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 is anticipated to grow from 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.

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 market.

The market in North America is driven by factors such as the increasing 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 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.

Growing Super Specialty and Multi-Specialty Hospitals Specialty Hospitals to Provide Market Opportunities in Future

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 Type-Based Insights

Based on specialty type, the specialty hospitals market is segmented into Types (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.

Service Type -Based Insights

Based on service type, the specialty hospitals market is divided into outpatient and inpatient.

Based on hospital type, the specialty hospitals market is divided into public hospital and private hospital.

Specialty Hospitals Market: Competitive Landscape and Key Developments

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 companies operating in the specialty hospitals market.

The US Food and Drug Administration, Centers for Disease Control and Prevention (CDC), and Global Burden of Disease Study are among the primary and secondary sources referred to while preparing the specialty hospitals market report.