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What Growth Rate Can Be Expected in the Skilled Nursing Facility Market from 2024 Through 2033?

The market size of skilled nursing facilities has seen robust growth in recent years. It is projected to increase from $310.97 billion in 2023 to $335.73 billion in 2024, with a compound annual growth rate (CAGR) of 8.0%. The historic growth is due to rigorous measures to prevent and control infections, the increasing demand for short-term rehabilitation services, the integration of telehealth services for patient care, a focus on individualized care plans, and the inclusion of mental health care in skilled nursing facility offerings.

The market size of skilled nursing facilities is anticipated to witness substantial expansion in the upcoming years, reaching a valuation of $462.97 billion in 2028 with a Compound Annual Growth Rate (CAGR) of 8.4%. Factors contributing to this expected growth during the forecast period comprise a surge in the number of elderly people, escalating cases of chronic diseases, adherence to emerging health care legislations, and an escalating preference for home-based care. The forecast period is further characterized by significant trends such as technological progression, enhanced cost-efficient treatments, better access to healthcare, the introduction of new products, and the launch of innovation-based services.

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What Dynamics Are Shaping the Growth of the skilled nursing facility Market?

The growth of the skilled nursing facility market is forecasted to accelerate due to the increasing prevalence of chronic diseases. These diseases, which are usually long-standing, incurable but controllable conditions, drastically affect health, handicap conditions, and increase healthcare costs. Factors such as an aging population, unhealthy eating habits, and environmental and socioeconomic conditions lead to the increased prevalence of these diseases. Skilled nursing facilities offer specialized care and long-term assistance for individuals with intricate health requirements. These services enable more effective management of chronic diseases, enhancing patient outcomes by providing specialized medical and rehabilitation services. In January 2023, as per the National Center for Biotechnology Information (NCBI), a US medicine library, the number of people aged 50 years and above suffering from one or more chronic diseases is expected to surge by 99.5% by 2050, rising from 71.52 million in 2020 to 142.66 million. Thus, the growing prevalence of chronic diseases contributes to the expansion of the skilled nursing facility market.

What Are the Essential Segments of the Skilled Nursing Facility Market?

1) By Type: Freestanding, Hospital

2) By Ownership: For Profit, Non-Profit, Government

3) By Services Type: Intensive Rehabilitation Therapy, Low And Medium Rehabilitation, Medically Complex, Other Service Types

What Are the Defining Trends in the Evolving Skilled Nursing Facility Market?

Key companies in the skilled nursing facility market are innovating to bring forward technologies like facility sensors in order to boost patient care results, optimize the productivity of the staff, and maintain compliance with regulations. These sensors in a nursing facility are developed to observe and identify different situations or functions regarding the health, safety, and general well-being of the inhabitants. For illustration, MOBOTIX AG, a company from Germany specializing in smart IP video systems, combined with Kepler Vision Technologies, a company in Netherlands offering comprehensive software solutions, debuted an intelligent sensor for hospital personnel and care facilities in November 2023. The distinguishing characteristic of Kepler’s software, incorporated into the MOBOTIX c71 Hemispheric Indoor Camera, is its capacity to correctly identify events, like falls or people exiting their beds, while substantially minimizing false alerts compared to other automated systems. This not only elevates care for the aged, ailments, and those in need of nursing assistance, but also lessens the load on the staff and maximizes cost-effectiveness. The solution takes privacy into account by refraining from saving images, utilizing them only for pinpointing critical incidents.

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Which Regions Are Emerging as Leaders in the Skilled Nursing Facility Market?

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 Skilled Nursing Facility Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the skilled nursing facility market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Skilled Nursing Facility Market Include

1. Skilled Nursing Facility Market Executive Summary

2. Skilled Nursing Facility Market Segments

3. Skilled Nursing Facility Market Size And Template Market Growth Rate

4. Key Skilled Nursing Facility Market Trends

5. Major Skilled Nursing Facility Market Drivers

……

25. Key Mergers And Acquisitions In The Skilled Nursing Facility Market

26. Top Skilled Nursing Facility Companies

27. Skilled Nursing Facility Market Opportunities And Strategies

28. Skilled Nursing Facility Market, Conclusions And Recommendations

29. Appendix

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