North America Specialty Hospitals Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Specialty Type (Pediatric Hospitals, Obstetrics-Gynecology Hospitals, ENT Hospitals, Oncology Hospitals, R
Description
The North American specialty hospitals market was valued at approximately USD 143,435.69 million in 2023 and is projected to grow significantly, reaching around USD 406,203.96 million by 2031. This growth represents a compound annual growth rate (CAGR) of 13.9% from 2023 to 2031. A key driver of this market expansion is the rising incidence of chronic diseases, which has led to an increased demand for specialized healthcare services.
Specialty hospitals focus on providing high-quality care in specific areas such as cancer treatment, cardiology, orthopedics, and other specialized medical fields. The prevalence of chronic diseases, including heart disease, cancer, diabetes, obesity, and hypertension, is a growing concern. According to the US Department of Health and Human Services, in 2023, around 129 million people in the United States were reported to have at least one major chronic disease. This alarming statistic underscores the urgent need for specialized healthcare services, which specialty hospitals are well-equipped to provide.
The global cancer burden is particularly significant, with the GLOBOCAN report indicating that there were 19.9 million new cancer cases worldwide in 2022. The most common types of cancer included those affecting the trachea, bronchus, lungs, and breast. In response to this growing health crisis, health ministries and policymakers in the US and other high-income countries are increasingly collaborating with non-governmental organizations, government agencies, and pharmaceutical companies to develop national cancer prevention strategies. This collaboration is expected to further drive the demand for specialty hospitals that can provide targeted and effective treatment options for cancer patients.
The specialty hospital sector is characterized by a diverse range of providers, from large, renowned institutions like the Hospital for Special Surgery and Cancer Treatment Centers of America to smaller clinics and private surgery centers. The industry is currently experiencing a wave of mergers, acquisitions, and affiliations, which are contributing to moderate growth. For example, in April 2023, Select Medical announced its acquisition of Vibra Hospital of Richmond, a long-term acute care facility in Virginia. This acquisition allows Select Medical to enhance its care continuum, providing patients with access to a comprehensive network of inpatient and outpatient treatment facilities throughout their recovery process.
Technological advancements also play a crucial role in the growth of the specialty hospitals market. The adoption of cutting-edge medical technologies, such as robotic surgery and specialized diagnostic equipment, has improved patient outcomes and attracted more patients to specialty hospitals. According to WebMD LLC, approximately 644,000 robotic surgeries were performed in the US in 2021, highlighting the increasing reliance on advanced surgical techniques in specialty care.
The North American specialty hospitals market can be segmented based on various criteria, including types of hospitals, service types, hospital types, and geographical regions. In terms of hospital types, the 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. Notably, the neurology hospital segment held the largest market share in 2023, reflecting the high demand for specialized neurological care.
When considering service types, the market is bifurcated into outpatient and inpatient services, with the inpatient segment commanding a larger share in 2023. Additionally, the market is categorized by hospital type into public and private hospitals, with private hospitals also holding a larger market share in the same year. Geographically, the North American specialty hospitals market is segmented into the US, Canada, and Mexico, with the US dominating the market share in 2023.
Several leading companies are operating within the North American specialty hospitals market, including Advanced Specialty Hospitals, Encompass Health Corporation, Icahn School of Medicine at Mount Sinai, Indiana University Health, Kindred Healthcare, Memorial Sloan Kettering Cancer Center, Select Medical Holdings Corp, Stanford Health Care, Steward Health Care System LLC, Universal Health Services Inc, Vibra Healthcare, 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.
In conclusion, the North American specialty hospitals market is poised for significant growth driven by the increasing prevalence of chronic diseases, advancements in medical technology, and a growing emphasis on quality patient care. As the healthcare landscape continues to evolve, specialty hospitals will play a vital role in addressing the complex needs of patients requiring specialized medical attention.
Specialty hospitals focus on providing high-quality care in specific areas such as cancer treatment, cardiology, orthopedics, and other specialized medical fields. The prevalence of chronic diseases, including heart disease, cancer, diabetes, obesity, and hypertension, is a growing concern. According to the US Department of Health and Human Services, in 2023, around 129 million people in the United States were reported to have at least one major chronic disease. This alarming statistic underscores the urgent need for specialized healthcare services, which specialty hospitals are well-equipped to provide.
The global cancer burden is particularly significant, with the GLOBOCAN report indicating that there were 19.9 million new cancer cases worldwide in 2022. The most common types of cancer included those affecting the trachea, bronchus, lungs, and breast. In response to this growing health crisis, health ministries and policymakers in the US and other high-income countries are increasingly collaborating with non-governmental organizations, government agencies, and pharmaceutical companies to develop national cancer prevention strategies. This collaboration is expected to further drive the demand for specialty hospitals that can provide targeted and effective treatment options for cancer patients.
The specialty hospital sector is characterized by a diverse range of providers, from large, renowned institutions like the Hospital for Special Surgery and Cancer Treatment Centers of America to smaller clinics and private surgery centers. The industry is currently experiencing a wave of mergers, acquisitions, and affiliations, which are contributing to moderate growth. For example, in April 2023, Select Medical announced its acquisition of Vibra Hospital of Richmond, a long-term acute care facility in Virginia. This acquisition allows Select Medical to enhance its care continuum, providing patients with access to a comprehensive network of inpatient and outpatient treatment facilities throughout their recovery process.
Technological advancements also play a crucial role in the growth of the specialty hospitals market. The adoption of cutting-edge medical technologies, such as robotic surgery and specialized diagnostic equipment, has improved patient outcomes and attracted more patients to specialty hospitals. According to WebMD LLC, approximately 644,000 robotic surgeries were performed in the US in 2021, highlighting the increasing reliance on advanced surgical techniques in specialty care.
The North American specialty hospitals market can be segmented based on various criteria, including types of hospitals, service types, hospital types, and geographical regions. In terms of hospital types, the 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. Notably, the neurology hospital segment held the largest market share in 2023, reflecting the high demand for specialized neurological care.
When considering service types, the market is bifurcated into outpatient and inpatient services, with the inpatient segment commanding a larger share in 2023. Additionally, the market is categorized by hospital type into public and private hospitals, with private hospitals also holding a larger market share in the same year. Geographically, the North American specialty hospitals market is segmented into the US, Canada, and Mexico, with the US dominating the market share in 2023.
Several leading companies are operating within the North American specialty hospitals market, including Advanced Specialty Hospitals, Encompass Health Corporation, Icahn School of Medicine at Mount Sinai, Indiana University Health, Kindred Healthcare, Memorial Sloan Kettering Cancer Center, Select Medical Holdings Corp, Stanford Health Care, Steward Health Care System LLC, Universal Health Services Inc, Vibra Healthcare, 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.
In conclusion, the North American specialty hospitals market is poised for significant growth driven by the increasing prevalence of chronic diseases, advancements in medical technology, and a growing emphasis on quality patient care. As the healthcare landscape continues to evolve, specialty hospitals will play a vital role in addressing the complex needs of patients requiring specialized medical attention.
Table of Contents
100 Pages
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
