What Has Been the Growth of the Skilled Nursing Facility Market So Far?
The skilled nursing facility market has seen considerable growth due to a variety of factors.
• The market size for skilled nursing facilities has seen robust growth in recent times. With a projected progression from $335.73 billion in 2024 to $364.68 billion in 2025, the compound annual growth rate (CAGR) is expected to be 8.6%.
The growth experienced in the past can be linked to strict measures to prevent and control infection, an increasing demand for short-term rehabilitation services, the introduction of telehealth services for patient care, a focus on personalized care plans, and the inclusion of mental healthcare into SNF services.
What Are the Future Growth Projections for the Skilled Nursing Facility Market?
The skilled nursing facility market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for skilled nursing facilities is predicted to demonstrate significant expansion in the coming years, anticipated to reach a valuation of $500.73 billion in 2029, expanding at a compound annual growth rate (CAGR) of 8.2%.
The predicted growth during the forecasted period can be credited to an increasing elderly population, escalating incidences of chronic illnesses, adherence to evolving healthcare standards, and an increasing bias towards in-home treatments. Some major trends observable during the forecasted period include the advent of technological innovations, enhancement in cost-effective treatments, better access to healthcare, the introduction of novel products, and the launch of inventive services.
What Are The Core Factors Supporting Growth In The Skilled Nursing Facility Market?
The growth of the skilled nursing facility market is projected to be driven by the rising incidence of chronic illnesses. Chronic diseases are enduring, often untreatable but manageable conditions that have a substantial influence on health, impairment, and healthcare expenses. Factors such as an ageing population, poor dietary habits, environmental conditions, and socio-economic factors contribute to the occurrence of chronic diseases. Skilled nursing facilities offer specialized care and long-term assistance to individuals with intricate health needs, contributing to more effective management of chronic conditions and enhancing patient outcomes through committed medical and rehabilitation services. For example, the National Center for Biotechnology Information (NCBI), a medicine library based in the US, predicted in January 2023, a 99.5% increase in the number of people 50 years old and older suffering from one or more chronic illnesses by 2050, from 71.52 million in 2020 to 142.66 million. Consequently, the rise in chronic diseases is fueling the expansion of the skilled nursing facility market.
What Are The Major Segments Within The Global Skilled Nursing Facility Market?
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
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What Trends Are Shaping The Skilled Nursing Facility Market?
Key players in the skilled nursing facility marketplace are driving innovation by implementing sophisticated technology, such as nursing facility sensors, to boost patient outcomes, increase staff productivity, and maintain regulatory adherence. These sensors are envisaged to monitor and raise alerts for various health, safety, and welfare-related conditions or actions amongst residents. For example, in November 2023, MOBOTIX AG, a German company specializing in smart IP video systems, alongside Kepler Vision Technologies, a Dutch company offering comprehensive software solutions, introduced an intelligent sensor intended for hospital staff and care facilities. Kepler's software, integrated within the MOBOTIX c71 Hemispheric Indoor Camera, stands out for its accuracy in detecting incidents like falls or residents moving away from their beds. It minimizes false alarms, thus far exceeding comparable automated systems. The software improves the care quality for the elderly, ill, and those in need of nursing assistance, reduces staff workload and enhances cost efficiency. The solution observes privacy norms by refraining from storing images, using them solely for identifying crucial incidents.
Who Are the Key Players In The Skilled Nursing Facility Market?
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 Is The Most Dominant Region 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.
