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2027 Specialty Hospitals Market is growing 2.8% of CAGR Lead by Steward Health Care System, Belhoul Speciality Hospital, Advanced Specialty Hospitals, HCA Management Services, TH Medica, Community Health Systems

Press release   •   Feb 26, 2019 11:42 IST

Specialty Hospitals Market

A public–private partnership (PPP) is a cooperative arrangement between two or more public and private hospitals.There are deficiencies in public hospitals, hence partnership with private sector has emerged as a new avenue to eradicate the insufficiencies. The approach also includes developing private specialty hospital on public land that allows certain number of beds/ treatments available to publicly funded patients.

In the recent years, specialty hospitals-market is progressing significantly. The global market for specialty hospitals is anticipated to grow from US$ 401.65 Bn in 2018 to US$ 509.10 Bn by 2027 at a CAGR of 2.8%. The growing public private partnership in healthcare industry is likely to drive the growth of the specialty hospitals in the forecast period. Whereas, the rising concerns over the specialty hospitals is likely to restrain the growth of the market in the forecast period.

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For instance, In India, the Government of Punjab and Max Healthcare Institute entered into Public Private Partnership and are setting up a super specialty healthcare facility for cancer and trauma care. The partnership focuses on providing healthcare services for cancer and trauma care in Mohali, Punjab. According to the partnership, Max Healthcare Institute Ltd (private provider) shall construct and manage the Greenfield super specialty hospital for a period of 50 years (concession period); and the Government of Punjab shall provide the land required for hospital to Max Healthcare Institute Ltd, who will provide the healthcare services. Max Healthcare Institute Ltd will pay the Government of Punjab an upfront consideration and 5% of the total revenue as annual concession fee. PPP hospitals offer benefits like improve access & reach, improve equity (reduce out of pocket expenses), better efficiency, opportunity to regulate & accountability, improve quality/ rational practice, and augment resources- funds, technology.

The market is expected to slower down its growth due to the rising concerns over specialty hospitals. As these hospitals offers limited beds and sometimes these are not evenly distributed across the world. Also the majority of the specialty hospitals are located in the developed regions whereas, the developing countries have few. In addition, the ability to choose patients in order to maximize the financial gains develops a destabilizing, unsustainable, anti-competitive environment, which has been damaging to full-service community hospitals. Thus, owing to these factors the market is likely to slower down its growth in the forecast period.

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