Fairfield Market Research would provide the global skilled nursing facility market size and forecast in a new report. The market was approximately worth US$300 Bn in the year 2021.
Market Analysis in Brief
The skilled nursing facility market is set for remarkable growth amid a growing geriatric population and a concurrent rise in the prevalence of chronic ailments and age-relevant diseases. This has paved pathways for growth prospects pertaining to the healthcare landscape. As a facility that provides 24-hour-a-day care for patients or individuals who are unable to live an independent life, skilled nursing has gained notable prominence over the recent past. Herein, trained medical professionals offer specialised care to seniors suffering from severe injuries or illnesses. These professionals help residents with daily chores including bathing, laundry, eating, and housekeeping. Their specialisation encompasses the areas of short-term or acute nursing care, intermediate care, and long-term skilled nursing care. Unlike hospitals, skilled nursing facilities (SNFs) provide professional nursing education with an aim to deliver the premium-quality care services at reasonable costs. In this context, investors are actively tapping into the vast potential of the global skilled nursing facility market.
Key Report Highlights
Technological Intervention, and Ageing of Baby Boomers
During the projection timeframe, the global skilled nursing facility market is set for remarkable growth. Breakthrough developments are likely to incentivise businesses operating in the industry to take up robust initiatives. These businesses are highly motivated to modernise technological solutions, strengthening their market hold.
The ageing of the baby boomer generation is another development critical to market expansion. With this cohort reaching retirement age and even beyond, the need for long-term care and rehabilitation have surged, more than ever for this population segment. The susceptibility rate to develop chronic ailments in this group is higher than in other groups. This is defining the demand for long-term care services provided by skilled nursing facilities.
Evolution of Healthcare Delivery Models and Favourable Government Policies
Over the recent past, the healthcare industry has witnessed major innovations, completely altering the ways healthcare is delivered. Now, healthcare delivery models are transitioning from hospitals to outpatient settings and other care settings, including skilled nursing facilities.
In addition to this, the skilled nursing facility industry is actively reaping the gains of favourable updates in government policies and reimbursement rates, in turn, coercing these facilities to deliver superior-quality care. The anticipated growth stemming from these facets is set to revolutionise the global skilled nursing facility market, ushering in a paradigm shift and opening a multitude of avenues for advancement.
Rising Prevalence of Various Chronic Diseases
A global rise in the geriatric population has put forth the need for skilled nursing care services. This is more relevant as this particular segment of the population is more prone to develop serious health conditions which need timely care and regular checkups. On top of this, there has been a notable spike in the incidence frequency of Alzheimer’s disease with a higher prevalence of dementia. This further boosts demand for skilled nursing facilities at a broader scale.
As per the ongoing research, the growing pervasiveness of chronic health conditions including diabetes, high blood pressure, stroke, and other lifestyle diseases is a major factor influencing the incidence of Alzheimer’s. In the face of these circumstances, the global skilled nursing facility market is projected to thrive, embracing inventive pathways and revolutionary techniques that propel its growth to unprecedented heights.
Overview of Key Segments
Freestanding Segment to Take Market by Storm
Based on the facility type, the freestanding segment is emerging as the frontrunner in generating revenue within the skilled nursing facility market, outpacing other facility types. The provision of 24-hour skilled nursing and personal care coupled with greater affordability as compared to hospital-based facilities, is what makes the need for freestanding SNFs more pronounced.
However, specialisation and joint production across the hospital-based skilled nurse facility service segment are paving pathways for good quality of care and better discharge outcomes. Leveraging the health IT system, joint production facilitates better communication among nursing home staff and hospitals through the health IT system.
For-Profit Facilities Segment Leads
Based on the ownership type, the for-profit facilities segment is anticipated to garner a lion’s share in the global segmental revenue. Amid a highly competitive environment, the segment focuses on optimally increasing profits for owners and shareholders.
To this end, the for-profit segment is highly focused to deliver high-quality care and treatment while ensuring the financial ability to sustain an edge over the global skilled nursing facility market. In a bid to maximise return on investment, for-profit organisations are offering incentives to operate at lower costs in contrast to non-profit organisations.
Growth Opportunities Across Regions
North America to Gain First Movers Advantage
The global skilled nursing facility market spans across North America, Europe, Asia Pacific, and the rest of the world. However, North America is projected to reign supreme in the global market. The United States is the hub for eminent industry facilities and the roots of the skilled nursing facility sector. The growing geriatric population base across the United States, Canada, and Mexico are significantly increasing the demand for skilled nursing facilities.
There has thus been intense competition among healthcare providers, competing to offer high-quality skilled nursing facility services at competitive costs. Consequently, an extensive ageing population base, a well-established healthcare system, and high healthcare spending are driving growth across the market.
Leading Industry Participants
The global skilled nursing facility market is thriving with the presence of leading market players including 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. amongst others. During the period of assessment, strategic partnerships and open innovation are likely to remain core business agendas.
Regional Classification of the Global Skilled Nursing Facility Market is Listed Below:
Middle East and Africa
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology