Burlingame, May 13, 2024 (GLOBE NEWSWIRE) -- The Global Skilled Nursing Facility Market is estimated to grow from US$ 380.11 Billion in 2024 to USD 688.86 billion by 2031, and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Skilled nursing facilities, also known as nursing homes, provide 24-hour nursing care along with assistance with daily living activities such as eating, dressing, bathing for those in need of short-term rehabilitation, long-term care and memory care.
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Market Dynamics:
The increasing geriatric population is one of the key drivers fueling the growth of the skilled nursing facility market. As the elderly population continues to grow, there is a higher demand for long-term care services, which in turn drives the demand for skilled nursing facilities. Additionally, advancements in healthcare technology and treatments are also contributing to the growth of the market.
Global Skilled Nursing Facility Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $380.11 billion |
| Estimated Value by 2031 | $688.86 billion |
| Growth Rate | Poised to grow at a CAGR of 8.9% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Facility Type, By Ownership, By Service Offered |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Rising geriatric population • Rising healthcare costs |
| Restraints & Challenges | • Facilities struggle to attract and retain quality nurses • Lack of awareness about benefits of skilled nursing facilities |
Market Trends:
One of the key trends in the skilled nursing facility market is the increasing adoption of telemedicine services. Telemedicine allows healthcare providers to remotely diagnose and treat patients, reducing the need for in-person visits and increasing access to care. Another trend is the shift towards person-centered care, which focuses on individual needs and preferences to improve quality of life for residents in skilled nursing facilities.
The global skilled nursing facility market is witnessing a surge in demand, driven by the increasing geriatric population and the rising prevalence of chronic diseases. With the aging population requiring specialized care and rehabilitation services, skilled nursing facilities are becoming crucial for providing high-quality care and support. The hospital segment is expected to dominate the market, owing to the availability of advanced medical facilities and qualified healthcare professionals. Additionally, the government ownership segment is anticipated to lead the market, as government-funded facilities aim to provide affordable care to a larger population. The emphasis on services such as physical therapy, occupational therapy, and speech-language pathology further enhances the market growth as these services play a vital role in the recovery and rehabilitation of patients.
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Technological advancements are revolutionizing the skilled nursing facility market, with the integration of electronic health records, telemedicine, and remote monitoring systems improving the delivery of care and enhancing operational efficiency. The adoption of innovative technologies not only improves patient outcomes but also streamlines communication among healthcare providers, leading to better coordination of care. Freestanding facilities are gaining popularity due to their flexibility and focus on specialized services, attracting patients seeking personalized care. As the demand for quality care continues to rise, skilled nursing facilities that invest in cutting-edge technologies and modern amenities are poised to capture a significant market share in the coming years.
Recent Developments:
In January 2024, a referral collaboration has been announced by CPSI and PointClickCare.
In October 2022, Inbound Health a new business that enables health Systems and health plans to offer professional nursing and hospital-at-home services was introduced by Allina Health.
Key Market Takeaways:
Global Skilled Nursing Facility Market is anticipated to witness a CAGR of 8.9% during the forecast period 2024-2031, owing to the increasing geriatric population and the rising prevalence of chronic diseases.
On the basis of facility type, the hospital segment is expected to hold a dominant position, as it offers advanced medical facilities and qualified healthcare professionals.
In terms of ownership, government-funded facilities are projected to lead the market, providing affordable care to a larger population. The emphasis on services such as physical therapy, occupational therapy, and speech-language pathology services further accelerates market growth.
North America is expected to dominate the global skilled nursing facility market, with key players such as Consulate Health Care, Atria Senior Living, and HCR ManorCare leading the market with their exceptional services and cutting-edge technologies. The market is poised for significant growth as the demand for skilled nursing facilities continues to rise globally.
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Detailed Segmentation-
By Facility Type:
- Hospital
- Freestanding
By Ownership:
- Government
- Profit
- Non-Profit
By Service Offered:
- Physical Therapy
- Occupational Therapy
- Speech-language Pathology Services
- Medical Social Services
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
