Published Date : 09 Feb 2023
The global skilled nursing facility market size was exhibited at USD 338.01 billion in 2022 and is expected to surpass around USD 592.10 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.
Skilled nursing facility refers to giving skilled nursing care to patients. It also includes other related health services. It consists of a nursing facility with staff and equipment. It needs the daily involvement of skilled nursing . It is an in-patient rehabilitation and healthcare center with trained medical professionals. It provides the services of audiologists, physical and occupational therapists, speech pathologists, and licensed nurses. It gives the patients admitted to the round-the-clock hospital assistance with medical and activities of daily living. There are many federal regulations regulating it. These services are expensive.
However, private health insurance covers most skilled nursing facilities. The patients are kept here temporarily. It assists patients going through medically-necessary rehabilitation treatment. It is expensive for long-term stays. It is regulated by the U.S. Department of Health and the Centers for Medicare & Medicaid Services (CMS).
The skilled nursing facility provides quality care services. The demand for skilled nursing facilities is high due to the increasing geriatric population and rising prevalence of chronic diseases across the globe. Old age people are susceptible to chronic diseases. They need frequent monitoring and care services. The surging healthcare expenditure, growing disease burden, inflating disposable incomes, and availability of skilled nursing services significantly contribute to market growth. The number of nuclear families is also rising. The rising burden of disabilities catalyzes the demand for skilled nursing facilities.
The availability of trained and experienced nursing staff creates a positive outlook for the market. The escalating penetration of skilled nursing facility services in developing countries propels market growth. Older adults are suffering from diseases such as Alzheimer's disease, Parkinson's disease, cardiovascular diseases, diabetes, multiple sclerosis, and dementia. The favorable reimbursement policies accelerate the growth of the skilled nursing facility market. The outbreak of the COVID-19 disease had a negative influence on the skilled nursing facility market. The increasing prevalence of multiple chronic diseases boosts the market growth.
Skilled Nursing Facility Market Report Scope
|Market Size in 2023||USD 362.2 Billion|
|Market Size in 2030||USD 592.10 Billion|
|Growth Rate||CAGR of 7.2%|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Segments Covered||By Facility Type and By Ownership Type|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Based on the region, North America dominated the skilled nursing facility market due to the increased prevalence of chronic diseases, the rising geriatric population, the growing healthcare expenditure, and the rapid adoption of skilled nursing facilities. The favorable reimbursement policies positively influence market growth.
The Asia Pacific region is expected to witness a promising CAGR due to the rapidly growing geriatric population and the increasing prevalence of chronic diseases. Rapid urbanization and unhealthy food habits contribute to the rising number of patients. The escalating penetration of skilled nursing facilities in the Asia Pacific region catalyzes market growth. Improving access to healthcare services accelerates the growth of the skilled nursing facility market across the region.
Market Driver: Increasing Geriatric Population
The increasing geriatric population significantly contributes to market growth. In line with this, improving access to healthcare facilities and the rising prevalence of chronic diseases among the global population positively influence market growth. The growing healthcare spending of consumers catalyzes the growth of the global skilled nursing facility market. Old people are more susceptible to Alzheimer's disease, Parkinson's disease, cardiovascular diseases, cerebral palsy, and diabetes, which accelerates the demand for skilled nursing facilities across the globe. The growing health awareness amongst people propels the market growth.
Market Opportunity: Expansion strategy adopted by the leading players
The leading players in the skilled nursing facility market are adopting expansion strategies to maintain their foothold in the market. They are entering into partnerships, acquisitions, and mergers to retain their competitive share in the market. They are adopting these strategies to generate higher revenues and penetrate new markets.
Market Restraint: High costs
The high costs of getting skilled nursing facilities restrict the market growth. This hampers the demand among low and middle-income consumers. The amount generated by skilled medical professionals who provide quality nursing services to patients is too high for people in developing and underdeveloped countries. It is a major factor that impedes the skilled nursing facility market growth.
Market Challenge: High demand for home care services
The high demand for homecare services challenges the skilled nursing facility market growth. People are increasingly opting for rehabilitation services at home. These home services offer convenience to the patients. The outbreak of COVID-19 accelerated the demand for at-home services. All these factors challenge the skilled nursing facility market.
Market Key Players:
By Facility Type
By Ownership Type
By Services Type
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