospitals are hospitals offering more than two special treatments in their hospitals, whereas super specialty hospitals offer newer and newer subspecialties for a specific disorder. The physicians in multispecialty hospitals possess degrees in MD medicine, MD dermatology, and MS surgery, whereas, in super specialty hospitals, the doctors are super specialists and have degrees in DM neurology, McH urology, DM gastroenterology, McH neurosurgery super specialists--who have an education higher than an MD/MS.
Multi-specialty hospitals are the single doorways to the patient's health care needs. They offer a wide range of treatments from newborn to old-age populations. These hospitals primarily focus on prevention, disease management, and appropriate clinical interventions. Multispecialty hospitals offer numerous treatments, such as general surgery, ENT, and radiology. All the different tests or consultations with another doctor are done under one roof if the patient is diagnosed with a general health condition.
Super specialty hospitals offer a wide range of specialized treatments and procedures. These types of hospitals offer different treatments, such as neurosurgery, vascular and endovascular surgery, nephrology, pulmonology, laparoscopic and gastrointestinal surgery, critical care, ophthalmology, cardiothoracic surgery, and gastroenterology. These hospitals offer an all-around spectrum of healthcare, thus providing patients with the least hassle and the most comprehensive care. They are also known to provide services such as healthcare management and research. The choice between a multispecialty and a super specialty hospital eventually depends upon the nature of the illness. Both multi-specialty and super specialty hospitals provide and promote quality care in health and wellness at an affordable cost to society. However, super specialty hospitals exist only in developed and developing countries such as the US, China, India, and the UK and do not exist in other parts of the world. Thus, with the growing healthcare needs and the rising preference for specialized treatment, super specialty and multi-specialty hospitals are anticipated to hold several opportunities to grow during the forecast period.
Specialty Hospitals Market Report Segmentation Analysis
Key segments that contributed to the derivation of the specialty hospitals market analysis are specialty type, service type, and hospital type.
- Based on specialty type, the specialty hospitals market is segmented into pediatric hospitals, obstetrics-gynecology hospitals, ENT hospitals, oncology hospitals, rehabilitation hospitals, orthopedic hospital, neurology hospital, cardiology hospitals, and others. The neurology hospital segment held the largest market share in 2023.
- Based on service type, the specialty hospitals market is divided into outpatient and inpatient. The inpatient segment held a larger specialty hospitals market share in 2023.
- Based on hospital type, the specialty hospitals market is divided into public hospitals and private hospitals. The private hospitals segment held a larger specialty hospitals market share in 2023.
Specialty Hospitals Market Share Analysis by Geography
The geographic scope of the specialty hospitals market report is mainly divided into four regions: North America, Asia Pacific, Europe, and the Middle East & Africa. The market in North America is driven by factors such as the increased demand for long-term acute care facilities, significant healthcare infrastructure, and early adoption of technological advancements. 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 ~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.
Specialty Hospitals Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 495.15 Billion |
Market Size by 2031 | US$ 1,361.21 Billion |
Global CAGR (2023 - 2031) | 13.5% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Types
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Specialty Hospitals Market News and Recent Developments
The specialty hospitals market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the market are listed below:
- Select Medical announced that six of its inpatient rehabilitation hospitals in 12 locations have again been recognized among the country's "Best Rehabilitation Hospitals," according to U.S. News & World Report's Best Hospitals rankings for 2024–2025. (Source: Select Medical Corporation, Company Website, July 2024)
- Vibra Healthcare and Monument Health are pleased to announce the opening of the Rehabilitation and Critical Care Hospital of the Black Hills. This innovative new healthcare facility, situated at 2115 Promise Road in Rapid City, South Dakota, seamlessly integrates two types of specialized hospital care under one roof: inpatient medical rehabilitation and critical care, also known as long-term acute care. (Source: Vibra Healthcare, LLC., Company Website, January 2023)
Specialty Hospitals Market Report Coverage and Deliverables
The "Specialty Hospitals Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Specialty hospitals market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Specialty hospitals market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Specialty hospitals market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the specialty hospitals market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
North America dominated the market in 2023.
The increasing incidence of chronic diseases and growing public-private partnerships in the healthcare industry are among the most significant factors fueling the market growth.
The rising popularity of micro hospitals is expected to be a key trend in the market in the coming years.
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 among the key players in the market.
The specialty hospitals market value is expected to reach US$ 1,361.21 billion by 2031.
The market is expected to register a CAGR of 13.5% during 2023–2031.
The List of Companies - Specialty Hospitals Market
- 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