Increasing Incidences of Chronic Diseases is Expected to Speed Up the Growth of The Specialty Hospitals Market from 2019 to 2027.
The global specialty hospitals market is expected to reach US$ 509.10 Bn in 2027 from US$ 401.65 Bn in 2018. The growth of the specialty hospitals market is primarily attributed to the increasing incidences of chronic diseases in the forecast period. However, the high cost related to the specialty hospitals is expected to act as major challenges hindering the specialty hospitals market growth at certain extent.
Specialty hospitals are not new and are involved in providing cancer, cardiology, orthopedic and other specialized patient care. The hospital industry is subject of renewed importance on quality of care and consumer satisfaction and hence specialty hospitals have been established to offer specialized care. Joint replacement surgery is on rise due to rising joint diseases like arthritis. Every year more and more people live with this condition, which can result in life-changing complications. As per the American Academy of Orthopaedic Surgeons, by 2030, number of total knee replacement surgeries in the US are projected to grow to 3.5 million procedures per year. The increase in the joint replacement procedures poses opportunities for specialty hospitals market to grow. Also, according to the World Health Organization in 2018, cancer was the second leading cause of death across the globe, and is responsible for an estimated 9.6 million deaths in 2018. Furthermore, the American Cancer Society estimated that in 2018, 1,735,350 new cancer cases were diagnosed. Cardiology specialty hospitals treat several heart conditions that helps in relieving and controlling the symptoms. According to Emory Healthcare in 2018, around 5 million people in America suffer from congestive heart failure (CHF).
Thus, the increasing incidences of chronic diseases holds several opportunities for the specialty market to grow during the forecast period. Some of the key players operating the global specialty hospitals are 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 developments done by these players have shown 94.7% of the organic growth strategies in the market. The organic growth strategies include various were agreements, collaboration, acquisitions and partnerships. These strategies have helped to grow the market for the specialty hospitals in the coming forecast period. In addition, the healthcare and medical services are increased due to the growth of these hospitals. Also the various markets are experiencing the increasing numbers of the specialty hospitals that offers specific services related to the disease or the health conditions.
