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Analyzing the Growth Rate of the Skilled Nursing Facility Market: What’s the Expected CAGR for the Next Decade?

The market size of skilled nursing facilities has seen robust growth in the recent past. The expectation is for this growth to continue, projected to rise from $335.73 billion by 2024 to $364.68 billion by 2025, with a compound annual growth rate (CAGR) of 8.6%. The prior period’s growth can be credited to the strict procedures implemented for infection prevention and control, the increasing demand for short-term rehabilitative services, the introduction of telehealth services in patient care, the focus on individualized care programs, and the inclusion of mental health care in SNF provisions.

The market for skilled nursing facilities is anticipated to witness robust expansion in the forthcoming years. It is projected to reach a valuation of $500.73 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.2%. This growth during the prediction period can be credited to the escalating number of aged individuals, the surge in chronic diseases, adherence to shifting healthcare regulations, and the increasing penchant for home-based care. Dominant trends during this prediction phase encompass technological progression, the rise in cost-effective treatments, enhanced access to healthcare, the introduction of fresh products, and the launch of creative services.

Which Macro and Microeconomic Factors Are Accelerating the Growth of the Skilled Nursing Facility Market?

Projected growth in the skilled nursing facility market is largely attributed to the increasing incidence of chronic diseases. Chronic illnesses, enduring conditions that can usually be managed but not cured, significantly influence health, disability, and healthcare expenses. The occurrence of chronic diseases is linked to an aging demographic, poor dietary habits, and various environmental and socioeconomic issues. Skilled nursing facilities offer specialized care and lasting assistance for people with intricate health-related needs. Such care effectively manages chronic disorders and enhances patient outcomes through expert medical and rehabilitative services. For example, data provided by the National Center for Biotechnology Information (NCBI), a US-based medical literature hub, in January 2023 indicated that the population of individuals aged 50 and over with one or more chronic diseases is anticipated to surge by 99.5% by 2050, rising from 71.52 million in 2020 to 142.66 million. Thus, the rising occurrence of chronic illnesses is a key driver of growth in the skilled nursing facility market.

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What Are the Leading Organizations Impacting the Skilled Nursing Facility Market’s Growth?

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

What Are the Most Prominent Trends Driving Change in the Skilled Nursing Facility Market?

Leading businesses in the skilled nursing facility market are piloting advanced technologies like nursing facility sensors. These technologies aim to improve patient results, maximize staff productivity, and maintain adherence to regulations. The function of a nursing facility sensor is to keep track of and identify different health, safety, and well-being conditions or activities of the residents. For example, MOBOTIX AG, a Germany-based company specializing in intelligent IP video systems, and Kepler Vision Technologies, a Dutch company providing comprehensive software solutions, rolled out an intelligent sensor in November 2023 for hospital staff and care facilities. The sensor is built into the MOBOTIX c71 Hemispheric Indoor Camera, and the standout feature of Kepler’s software is its ability to accurately identify incidents like falls or residents leaving their beds, thus reducing false alarms to a great extent when compared to other automated systems. It improves care for the elderly, the sick, and those needing nursing assistance, while lessening the strain on staff resources and improving cost efficacy. The solution safeguards privacy by not keeping any images stored, only using them for recognizing critical incidents.

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Which Key Segments of the Skilled Nursing Facility Market Are Poised for Growth and Innovation?

The skilled nursing facilitymarket covered in this report is segmented –

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

Subsegments:

1) Freestanding: Independent Skilled Nursing Facilities, Specialty Skilled Nursing Facilities, Transitional Care Units

2) Hospital: Acute Care Hospitals with Skilled Nursing Units, Rehabilitation Hospitals, Long-Term Acute Care Hospitals

What Regions Are Leading the Charge in the Skilled Nursing Facility Market?

North America was the largest region in the skilled nursing facility market in 2024. 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.

How Is the Skilled Nursing Facility Market Categorized and Defined in the Industry?

A skilled nursing facility is a healthcare institution that provides high medical care and support services for individuals with complex medical conditions or require continuous medical supervision. These facilities cater to patients who need more intensive care than what can be provided in a typical assisted living or residential setting.

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