U.S. Skilled Nursing Facility Market Revenue is expected to Surpass US$ 251.94 Bn by 2032
The U.S. skilled nursing facility market has been valued at USD 181.74 billion in 2022 and it is expected to grow at a CAGR of 3.32% from 2022 to 2032 and is anticipated to reach US $ 251.94 billion by 2032.
Skilled nursing facilities provide high-quality care services at a much lower cost than hospitals, resulting in high demand. The growing geriatric population and prevalence of multiple chronic diseases in the United States are driving the U.S. skilled nursing facility market growth.
The geriatric population over 65 years increased by 9%, with 14.3 million adults over the age of 65 suffering from chronic disease diabetes, paralysis, hypertension, and so on, has increased the demand for U.S. skilled nursing facilities. The availability of Medicare and Medicaid, as well as emerging technologies, will drive the U.S. skilled nursing facility market future trends in the coming years.
The rising prevalence of chronic conditions are expected to influence the U.S. skilled nursing facility market key trends and opportunities in the coming years.
Most skilled nursing facilities are nursing homes that provide long-term care services not covered by Medicare. As a result, the availability of reimbursement and favourable investment returns are driving U.S. skilled nursing facility market growth along with U.S. skilled nursing facility market key trends and opportunities.
Thus, from the research carried out by Future Market Insights, it is quite evident that “with the increase in the health issues of the geriatric population and increase in the chronic diseases, the adoption of US skilled nursing facility is projected to increase during the forecast period.”
- The most affordable type of facility that offers 24-hour service is freestanding. High Medicare payments are a major growth driver in this segment escalating the U.S. skilled nursing facility adoption trends.
- During the forecast period, the hospital skilled nursing facilities segment is expected to grow significantly and positively impact the U.S. skilled nursing facility market future trends.
- For-profit facilities have dominated the U.S. skilled nursing facilities market’s ownership segment.
- During the forecast period, non-profit skilled nursing facilities are expected to be the fastest-growing segment.
- During the forecast period, government skilled nursing facilities had a lower U.S. skilled nursing facility market share than for-profit and non-profit facilities.
Due to the presence of several local businesses, the U.S. skilled nursing facility market is fragmented. Companies are also investing in expanding their service portfolios. They are also concerned with maintaining competitive prices.
Genesis Healthcare; Brookdale Senior Living Solutions; The Ensign Group; Inc; Extendicare; Sunrise Senior Living; LLC; Life Care Services; Golden Living Centres; Life Care Centres of America Corporate; Peninsula Behavioral Health; Sava Senior Care Administrative Services LLC; Lincare, Inc.
These U.S. skilled nursing facility market players are constantly working on the development of new products, employing various strategies such as mergers and acquisitions, partnerships, collaborations, and more.
The COVID-19 pandemic had a negative impact on the U.S. skilled nursing facility market. The U.S. skilled nursing facilities were COVID-19 hotspots, resulting in restrictions on adoption of U.S. skilled nursing facility.
Following the COVID outbreak, U.S. skilled nursing facilities installed wireless videoconferencing technologies to prevent infection among patients and staff. Skilled nursing facilities provide internet access to patients in their rooms, allowing for easy communication with friends, family, and staff.
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