Skilled Nurse Facility Service Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3330
Skilled Nurse Facility Service Market size is expected to grow significantly from 2019 to 2025.
Increasing incidences of various chronic diseases such as dementia, Alzheimer’s, cardiovascular disease will propel skilled nurse facility service (SNF) market growth. If patient is admitted in hospital for 3 consecutive days, he can visit SNF within 30 days of hospital discharge. Skilled nurse facility enables patients to get utmost care ever after discharge. Moreover, patients get the treatment for the same condition received during hospital stay, in skilled nursing facilities. Aforementioned benefits offered by SNF will accelerate the business growth over forecast timeframe.
Skilled nurse facilities provide services at much lower cost compared to hospitals. Cost of stay in some hospitals surpasses to 2000 USD each day. Comparatively skilled nurse facility services costs only one fourth that of hospitals. SNF also covers facilities such as meals, semi-private rooms, medical social services, dietary counseling, medications, medical equipment and ambulance transportation service wherever necessary. These benefits and care provided by skilled nurses at affordable cost will certainly augment the industry growth in forthcoming years.
Hospital-based skilled nurse facility service segment is anticipated to witness substantial growth in forecast timeframe. Hospital-based SNFs provides good quality of care and better discharge outcomes due to specialization and joint production. Joint production has the benefit of better communication among nursing home staff and hospital through health IT system. As a result, hospital-based skilled nurse facility service segment will robustly grow in future.
Medically complex segment is estimated to witness lucrative growth over the forecast period. A length of stay at medically complex SNFs usually lasts from few days to several months. Medically complex SNFs have comprehensive team of physiotherapists, speech language pathologists, rehabilitation assistants, registered dieticians, and registered practical nurses. Children requiring attention due to some medical issues or reappearance of medical conditions are aided by skilled nursing facilities at low cost compared to other healthcare institutions. As a result, patients are inclined towards medically complex SNFs. Increasing patient preference and availability of treatment at affordable cost will propel the segment growth over forecast timeframe.
North America skilled nurse facility service market is estimated to witness substantial growth over the analysis timeframe. Healthcare organizations in North America are taking efforts to cater wide range of patients across the region. For instance, according to CDC in 2016, there were 15,600 nursing homes. Favorable demographic trends such as growing geriatric population and high life expectancy will drive the market growth. In July 2015, according to census, there were 31.2% of geriatric population that is predicted to increase in near future. As a result, demand for SNFs will rise thereby propelling regional industry growth.
Some of the key players operating in skilled nurse facility service market are Lincare, Inc., Golden Living, Emeritus Corporation, Genesis Healthcare, Sunrise Senior Living Inc., Genesis HealthCare, Gentiva Health Services, Life Care Centers of America, Brookdale Senior Living and Extendicare, Inc. For instance, in February 2019, Genesis Healthcare entered into real estate partnership with Next Health Capital that will be involving 15 SNFs. This strategy will broaden the SNF’s presence and help the organization to cater more patients.
Skilled Nurse Facility Service Market, By type, 2014-2025 (USD Million)
- Hospital based
Skilled Nurse Facility Service Market, By Services, 2014-2025 (USD Million)
- Intensive rehabilitation therapy
- Low and medium rehabilitation
- Medically complex
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Lincare, Inc.
- Golden Living
- Emeritus Corporation
- Genesis Healthcare.
- Sunrise Senior Living Inc.
- Genesis HealthCare.
- Gentiva Health Services
- Life Care Centers of America
- Brookdale Senior Living
- Extendicare, Inc.
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