Specialty Hospitals Market Growth and business revolution by top players | Encompass Health Corporation, Kindred Healthcare Inc., Memorial Sloan-Kettering

According to a new market research study titled ‘Specialty Hospitals Market to 2027 – Global Analysis and Forecasts by Type, the global specialty hospitals market is expected to reach US$ 509.10 Bn in 2027 from US$ 401.65 Bn in 2018. The market is estimated to grow with a CAGR of 2.8% from 2018-2027.

The report highlights the trends prevalent in the global specialty hospitals market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to the increasing incidences of chronic diseases, growing public private partnership in healthcare industry and growing geriatric population are boosting growth of specialty hospital market. However, high costs of specialty hospitals and rising concerns over specialty hospitals is anticipated to restrain the market growth.

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The major players operating in the market of specialty hospitals include Encompass Health Corporation, Kindred Healthcare Inc., Memorial Sloan-Kettering, Steward Health Care System LLC, Belhoul Speciality Hospital, Advanced Specialty Hospitals, HCA Management Services, L.P., TH Medica, Community Health Systems, Inc., and Universal Health Services, Inc.

The global specialty hospitals market by type was led by cardiac hospitals segment. In 2018, the insulin pens segment held a largest market share of 23.2% of the specialty hospitals market, by type. The cardiac hospitals segment is expected to dominate the market in 2027, due to rising prevalence of cancer cases across the globe.

The ageing population is growing every day, the need for inpatient care will witness huge growth. With the number of patients rising, micro-hospitals are steadily evolving. Micro hospitals deliver highly effective treatment in a low-cost setting. The hospital focuses on the community needs and operates within a compact clinical and administration framework. The hospitals facilities range from 15,000 to 60,000 square feet and hospitals offer eight to twelve beds. These smaller facilities provide lower-cost treatment options for patients as compared to the larger hospitals. Micro hospitals offer same services and short hospital stay, thereby reducing the patient cost.

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As there are lower number of beds, the micro hospitals offer personalized care. Facilities such as micro-hospitals, psychiatric hospitals and other specialty hospitals offer lower cost, patient-centric treatment that is more highly tailored according to the patient needs. Micro-hospitals are better option where there is little or no access to acute or emergency care. Thus, due to these advantages micro hospitals seem to be gaining a foothold and have been springing up in multiple regions. With growing popularity for the micro hospitals to provide cost effective solutions to the patients. The healthcare industry is likely to experience the positive outcomes in the coming future.

Global specialty hospitals market is likely to grow in the forecast period due to the increasing number of the orthopedic hospitals. The high prevalence of orthopedic conditions such as degenerative bone disease, development of innovative orthopedic devices and rising geriatric population and number of road accidents are anticipated to drive the market.

Strategic Insights

Expansions and agreements were observed as the most adopted strategy in global specialty hospitals industry. Few of the expansions and agreements made by the players in the market are listed below:

2019: In January, 2018, Tenet Healthcare Corporation and Anthem Blue Cross signed a new multi -year agreement.

2016: In March, 2016, Memorial Sloan Kettering launched Teen and Young Adult (TYA) Programs to offer special services for people. Moreover, MSK opened a lounge, especially for this teen and adult age group.

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SPECIALTY HOSPITALS – MARKET SEGMENTATION

By Type