The skilled nursing facility global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Skilled Nursing Facility Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The skilled nursing facility market size has grown strongly in recent years. It will grow from $310.97 billion in 2023 to $335.73 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to stringent infection prevention and control measures, growing need for short-term rehabilitation services, incorporation of telehealth services for patient care, emphasis on personalized care plans, and integration of mental health care into SNF offerings.
The skilled nursing facility market size is expected to see strong growth in the next few years. It will grow to $462.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to increasing number of elderly people, rising chronic conditions, compliance with evolving healthcare regulations, and growing preference for in-home care. Major trends in the forecast period include technological advancements, increased cost-effective treatment, improved healthcare access, launches of new products, and innovative service launch.
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Scope Of Skilled Nursing Facility Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Skilled Nursing Facility Market Overview
Market Drivers –
The prevalence of chronic diseases is expected to propel the growth of the skilled nursing facility market going forward. Chronic diseases are long-term, often incurable, but manageable conditions that have a significant impact on health, disability, and healthcare costs. The prevalence of chronic disease is due to an aging population, unhealthy diets, and environmental and socioeconomic factors. A skilled nursing facility provides specialized care and long-term support for individuals with complex health needs. This service helps manage chronic conditions more effectively and improves patient outcomes through dedicated medical and rehabilitation services. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based medicine library, the number of people aged 50 and above who suffer from one or more chronic illnesses is expected to increase by 99.5% by 2050, from 71.52 million in 2020 to 142.66 million. Therefore, the prevalence of chronic diseases is driving the skilled nursing facility market.
Market Trends –
Major companies operating in the skilled nursing facility market are developing technologically advanced solutions, such as sensors in a nursing facility, to enhance patient outcomes, improve staff efficiency, and ensure regulatory compliance. A nursing facility sensor is designed to monitor and detect various conditions or activities related to the health, safety, and well-being of residents. For instance, in November 2023, MOBOTIX AG, a Germany-based manufacturer of intelligent IP video systems, and Kepler Vision Technologies, a Netherlands-based provider of end-to-end software solutions, launched the intelligent sensor for hospital staff and care facilities. The unique feature of Kepler’s software, embedded in the MOBOTIX c71 Hemispheric Indoor Camera, is its ability to accurately detect incidents such as falls or individuals leaving their beds while significantly reducing false alarms compared to other automatic systems. It enhances care for the elderly, the sick, and those requiring nursing support while minimizing staff workload and increasing cost efficiency. The solution prioritizes privacy by not storing images, instead using them solely for detecting critical incidents.
The skilled nursing facility market covered in this report is segmented –
1) By Type: Freestanding, Hospital
2) By Ownership: For Profit, Non-Profit, Government
3) By Services Type: Intensive Rehabilitation Therapy, Low And Medium Rehabilitation, Medically Complex, Other Service Types
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Regional Insights –
North America was the largest region in the skilled nursing facility market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the skilled nursing facility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the skilled nursing facility market are Encompass Health Corporation, Genesis HealthCare Inc., Sunrise Senior Living LLC, Life Care Centers of America, The Ensign Group Inc., Brookdale Senior Living Solutions, LHC Group Inc., Saber Healthcare Group, Amedisys Inc., Sava SeniorCare LLC, Consulate Health Care, PruittHealth Corp., Signature HealthCARE LLC, National HealthCare Corporation, Extendicare, The Evangelical Lutheran Good Samaritan Society, Vibra Healthcare LLC, Diversicare Healthcare Services Inc., Trilogy Health Services LLC, ProMedica Senior Care, Life Care Companies LLC, Atrium Health & Senior Living, Golden Living, ManorCare Health Services, CommuniCare Health Centers
Table of Contents
1. Executive Summary
2. Skilled Nursing Facility Market Report Structure
3. Skilled Nursing Facility Market Trends And Strategies
4. Skilled Nursing Facility Market – Macro Economic Scenario
5. Skilled Nursing Facility Market Size And Growth
…..
27. Skilled Nursing Facility Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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