Ottawa, Feb. 01, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global skilled nursing facility market size was valued at US$ 294.6 billion in 2020. The improving access to healthcare facilities, growing geriatric population, rising prevalence of chronic diseases among the global population, and rising healthcare spending of the consumers are the major factors that boosts the growth of the global skilled nursing facility market during the forecast period.
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According to the United Nations, the global geriatric population is expected to reach around 2 billion by 2050. The geriatric people are more prone to various diseases such as Alzheimer’s disease, Parkinson’s disease, cardiovascular diseases, cerebral palsy, and diabetes, which fuels the demand for the skilled nursing facilities across the globe. The favorable government policies and reimbursements regarding the skilled nursing facilities are expected to have a positive impact on the skilled nursing facility market growth.
Report Coverage of the Skilled Nursing Facility Market
| Report Highlights | Details | |
| Market Size by 2030 | USD 592.1 Billion | |
| CAGR from 2021 to 2030 | 7.2% | |
| Fastest Growing Region | Asia Pacific | |
| Largest Revenue Holder | North America | |
| By Facility Type |
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| By Ownership Type |
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| By Services Type |
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Report Highlights
- Based on the facility type, the freestanding segment dominated the market in 2020 because freestanding is the most affordable type of skilled nursing facility as compared to the hospital based skilled nursing facility. Moreover, the rising Medicare payments towards the freestanding skilled nursing facility have significantly contributed towards the growth of this segment. As per the California Hospital Association, the Centers for Medicare & Medicaid Services, an increase of 2.4% in the Medicare payments to the skilled nursing facilities was implemented in 2020.
- Based on the ownership, the profit segment dominated the market in 2020. The increased focus on providing quality services to the consumers, the for-profit skilled nursing facilities spends more on improving the customer experiences that increases the demand for the for-profit skilled nursing facilities across the globe.
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Regional Snapshot
North America dominated the global skilled nursing facility market in 2020. The increased prevalence of various chronic diseases and increasing geriatric population coupled with high healthcare expenditure are some of the major factors that drives the skilled nursing facility market in North America. According to the Population Reference Bureau, the number of people aged 65 years and above is expected to reach at 95 million in US by 2060. There will be an increase of around 82% in the number of geriatric people in US from 2018 to 2060. Furthermore, the regular updates in the CMS policies are favoring the market growth in the region. The growing demand for the skilled nursing facility among the nuclear families to take care of the elder family members is expected to spur the demand.
Asia Pacific is estimated to be the most opportunistic market. The increasing prevalence of chronic diseases and rapidly growing geriatric population coupled with the rising access to healthcare facilities is significantly boosting the market growth. According to the United Nations, about 80% of the old age people are expected to live in low and middle income countries by 2050. The rapid industrialization and infrastructural development in the developing nations like China, India, and South Korea is resulting in increased number of patients. This will boost the demand for the skilled nursing facilities in Asia Pacific region in the foreseeable future.
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Market Dynamics
Driver
Growing burden of chronic diseases
The global population is witnessing an increasing prevalence of various chronic diseases such as Alzheimer’s disease, Parkinson’s disease, cardiovascular diseases, cerebral palsy, diabetes, multiple, sclerosis, cancer, and dementia. The world is expected to foresee an alarming rise in the number of geriatric patients, which will significantly boost the growth of the global skilled nursing facility market during the forecast period.
Restraint
High costs associated with the skilled nursing facility
The high costs of acquiring the services of the skilled nursing facility may restrict the demand among the low and middle income consumers. The amount paid to the skilled medical professionals who provides the enhanced nursing services is too high for the low and middle income consumers living in the underdeveloped and developing regions. It is a major factor that may hinder the market growth during the forecast period.
Opportunity
Expansion activities adopted by the market players
The top market players are adopting expansion strategies to generate higher revenues and penetrate into the untapped markets. For instance, in February 2019, Genesis Healthcare and Next Health Capital entered into a real estate partnership involving 15 skilled nursing facilities. This strategy aimed at offering services to the maximum number of patients. This strategy will attract a higher number of consumers in the forthcoming years.
Challenge
Increasing adoption of at home care services
The consumers are now increasingly adopting the rehabilitation services at home owing to the conveniences associated with it. The outbreak of the COVID-19 resulted in a shift in the consumer behavior and the demand for the at-home services increased. This change is expected to sustain in the long term, which is a major challenge for the market players in the skilled nursing facility market.
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Key Players:
- Golden Living
- Lincare, Inc.
- Emeritus Corporation
- Genesis Healthcare
- Sunrise Senior Living Inc.
- Extendicare, Inc.
- Gentiva Health Services
- Life Care Centers of America
- Brookdale Senior Living
Segments Covered in the Report
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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