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What's Driving the Skilled Nursing Facility Market 2025-2034: Rising Chronic Disease Prevalence Fuels Growth In Skilled Nursing Facility Market
Skilled Nursing Facility Market Size
The market size of the skilled nursing facility has seen a robust expansion in the past few years. It is projected to increase from $335.73 billion in 2024 to $364.68 billion in 2025, with a compound annual growth rate (CAGR) of 8.6%. This growth within the historical period is linked to stringent measures for infection prevention and control, the rising demand for short-term rehabilitation services, the introduction of telehealth services in patient care, focus on individualized care plans, and the inclusion of mental health care in SNF services.
The market size for skilled nursing facilities is anticipated to experience robust expansion in the coming years. The market is projected to reach $500.73 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.2%. This growth during the forecast period is linked to factors such as the rise in the elderly population, increase in chronic ailments, adherence to progressive healthcare rules, and a rising trend towards home-based care. Key tendencies during this predicted timeline encompass advancements in technology, more affordable treatments, enhanced accessibility to healthcare, introduction of new products, and the launch of unique services.
What Are the Main Catalysts for Growth in the Skilled Nursing Facility Market?
The presence of chronic illnesses is predicted to fuel the expansion of the skilled nursing facility market. These diseases, which tend to be long-term and, at times, incurable but manageable, considerably affect health, disability status, and healthcare expenses. The increasing occurrence of chronically ill individuals can be attributed to an ageing demographic, poor dietary habits, and environmental as well as socioeconomic influences. Skilled nursing facilities offer advanced care and enduring support for individuals with complicated health requirements. Such services aid in the effective management of long-term conditions, enhancing patient outcomes through focused medical assistance and recovery programs. As an illustration, the National Center for Biotechnology Information (NCBI), a US-based medical library, estimated in January 2023 that the count of individuals above 50 suffering from at least one chronic disease is anticipated to surge by 99.5% by 2050, from 71.52 million in 2020 to 142.66 million. Consequently, the frequent occurrence of chronic diseases is propelling growth in the skilled nursing facility market.
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Which Businesses Are at the Forefront of Skilled Nursing Facility Market Development?
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 Latest Innovations in the Skilled Nursing Facility Market?
Leading corporations within the skilled nursing facility market are innovating and introducing high-tech solutions like in-facility sensors, aiming to boost patient results, heighten staff productivity, and meet regulatory standards. These sensors are engineered to observe and identify an array of conditions and activities tied to the resident's health and safety. For example, in November 2023, German intelligent IP video systems producer MOBOTIX AG and Dutch comprehensive software solutions supplier, Kepler Vision Technologies, rolled out a sophisticated sensor designed for hospital staff and care facilities. Kepler's software, uniquely built into the MOBOTIX c71 Hemispheric Indoor Camera, stands out due to its accurate detection of incidents like falls or residents getting out of bed, while significantly limiting false alarms when compared to other automatic systems. This advances the care provided to the elderly, those with illness, and those who need nursing assistance, while simultaneously lessening the workforce burden and maximizing cost efficiency. To maintain privacy, the solution doesn't store images; instead, it uses images strictly for identifying major incidents.
How Is the Skilled Nursing Facility Market Segmented?
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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Where Is the Skilled Nursing Facility Market Growth Most Prominent?
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.
What Is Covered In The Skilled Nursing Facility Global Market Report?
- Market Size Analysis: Analyze the Skilled Nursing Facility Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Skilled Nursing Facility Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Skilled Nursing Facility Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Skilled Nursing Facility Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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