Kanye's on the road to recovery, but still not there, according to a new report ...

West was hospitalized Monday for exhaustion and sleep deprivation but will stay for "several more days," according to a People magazine source.

Kim has been visiting, but not staying for very long at the hospital -- particularly yesterday, when she wanted to get back to kids North, 3, and Saint, 11 months, for the holiday. The mag's source says the children have been staying with Grandma Kris Jenner.

According to the report, Kanye "has been feeling more like himself" and that he understood "getting help at the hospital was necessary."

Of course, there's another theory as to why the help was necessary -- a source has told X17 Kanye had to find a medical reason for having cancelled the rest of his Saint Pablo tour dates in order for insurance to cover the $30M cost to concert promoters.

But the People report still takes seriously Kanye's breakdown ... their insider says Kim has been sympathetic to her hubby's situation: "She of all people knew how hard he had been pushing himself." Meanwhile, we're speculating that Kim and Kanye's marriage is on the rocks after months of strife leading up to this latest incident. In fact, 64% of our readers think Kimye are headed for a divorce!