Neurology Hospitals Segment, by Product to Account Larger Share in Specialty Hospitals Market during 2023-2031
According to our new research study on "Specialty Hospitals Market Forecast to 2031 - Global Analysis - by Specialty Type, Service Type, Hospital Type, and Geography," the market was valued at US$ 495.15 Bn in 2023 and is projected to reach US$ 1,361.21 Bn by 2031; it is expected to register a CAGR of 13.5% during 2023-2031. Increasing incidence of chronic diseases and growing public-private partnerships in healthcare industry are among the most influential factors responsible for the specialty hospitals market growth. However, High costs of specialty hospitals hinder the market growth. Rising popularity of micro hospitals are expected to bring new specialty hospitals market trends in the coming years.
As the aging population is rapidly growing every year, the need for inpatient care will witness huge market growth potential. With the number of patients rising, micro-hospitals are steadily evolving. Micro hospitals deliver highly effective treatment in a low-cost setting. These hospitals focus on the community needs and operate within a compact clinical and administration framework. Their facilities range from 15,000 to 60,000 square feet, and these hospitals offer around eight to twelve medical beds in remote and under-served locations. These smaller facilities provide low-cost treatment options for patients. Compared to larger hospitals, micro hospitals offer the same services and short hospital stays, thereby reducing patient treatment costs. As there is a lower number of medical beds, micro hospitals can offer personalized medical care.
Micro-hospitals are being established at numerous locations globally, in both developed and developing communities. These facilities are easier to construct, cost less than constructing a full-fledged hospital in rural areas, and are more adept at providing community-specific care. These facilities are also affiliated with a large healthcare chain and have faster and higher reimbursement for the services provided.
Micro-hospitals are bridging the need 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 first half of the year 2024, UChicago Medicine Crown Point, a micro-hospital facility, 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 coming future.
Based on specialty type, the specialty hospitals market is divided 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 market share in 2023. As healthcare advances, opportunities for neurology hospitals are expanding due to factors such as an aging population, a rise in neurological disorders, and technological advancements. Hospitals can also increase the range of treatments they offer for illnesses such as multiple sclerosis, Parkinson's disease, and Alzheimer's. As populations age, there is a growing need for specialized treatment and long-term care. This, in turn, will fuel the market growth for this segment.
The global specialty hospitals market, based on service type is segmented into outpatient and inpatient. In 2023, the inpatient segment is likely to hold a larger share of the market. These specialty hospitals can treat patients with severe or complicated medical conditions, such as organ transplants, cancer treatments, heart disease, or major surgeries, that require extended stays. Specialized inpatient services are still required because chronic diseases and complex health issues are becoming more common. Furthermore, inpatient care is necessary to recover and monitor patients undergoing major surgeries or treatments with higher risks. Intensive care units (ICUs) and post-surgical care units are two ways inpatient specialty hospitals address these needs. These factors ensure that inpatient specialty hospitals will always be in high demand and will play a vital role in the healthcare system, especially in highly specialized and intensive medical care.
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 leading players operating in the global specialty hospitals market.
Companies operating in the specialty hospitals market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the Specialty Hospitals market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall Specialty Hospitals market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.
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