The global skilled nursing facility market is poised for remarkable growth in the coming years, fueled by the increasing geriatric population and the prevalence of chronic ailments and age-related diseases. Skilled nursing facilities, which provide round-the-clock care for individuals who are unable to live independently, have gained significant prominence in the healthcare landscape. These facilities, staffed by trained medical professionals, offer specialized care to seniors with severe injuries or illnesses, assisting them with daily chores and providing various levels of nursing care.
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According to a recent report, the global skilled nursing facility market revenue reached approximately US$300 billion in 2021. The market’s growth is primarily driven by the rising prevalence of chronic health conditions, particularly Alzheimer’s disease, which requires long-term care and rehabilitation. Technological advancements and the aging of the baby boomer generation are also expected to contribute to market expansion.
Technological intervention plays a crucial role in the growth of the skilled nursing facility market. Businesses operating in the industry are motivated to modernize technological solutions to strengthen their market position. Additionally, the aging of the baby boomer generation, reaching retirement age and beyond, has led to an increased need for long-term care services provided by skilled nursing facilities. This population segment is more susceptible to developing chronic ailments, further driving the demand for such facilities.
The evolution of healthcare delivery models, transitioning from hospitals to outpatient settings and other care facilities including skilled nursing facilities, is another growth driver. The industry is also benefiting from favorable government policies and reimbursement rates, pushing facilities to deliver high-quality care. These factors are expected to revolutionize the global skilled nursing facility market and create numerous opportunities for advancement.
The prevalence of various chronic diseases, along with the global rise in the geriatric population, has significantly increased the demand for skilled nursing care services. The incidence frequency of Alzheimer’s disease, in particular, has seen a notable spike. The growing pervasiveness of chronic health conditions, such as diabetes, high blood pressure, stroke, and other lifestyle diseases, has been identified as a major factor influencing the incidence of Alzheimer’s. These circumstances are projected to drive the growth of the global skilled nursing facility market.
In terms of facility type, the freestanding segment is emerging as the frontrunner, generating the highest revenue within the skilled nursing facility market. Freestanding facilities provide 24-hour skilled nursing and personal care at a more affordable cost compared to hospital-based facilities. However, joint production across the hospital-based segment is facilitating better quality of care and discharge outcomes through improved communication among nursing home staff and hospitals via health IT systems.
Based on ownership type, for-profit facilities are anticipated to lead the market, focusing on delivering high-quality care while optimizing profits for owners and shareholders. These facilities strive to operate at lower costs compared to non-profit organizations to maximize return on investment.
Geographically, North America is expected to dominate the global skilled nursing facility market, driven by the growing geriatric population in the United States, Canada, and Mexico. Intense competition among healthcare providers in the region is leading to the provision of high-quality skilled nursing facility services at competitive costs. The well-established healthcare system, high healthcare spending, and extensive aging population base are contributing to market growth in North America.
Prominent industry players in the global skilled nursing facility market include Golden Living, Emeritus Corporation, Lincare, Inc., Sunrise Senior Living Inc., Genesis Healthcare, Life Care Centers of America, Gentiva Health Services, Brookdale Senior Living, and Extendicare, Inc. Strategic partnerships and open innovation are expected to remain key business agendas for these market leaders.
As the global skilled nursing facility market continues to expand, it presents significant growth opportunities for investors and industry participants. The convergence of technological advancements, the aging population, evolving healthcare delivery models, and favorable government policies are driving the market’s growth trajectory, leading to a paradigm shift in the healthcare landscape.
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