IMARC Group, a leading market research company, has recently releases report titled “Skilled Nursing Facility Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global skilled nursing facility market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the skilled nursing facility market?
The global skilled nursing facility market size reached US$ 354.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 628.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.58% during 2024-2032.
Factors Affecting the Growth of the Skilled Nursing Facility Industry:
Rising Geriatric Population:
The escalating demand for skilled nursing facilities (SNFs) due to the increasing geriatric population is impelling the growth of the market. Older individuals usually require specialized care for chronic conditions, post-operative recovery, and rehabilitation. The rising need for long-term care options, including SNFs, to provide comprehensive and personalized care to elderly individuals, is contributing to the market growth. In addition, the increasing awareness about the importance of SNFs in addressing the healthcare needs of individuals is bolstering the market growth.
Chronic Disease Management:
The growing demand for SNFs on account of the rising prevalence of numerous chronic diseases, such as diabetes, heart disease, and neurological conditions, among the masses across the globe is offering a positive market outlook. The increasing need for rehabilitation services among patients is propelling the market growth. Chronic illnesses generally require specialized treatment, medication management, and therapy, necessitating long-term care solutions like SNFs. Apart from this, people are increasingly suffering from chronic diseases due to factors like aging populations and lifestyle changes. SNFs play a vital role in managing and improving the quality of life for individuals with complex medical needs.
Hospitals are facing pressure to discharge patients efficiently, leading to a higher volume of individuals requiring post-acute care and rehabilitation. The rising focus on reducing hospital readmission rates, managing costs, and optimizing bed utilization is supporting the market growth. SNFs serve as a crucial bridge between acute care settings and homes, providing comprehensive medical care, therapy, and support services to facilitate recovery and independence. In addition, the increasing demand for SNF services, as healthcare systems prioritize efficient care transitions and patient-centered approaches, is strengthening the growth of the market.
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Skilled Nursing Facility Market Report Segmentation:
Breakup By Facility Type:
Freestanding represents the largest segment, which can be attributed to its ability to possess greater flexibility in decision-making, operations, and patient care strategies.
Breakup By Service Type:
Intensive rehabilitation therapy holds the biggest market share as it improves functional status and reduces dependency on assistance.
Breakup By Ownership Type:
For-profit skilled nursing facility accounts for the largest market share due to the rising focus on operational efficiency.
Breakup By Region:
North America enjoys a leading position in the skilled nursing facility market on account of the presence of well-established hospitals, medical centers, and rehabilitation facilities.
Global Skilled Nursing Facility Market Trends:
Advancements in medical technology and treatment modalities influence the types of services provided in SNFs. The rising need for innovative technologies for patient monitoring, rehabilitation, and telehealth is impelling the growth of the market. In addition, the increasing focus on value-based care is propelling the market growth. SNFs are incentivized to deliver high-quality services and demonstrate positive patient outcomes.
Apart from this, the availability of skilled healthcare professionals, including nurses, therapists, and aides, is supporting the market growth. Furthermore, recruitment, training, and retention efforts are critical for maintaining adequate staffing levels and delivering quality care.
Who are the key players operating in the industry?
The report covers the major market players including:
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