by Fairfield Market Research, a renowned provider of in-depth market analysis, is set to release a comprehensive report on the global skilled nursing facility market. According to the report, the market was valued at approximately US$300 billion in 2021 and is poised for significant expansion in the coming years.
Market Analysis in Brief
The skilled nursing facility market is on the brink of remarkable growth, driven by the increasing aging population and a concurrent rise in the prevalence of chronic ailments and age-related diseases. Skilled nursing facilities, staffed by trained medical professionals, provide 24-hour care for individuals unable to live independently due to severe injuries or illnesses. These facilities offer a wide range of services, including short-term or acute nursing care, intermediate care, and long-term skilled nursing care, making them a critical component of the healthcare landscape.
Key Report Highlights
- In 2021, the global skilled nursing facility market generated revenue of approximately US$300 billion.
- The market is primarily propelled by the rising prevalence of chronic health conditions, notably Alzheimers disease.
- Technological advancements and the aging of the baby boomer generation are significant growth drivers.
- North America emerges as the global leader in the skilled nursing facility market.
- Key market players include Golden Living, Emeritus Corporation, Lincare, Inc., Sunrise Senior Living Inc., and Genesis Healthcare.
Growth Drivers
Technological Intervention and Aging of Baby Boomers
The global skilled nursing facility market is set to experience significant growth due to breakthrough technological developments. Market players are increasingly investing in modernizing technological solutions to enhance their services.
The aging of the baby boomer generation is another crucial factor driving market expansion. As this demographic cohort reaches retirement age and beyond, the demand for long-term care and rehabilitation has surged. The baby boomer population is more susceptible to chronic ailments, leading to an increased need for long-term care services provided by skilled nursing facilities.
Evolution of Healthcare Delivery Models and Favorable Government Policies
The healthcare industry has witnessed substantial innovations, resulting in a shift from hospital-based care to outpatient settings and other care settings, including skilled nursing facilities. Additionally, favorable updates in government policies and reimbursement rates have incentivized skilled nursing facilities to deliver high-quality care, further fueling market growth.
Rising Prevalence of Chronic Diseases
The growing global geriatric population has heightened the demand for skilled nursing care services, given their increased vulnerability to serious health conditions. The incidence of Alzheimers disease and dementia has also seen a notable increase, driving demand for skilled nursing facilities on a broader scale.
Overview of Key Segments
Freestanding Segment Takes the Lead
Within the skilled nursing facility market, the freestanding segment is emerging as the top revenue generator. These facilities provide 24-hour skilled nursing and personal care, offering greater affordability compared to hospital-based facilities.
For-Profit Facilities Lead Ownership Segment
In terms of ownership, for-profit facilities are expected to dominate the market, focusing on maximizing profits while delivering high-quality care and treatment. Their ability to operate at lower costs than non-profit organizations positions them as leaders in the industry.
Growth Opportunities Across Regions
North America Gains First-Mover Advantage
North America is projected to lead the global skilled nursing facility market. The United States, Canada, and Mexico, with their aging population base, are driving the demand for skilled nursing facilities. Intense competition among healthcare providers is resulting in high-quality services offered at competitive costs.
Leading Industry Participants
Prominent players in the global skilled nursing facility market include Golden Living, Emeritus Corporation, Lincare, Inc., Sunrise Senior Living Inc., Genesis Healthcare, Life Care Centers of America, Gentiva Health Services, Brookdale Senior Living, and Extendicare, Inc. Strategic partnerships and open innovation are expected to remain central to their business strategies.
For more insights and in-depth analysis, please refer to Fairfield Market Researchs upcoming report on the global skilled nursing facility market.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/skilled-nursing-facility-market
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This press release first seen on Brilad
COMTEX_441947740/2840/2023-10-15T22:58:56
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.