The U.S. skilled nursing facility market has a 2022 valuation of USD 181.74 billion, and between 2022 and 2032 it is projected to expand at a compound annual growth rate (CAGR) of 3.32%, predicted to reach USD 251.94 billion.
There is a huge demand for skilled nursing facilities because they offer high-quality care services at a price that is significantly lower than hospitals. The rise in demand for skilled nursing facilities in the United States is being driven by the country’s ageing population as well as the incidence of numerous chronic diseases.
The need for skilled nursing homes in the United States has increased due to the 9% increase in the geriatric population over 65 and the 14.3 million persons over 65 who suffer from chronic diseases like diabetes, paralysis, hypertension, and other conditions. The availability of Medicare and Medicaid as well as new technologies will determine future market trends for skilled nursing facilities in the United States.
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The significant trends and opportunities in the U.S. skilled nursing facility market are anticipated to be impacted in the next years by the increased prevalence of chronic conditions.
The majority of skilled nursing facilities are nursing homes that offer Medicare-ineligible long-term care services. As a result, the availability of reimbursement and favourable investment returns, together with significant market trends and prospects, are propelling the expansion of the U.S. skilled nursing facility market.
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.”
KEY TAKEAWAYS:
- 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.
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COMPETITIVE LANDSCAPE:
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.
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Key Segments
By Type:
- Freestanding
- Hospitals
By Ownership:
- For-Profit
- Non-Profit
- Government
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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