Unlocking Opportunities in the Global Skilled Nursing Facility Market: Size Report, Share, Revenue, and Growth Rate Forecasted to 2031 | Kindred Healthcare, LLC, ProMedica Senior Care

Market Overview:

Skilled nursing facilities, also known as nursing homes, provide medical and rehabilitation services to patients or older adults who require nursing care but do not need to stay in a hospital. These facilities offer 24-hour nursing services, physical therapy, wound care, intravenous therapy, and other medical services.

Market Dynamics:

The global skilled nursing facility market is expected to witness significant growth due to increasing geriatric population and growing incidence of chronic diseases. As per the United Nations Population Fund, the number of people aged 60 years and older is expected to double to about 2.1 billion by 2050 globally. Furthermore, increasing prevalence of chronic diseases such as diabetes, cancer, and heart ailments has resulted in rising demand for long-term care at skilled nursing facilities. According to the Centers for Disease Control and Prevention, over half of adults in the U.S. have at least one chronic disease. Additionally, growing consolidation in healthcare industry and rising mergers and acquisitions in the skilled nursing facility space is another factor contributing to the market growth during the forecast period.

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Moreover, it will also include the opportunities available in micro markets for stakeholders to invest, a detailed analysis of the competitive landscape, and product services of key players. Analysis of Global Skilled Nursing Facility companies, key tactics followed by Leading Key Players:

◘ Consulate Health Care
◘ Atria senior living
◘ HCR ManorCare
◘ The Riverview Care Center
◘ Kindred Healthcare LLC
◘ ProMedica Senior Care
◘ Erickson Living
◘ Ensign Group
◘ Fundamental healthcare
◘ Signature healthcare
◘ Genesis HealthCare
◘ Life Care Centers of America
◘ Trilogy Health Services LLC
◘ Saber Healthcare Group
◘ Providence Group
◘ Life Care Services

Increasing Geriatric Population Is Driving the Growth of Skilled Nursing Facility Market

The global population is aging rapidly owing to increased life expectancy and declining fertility rates. According to the UN World Population Prospects 2019, the geriatric population (aged 65 years and above) worldwide is projected to grow from 703 million in 2019 to 1.5 billion in 2050. The aging population is more susceptible to chronic diseases, disabilities, and other health issues that require long-term care. Skilled nursing facilities help support this demographic through services such as rehabilitation, assistance with daily activities, nursing care, and social support. The increasing geriatric population worldwide is expected to boost the demand for skilled nursing facilities.

Rising Healthcare Costs is Restraining the Market Growth

Operating skilled nursing facilities involves high costs including labor costs for skilled nurses, therapists, and other clinical staff. Providing quality healthcare services requires advanced medical equipment and facilities which adds to the operational costs. Additionally, insurers and government programs reimburse skilled nursing facilities at lower rates compared to the actual costs. This gap between costs and reimbursements has been widening over the years. The rising costs of providing skilled nursing care is straining the finances of patients as well as facilities and act as a significant restraint for the market's growth. Facilities are finding it challenging to keep costs lower and remain financially viable.

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Telehealth and Remote Patient Monitoring Opens New Avenues

The COVID-19 pandemic highlighted the importance of remote healthcare as physical access to facilities was restricted. Technologies such as telehealth and remote patient monitoring allow providers to evaluate and care for patients outside the traditional facility setting. Skilled nursing facilities can expand their services beyond the physical premises using digital tools. Virtual consultations, remote monitoring of vital signs, digital medication management, and tele-rehabilitation help extend care to patients. These remote options increase access, convenience, and continuity of care. Going forward, telehealth and remote care delivery models are expected to open new growth opportunities for skilled nursing facilities.

Shift Towards Post-Acute and Rehabilitative Care is a Key Trend

The demand pattern in skilled nursing facilities is witnessing a trend where the needs of patients are shifting from long-term and custodial care towards short-term, post-acute and rehabilitative care. Patients are preferring to recover from illnesses and injuries in the comfort of their own homes rather than long nursing home stays. This has prompted facilities to enhance capabilities around rehabilitation therapies, complex wound care, intravenous therapy and respiratory care. Ventilator care is another specialization gaining prominence. The market trends suggest skilled nursing facilities are transforming from long-term residences into rehabilitative care and post-hospitalization recovery centers.

Segment Details Analysis

By Facility Type: Hospital and Freestanding
By Ownership: Government, Profit, and Non-Profit
By Service Offered: Physical Therapy, Occupational Therapy, Speech-language Pathology Services, Medical Social Services, and Others

The Study Objectives are:

A comprehensive insight into key players operating in the Global Skilled Nursing Facility Market and their corresponding data.
It includes product portfolio, annual revenue, expenditure on research and development, geographical presence, key developments in recent years, and growth strategies.
Regional analysis, which includes insight into the dominant market and corresponding market share.
It also includes various socio-economic factors affecting the evolution of the market in the region.
The report offers a comprehensive insight into different individuals from value chains such as raw materials suppliers, distributors, and stockholders.
Table of Contents:

Market scenario 2024

Chapter 1: Introduction, Market Driving Force Product Objective of Study and Research Scope the Global Skilled Nursing Facility market
Chapter 2: Exclusive Summary - the basic information of the Global Skilled Nursing Facility Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends, and Challenges & Opportunities of the Global Skilled Nursing Facility
Chapter 4: Presenting the Global Skilled Nursing Facility Market Factor Analysis, Supply/Value Chain, PESTEL analysis, Market Entry, and Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User, and Region/Country 2024 - 2031
Chapter 6: Evaluating the leading manufacturers of the Global Skilled Nursing Facility market which consists of its Competitive Landscape, Peer Group Analysis, Market positioning & Company Profile
Chapter 7: To evaluate the market by segments, by countries, and by Manufacturers/Companies with revenue share and sales by key countries in these various regions (2024-2031)
Chapters 8 & 9: Displaying the Appendix, Methodology, and Data Source

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Key Questions Answered:

What is the market size and CAGR of the Global Skilled Nursing Facility Market during the forecast period?
How is the growing demand impacting the growth of Global Skilled Nursing Facility Market shares?
What is the growing demand of the Market during the forecast period?
Who are the leading vendors in the market and what are their market shares?
What is the impact of the COVID-19 pandemic on the APAC Global Skilled Nursing Facility Market?

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