Press release
Strong Growth Ahead: Skilled Nursing Facility Market Size To Grow At Arecord 8.2% Cagr By 2029
Skilled Nursing Facility
How Big Is the Skilled Nursing Facility Market Size Expected to Be by 2034?
The skilled nursing facility market size has seen significant growth in recent years. It is projected to grow from $335.73 billion in 2024 to $364.68 billion in 2025, with a CAGR of 8.6%. Growth is driven by stringent infection prevention measures, the rising demand for short-term rehabilitation services, the adoption of telehealth services, emphasis on personalized care, and the integration of mental health care into SNF offerings.
The skilled nursing facility market is projected to reach $500.73 billion in 2029, growing at a CAGR of 8.2%. This growth is driven by the increasing elderly population, rising chronic conditions, adherence to evolving healthcare regulations, and a preference for in-home care. Major trends include technological advancements, cost-effective treatment options, improved healthcare access, product launches, and innovative service offerings.
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What Are the Emerging Segments Within the 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 Long-Term Drivers Are Shaping Skilled Nursing Facility Market Trends?
The rising prevalence of chronic diseases is expected to drive the growth of the skilled nursing facility market. Chronic diseases are long-term, often incurable conditions that impact health and healthcare costs. The aging population, unhealthy lifestyles, and environmental factors contribute to the rise in chronic diseases. Skilled nursing facilities provide specialized care for individuals with complex health needs, helping manage chronic conditions and improving patient outcomes. For example, the number of people aged 50 and above in the US with chronic illnesses is expected to nearly double by 2050. Thus, the growing chronic disease prevalence is fueling the skilled nursing facility market.
Who Are the Top Competitors in Key Skilled Nursing Facility Market Segments?
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 Trends Are Expected to Dominate the Skilled Nursing Facility Market in the Next 5 Years?
Key players in the skilled nursing facility market are advancing technologically with solutions such as nursing facility sensors that improve patient outcomes, staff efficiency, and regulatory adherence. These sensors monitor various health and safety conditions of residents. In November 2023, MOBOTIX AG (Germany) and Kepler Vision Technologies (Netherlands) introduced an intelligent sensor for hospital staff and care facilities. Kepler's software, embedded in the MOBOTIX c71 Hemispheric Indoor Camera, helps detect incidents like falls and people leaving their beds, reducing false alarms compared to other systems. The solution improves care for elderly, sick, or nursing-dependent individuals while reducing staff workload and increasing cost efficiency. The sensor focuses on privacy by not storing images but using them only for critical incident detection.
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Which Regions Are Becoming Hubs for Skilled Nursing Facility Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Skilled Nursing Facility Market?
2. What is the CAGR expected in the Skilled Nursing Facility Market?
3. What Are the Key Innovations Transforming the Skilled Nursing Facility Industry?
4. Which Region Is Leading the Skilled Nursing Facility Market?
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