Specialty Hospitals are not new and are involved in providing cancer, cardiology, orthopedic and different specialized patient care. The hospital industry is subject to revived importance on the quality of care and consumer satisfaction and hence Specialty Hospitals have been established to supply specialized care. Joint replacement surgery is on rising because of rising joint diseases like arthritis. Each year more and more people live with this condition, which can result in life-changing complications. As per the American Academy of Orthopedic Surgeons, by 2030, a variety of total knee replacement surgeries within the US are projected to grow to 3.5 million procedures annually.
The Global Specialty Hospitals Market is expected to achieve 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 within the forecast period. However, the high value associated with the Specialty Hospitals is expected to act as major challenges hindering the Specialty Hospitals market growth at a certain extent.
The increase in the joint replacement procedures poses opportunities for Specialty Hospitals market to grow. Also, according to the globe Health Organization in 2018, cancer was the second leading cause of death across the world 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 many heart conditions that help in relieving and controlling the symptoms. According to Emory healthcare in 2018, around five million individuals in America suffer from congestive heart failure (CHF).
Thus, the increasing incidences of chronic diseases hold many opportunities for the specialty market to grow during the forecast period. some of the key players operating the world 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 within the market. The organic growth strategies include various were agreements, collaboration, acquisitions, and partnerships. These methods have helped to grow the marketplace for the Specialty Hospitals in the coming forecast amount. Additionally, healthcare and medical services are increased because of the growth of these hospitals. Additionally, the various markets are experiencing the increasing numbers of the Specialty Hospitals that offer specific services associated with the disease or the health conditions.
About the Guest Author: Nikhil Bhusare
Nikhil has always had a keen interest in reading and writing. Though an Engineering graduate, He forayed into the field of writing due to his love for words and the urge to do something different. Insight Partners has given him the chance to gain knowledge about different subjects. He aspires to make each of his written works a piece of art.