According to The Insight Partners' research, the North America specialty hospitals market was valued at US$ 1,43,435.69 million in 2023 and is expected to reach US$ 4,06,203.96 million by 2031, registering a CAGR of 13.9% from 2023 to 2031. Private-payer growth and insurance models and increasing incidence of chronic diseases are among the critical factors attributed to drive the North America specialty hospitals market growth.
The growth of private payers and evolving models of insurance have largely driven the specialty hospitals market in the region. With more Americans obtaining private health insurance through employers, individual plans, or government-supported programs such as Medicare Advantage, specialty hospitals are benefiting from higher reimbursement rates and a growing patient base. These private insurance plans often cover specific treatments at specialty hospitals, such as orthopedics, cancer care, or cardiac services, which are usually more focused and efficient than general hospitals. Managed care organizations (MCOs) and Health Maintenance Organizations (HMOs) also impact the patient's decision to select specialty hospitals. Such models encourage cost control with enhanced outcomes, thereby promoting the utilization of special facilities that can assure higher-quality care with reduced complication and recovery time. Private insurance plans are also more likely to contract with specialty hospitals that have a reputation for expertise in certain medical areas, thus directing patients to seek care from these institutions. An increase in high-deductible health plans is encouraging patients to be more cost-sensitive and selective about their care. Specialty hospitals, which generally have less opaque pricing and more advanced treatments, are an attractive option for patients willing to pay more out-of-pocket for specialized care. This shift in insurance models is improving the financial viability and growth of specialty hospitals.
On the contrary, the high costs of specialty hospitals hamper the growth of North America specialty hospitals market.
Based on types, the North America specialty hospitals market is segmented into pediatric hospitals, obstetrics-gynecology hospitals, ENT hospitals, oncology hospitals, rehabilitation hospitals, orthopedic hospital, neurology hospital, cardiology hospitals, IVF hospitals, and others. The neurology hospital segment held 17.1% market share in 2023, amassing US$ 24,530.71 million. It is projected to garner US$ 70,211.73 million by 2031 to register 14.0% CAGR during 2023-2031.
In terms of service type, the North America specialty hospitals market is bifurcated into outpatient and inpatient. The inpatient segment held 62.2% share of North America specialty hospitals market in 2023, amassing US$ 89,150.52 million. It is anticipated to garner US$ 2,65,893.33 million by 2031 to expand at 14.6% CAGR during 2023-2031.
By hospital type, the North America specialty hospitals market is bifurcated into public hospital and private hospital. The private hospital segment held 62.6% market share in 2023, amassing US$ 89,732.60 million. It is projected to garner US$ 2,62,498.34 million by 2031 to register 14.4% CAGR during 2023-2031.
By country, the North America specialty hospitals market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.8% share of North America specialty hospitals market in 2023. It was assessed at US$ 1,20,174.61 million in 2023 and is likely to hit US$ 3,49,986.57 million by 2031, registering a CAGR of 14.3% during 2023-2031.
Key players operating in the North America specialty hospitals market are Advanced Specialty Hospitals; Encompass Health Corporation; Icahn School of Medicine at Mount Sinai; Indiana University Health, Inc.; Kindred Healthcare, LLC; Memorial Sloan Kettering Cancer Center; Select Medical Holdings Corp; Stanford Health Care; Steward Health Care System LLC; Universal Health Services Inc; Vibra Healthcare, LLC; 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 among others.
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