PUBLISHER: The Business Research Company | PRODUCT CODE: 1620105
PUBLISHER: The Business Research Company | PRODUCT CODE: 1620105
A skilled nursing facility is a healthcare institution that offers high levels of medical care and support for individuals with complex medical conditions or those requiring continuous medical supervision. These facilities serve patients needing more intensive care than can be provided in typical assisted living or residential settings.
The primary types of skilled nursing facilities include freestanding facilities and those within hospitals. Freestanding skilled nursing facilities are independent buildings or complexes that offer specialized care for individuals requiring extended medical and personal support. They can be owned by for-profit, non-profit, or government entities, and they provide various services, including intensive rehabilitation therapy, low and medium rehabilitation, and care for medically complex conditions, among others.
The skilled nursing facility market research report is one of a series of new reports from The Business Research Company that provides skilled nursing facility market statistics, including skilled nursing facility industry global market size, regional shares, competitors with a skilled nursing facility market share, detailed skilled nursing facility market segments, market trends and opportunities, and any further data you may need to thrive in the skilled nursing facility industry. This skilled nursing facility market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The skilled nursing facility market size has grown strongly in recent years. It will grow from $310.97 billion in 2023 to $335.73 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth during the historic period can be attributed to stringent infection prevention and control measures, an increased need for short-term rehabilitation services, the incorporation of telehealth services for patient care, a focus on personalized care plans, and the integration of mental health care into skilled nursing facility offerings.
The skilled nursing facility market size is expected to see strong growth in the next few years. It will grow to $462.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth during the forecast period can be attributed to the increasing number of elderly individuals, a rise in chronic conditions, compliance with evolving healthcare regulations, and a growing preference for in-home care. Key trends include technological advancements, more cost-effective treatments, improved access to healthcare, the introduction of new products, and innovative service launches.
The rising prevalence of chronic diseases is expected to drive growth in the skilled nursing facility market. Chronic diseases are long-term conditions that, while often manageable, have significant impacts on health, disability, and healthcare costs. Contributing factors include an aging population, poor dietary habits, and various environmental and socioeconomic influences. Skilled nursing facilities offer specialized care and long-term support for individuals with complex health needs, improving the management of chronic conditions and patient outcomes through dedicated medical and rehabilitation services. For example, in January 2023, the National Center for Biotechnology Information (NCBI) projected a 99.5% increase in the number of people aged 50 and above with chronic illnesses by 2050, growing from 71.52 million in 2020 to 142.66 million. Thus, the prevalence of chronic diseases is fueling the demand for skilled nursing facilities.
Leading companies in the skilled nursing facility market are focusing on developing advanced solutions, such as sensors, to enhance patient outcomes, staff efficiency, and regulatory compliance. Nursing facility sensors monitor various health, safety, and well-being aspects of residents. For instance, in November 2023, MOBOTIX AG, a Germany-based intelligent IP video systems manufacturer, and Kepler Vision Technologies, a Netherlands-based software solutions provider, introduced an intelligent sensor for healthcare facilities. Kepler's software, integrated into the MOBOTIX c71 Hemispheric Indoor Camera, detects incidents like falls or individuals leaving their beds with high accuracy and fewer false alarms compared to other systems. This technology improves care for the elderly and those needing nursing support while reducing staff workload and enhancing cost efficiency. The solution respects privacy by not storing images, using them only for incident detection.
In October 2024, CareTrust REIT, a US-based company specializing in skilled nursing care facilities, acquired four skilled nursing facilities in the Mid-Atlantic region for $74.7 million. This acquisition strengthens CareTrust REIT's real estate portfolio by adding high-performing assets and securing a steady income stream through a 15-year lease with a trusted operator. The deal is expected to drive immediate revenue growth, with a projected lease yield of 9.3%, thereby enhancing the company's overall financial performance. Nursing Facilities, a US-based company, provides experienced, skilled nursing operators.
Major companies operating in the skilled nursing facility market are Encompass Health Corporation, Genesis HealthCare Inc., Sunrise Senior Living LLC, Life Care Centers of America, The Ensign Group Inc., Brookdale Senior Living Solutions, LHC Group Inc., Saber Healthcare Group, Amedisys Inc., Sava SeniorCare LLC, Consulate Health Care, PruittHealth Corp., Signature HealthCARE LLC, National HealthCare Corporation, Extendicare, The Evangelical Lutheran Good Samaritan Society, Vibra Healthcare LLC, Diversicare Healthcare Services Inc., Trilogy Health Services LLC, ProMedica Senior Care, Life Care Companies LLC, Atrium Health & Senior Living, Golden Living, ManorCare Health Services, CommuniCare Health Centers
North America was the largest region in the skilled nursing facility market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the skilled nursing facility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the skilled nursing facility market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The skilled nursing facility market includes revenues earned by entities by providing wound care, medication management, pain management, nutritional support and personal care. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Skilled Nursing Facility Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on skilled nursing facility market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for skilled nursing facility ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The skilled nursing facility market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.