The USA skilled nursing facility market is expected to grow steadily, with estimates putting its estimated worth at US$251.94 billion by 2032. This indicates that from a base of US$181.74 billion in 2022, the Compound Annual Growth Rate (CAGR) is expected to be 3.32%.
In the healthcare continuum, skilled nursing facilities are essential because they offer patients with both acute and long-term medical requirements specialized care and rehabilitation services. These facilities provide patients recovering from surgeries, managing chronic illnesses, or moving from hospital care to home environments with complete medical, rehabilitative, and long-term care services.
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In order to improve service delivery and results, stakeholders in the US skilled nursing facility market are concentrating on innovation, quality improvement, and patient-centered care. Skilled nursing facilities can improve patient satisfaction, maximize efficiency, and optimize care delivery by investing in projects related to technology integration, staff training, and care coordination.
Challenges and Adaptations
The COVID-19 pandemic undeniably impacted the skilled nursing facility market, with initial restrictions on admissions due to concerns about infection outbreaks. However, the industry has shown resilience by implementing innovative solutions:
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Infection Control Technologies: Skilled nursing facilities have adopted wireless videoconferencing technologies to facilitate communication between patients, families, and staff while minimizing infection risks.
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Improved Patient Experience: Facilities are increasingly providing internet access in patient rooms, enhancing communication and overall patient experience.
Looking Ahead: A Sustainable Market:
The financial stability of skilled nursing facilities is greatly reliant on the availability of government healthcare programs such as Medicare and Medicaid. Furthermore, the increased prevalence of chronic illnesses, especially cardiovascular disease—which, according to the American Heart Association, affects nearly 82.6 million Americans—highlights the ongoing necessity for these specialized care facilities.
What Effect Has Competition Had on the US Market for Skilled Nursing Facilities?
Because there are numerous local enterprises, the market for skilled care facilities in the United States is fragmented. Companies are diversifying the services they offer. Maintaining competitive prices is another challenge.
Some of the key market players are Life Care Services; Golden Living Centres; Life Care Centres of America Corporate; Peninsula Behavioral Health; Sava Senior Care Administrative Services LLC; Lincare, Inc. 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 players in the US skilled nursing facility market are constantly working on new product development, employing various strategies such as mergers and acquisitions, partnerships, collaborations, and more.
Recent Development:
Acquisition:
- Amedisys announced the acquisition of Contessa Health, a leading hospital, and skilled care facility company, in June 2021. The company hopes to expand its home care capabilities through this acquisition by adding more advanced acute care home hospitals and skilled home care facilities with advanced analytics platforms and expanding network management.
- In December 2020, The Ensign Group, Inc. purchased Hays Nursing and Rehabilitation Center, a 116-bed skilled nursing facility in Texas.
Expansion:
- Approximately 10,293 nursing facilities had received Paycheck Protection Program loans totaling approximately US $ 5.7 billion by March 2021. This program was created as part of the CARES Act and was expanded by the Consolidated Appropriations Act, of 2021, to help businesses retain employees during the pandemic.
Contract:
- In February 2021, OMEGA Healthcare signed a US $ 150 million contract with HealthPeak Property to acquire Brookdale Senior Living in the United States.
Partnership:
- Genesis Healthcare announced a real estate partnership with Next Health Capital in February 2019 that will involve 15 SNFs. This strategy will help the SNF expand its presence and cater to more patients.
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Key Players:
- Genesis Healthcare
- Brookdale Senior Living Solutions
- Lincare, Inc.
- The Ensign Group, Inc
- Extendicare
- Sunrise Senior Living, LLC
- Life Care Services
- Golden Living Centers
- LifeCare Centers of America Corporate
- Peninsula behavioral health
- Sava Senior Care Administrative Services LLC
Key Segments:
By Type:
- Freestanding
- Hospitals
By Ownership:
- For-Profit
- Non-Profit
- Government
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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