Specialty Hospitals Market is expected to reach US$ 1,361.21 Billion by 2031

Neurology Hospitals Segment to Bolster Specialty Hospitals Market Size During 2023–2031

According to our new research study on "Specialty Hospitals Market Forecast to 2031 – Global Analysis – by Specialty Type, Service Type, and Hospital Type," the market is expected to grow from US$ 495.15 billion in 2023 to US$ 1,361.21 billion by 2031; it is anticipated to record a CAGR of 13.5% from 2023 to 2031. The specialty hospitals market report emphasizes the trends prevalent in the global market, along with drivers and deterrents affecting its growth.

Growing public-private partnerships in the healthcare industry and increasing incidence of chronic diseases are among the factors contributing to the market growth. However, the high costs of specialty hospitals hamper the market growth. Further, the rising popularity of micro-hospitals is expected to bring new specialty hospitals market trends in the coming years.

Specialty Hospitals Market Share, by Region, 2023 (%)

Source: The Insight Partners Analysis

Growing Public-Private Partnerships in Healthcare Industry Propel Specialty Hospitals Market Growth

A public-private partnership (PPP) is a cooperative arrangement between two or more public and private hospitals. There is a lack of medical infrastructure in public hospitals; hence, partnership with the private sector has emerged as a new avenue to eradicate the insufficiencies. The approach also includes developing private specialty hospitals on public land that allow a certain number of beds/treatments available to publicly funded patients. In India, the Government of Punjab and Max Healthcare Institute entered into a PPP 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 the 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 an annual concession fee.

PPP hospitals offer benefits such as improved access and reach, improved equity, better efficiency, opportunity to regulate, accountability, improved quality/rational practice, and augmented resources-funds technology. Owing to these benefits, such partnerships are increasing in the healthcare sector, boosting the specialty hospitals market growth.

The specialty hospitals market analysis has been carried out by considering the following segments: specialty type, service type, hospital type, and geography. Based on specialty type, the specialty hospitals market is segmented into pediatric hospitals, obstetrics-gynecology hospitals, ENT hospitals, oncology hospitals, rehabilitation hospitals, orthopedic hospitals, neurology hospitals, cardiology hospitals, IVF hospitals, and others. The neurology hospital 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.

By service type, the market is segmented into outpatient and inpatient. The inpatient segment held a larger specialty hospitals market share in 2023. 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.

By hospital type, the market is segmented into public hospitals and private hospitals. The private hospital segment held a larger specialty hospitals market share in 2023. Governments frequently set aside specific funds for these facilities to guarantee that specialty public hospitals have cutting-edge care, research, and infrastructure resources. Governments may enact laws encouraging the development and growth of specialty hospitals by prioritizing specialized medical care for uncommon ailments, complicated surgeries, and chronic illnesses. This causes the number of public hospitals to rise, fueling the market growth for this segment. For instance, roughly 1,527 public hospitals are currently in operation in the US. Governments can further propel growth in the healthcare sector by partnering with the private sector, international organizations, and non-governmental organizations (NGOs) to enhance specialty hospital capabilities.

The geographic scope of the specialty hospitals market report includes the assessment of the market performance in North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, Turkey, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, Singapore, Malaysia, and Rest of Asia Pacific), an d the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa)

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