Skilled Nursing Facility Market Expected to Hit a Valuation of US$ 628.6 Billion During 2024-2032
Skilled Nursing Facility Market Expected to Hit a Valuation of US$ 628.6 Billion During 2024-2032

Global Skilled Nursing Facility Market

BROOKLYN, NEW YORK, USA, February 22, 2024 / — The IMARC Group’s latest research report, titled “Skilled Nursing Facility Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” offers a comprehensive analysis of the industry, which comprises insights on the skilled nursing facility market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global skilled nursing facility market size reached US$ 354.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 628.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.58% during 2024-2032.

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Factors Affecting the Growth of the Skilled Nursing Facility Industry:

• Aging Population and Increasing Chronic Conditions:

The growth of the skilled nursing facility market is propelled by demographic trends, particularly the aging population. As people age, there is a higher likelihood of developing chronic conditions and age-related health issues. Skilled nursing facilities play a crucial role in providing specialized care for individuals with complex medical needs, contributing to increased demand for such facilities as the aging demographic expands.

• Post-Acute Care and Rehabilitation Services:

Skilled nursing facilities offer post-acute care and rehabilitation services, becoming integral components in the healthcare continuum. As hospitals aim to reduce the length of inpatient stays and emphasize efficient transitions of care, skilled nursing facilities provide essential support for patients recovering from surgeries, illnesses, or injuries. The demand for post-acute care and rehabilitation services is a significant driver of growth in the skilled nursing facility market.

• Healthcare Policy and Payment Reforms:

Evolving healthcare policies and payment reforms influence the growth of the skilled nursing facility market. Changes in reimbursement models, such as bundled payments and accountable care organizations, incentivize the efficient delivery of care across the healthcare spectrum. Skilled nursing facilities that can demonstrate high-quality care and successful patient outcomes are better positioned to thrive in this evolving landscape, driving growth in the market. Adapting to and capitalizing on these policy-driven changes becomes crucial for the sustained expansion of skilled nursing facilities.

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Global Skilled Nursing Facility Market Trends:

The skilled nursing facility market is witnessing transformative trends that reflect the changing landscape of healthcare delivery. Firstly, there’s a notable shift towards value-based care, emphasizing quality outcomes and patient satisfaction. Skilled nursing facilities are increasingly focusing on patient-centered approaches, rehabilitation services, and effective care transitions to enhance overall healthcare value. Secondly, technological integration is becoming a prominent trend. Skilled nursing facilities are adopting digital health solutions, electronic health records (EHRs), and telehealth services to streamline operations, improve communication, and enhance patient care. This tech-driven approach not only improves efficiency but also contributes to better care coordination and monitoring.

Moreover, there’s a growing emphasis on community-based care models. Skilled nursing facilities are exploring partnerships with community organizations, home health agencies, and outpatient services to create comprehensive and integrated care networks. This trend aligns with the broader goal of delivering patient-centric, continuum-of-care solutions, fostering collaboration across various healthcare entities to ensure a seamless and holistic healthcare experience for individuals in need of skilled nursing services.

Competitive Landscape with Key Players:

• Brookdale Senior Living Inc.
• Extendicare Inc.
• Genesis HealthCare
• Life Care Centers of America Inc.
• Lincare Holdings Inc. (Linde plc)
• ProMedica Health System Inc.
• SavaSeniorCare Administrative Services LLC
• Sunrise Senior Living (Red Fox Holding Corporation)
• The Ensign Group Inc.

Skilled Nursing Facility Market Report Segmentation:

By Facility Type:

• Freestanding
• Hospital

Freestanding represented the largest segment as it operates independently of hospitals, offering a range of medical services, rehabilitation, and long-term care.

By Service Type:

• Intensive Rehabilitation Therapy
• Low and Medium Rehabilitation
• Medically Complex

Intensive rehabilitation therapy accounted for the largest market share as it highlights the importance of rehabilitation services in skilled nursing facilities, addressing the needs of patients recovering from surgeries, injuries, or acute medical conditions.

By Ownership Type:

• Non-Profit
• For-Profit
• Government

For-profit represented the largest segment due to the market’s responsiveness to business-driven models, where profitability is aligned with the provision of high-quality skilled nursing services.

Regional Insights:

• North America (United States, Canada)
• Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

North America’s dominance in the market is due to the rapidly growing healthcare industry.

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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