Skilled Nurse Facility Service Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032

Skilled Nurse Facility Service Market Size

Skilled Nurse Facility Service Market size is expected to witness considerable expansion from 2024 to 2032, majorly led by the growing geriatric population and subsequent prevalence of chronic diseases worldwide. As per the National Council on Ageing, 80% of adults above the age of 65 years suffer from at least one chronic condition. Besides, the growing health awareness amongst people of diverse developed and developing nations will as well influence the industry progression prospects.
 

Services delivered in skilled nursing facilities meet higher levels of care required by individuals outside of hospital settings for conditions demanding constant monitoring by medical staff. Some of the crucial advantages offered by skilled nurse facility services, include assistance with activities of daily living, post-hospital and post-surgical care, long-term custodial care, individual care plans, and others.
 

According to the U. S. Centers for Disease Control, 6 out of 10 Americans are currently living with at least one chronic illness, such as heart disease, stroke, cancer, or diabetes. This jump in the footfall of chronic disease affected population will positively influence the industry growth. However, the increasing labor costs and rising inflation are procreating the risk of closure for skilled nursing facilities in several economies due to a noticeable rise in the prices of nursing home goods and services. The high costs associated with skilled nursing care services and low acceptance of services may also restrain the industry progress by 2032.
 

Skilled Nurse Facility Service Market Trends

The surge in aging population and the increasing demand for long-term care services for older individuals requiring specialized medical attention and assistance with daily activities will add to the industry  expansion. Rapid advancements in medical technology are enhancing the quality of care provided in skilled nursing facilities for providing better patient outcomes and satisfaction. The rising prevalence of chronic diseases among the global population is driving the need for ongoing care and management.
 

According to WHO estimations, there will be over 35 million new cases of cancer by 2050, marking a 77% surge from the estimated 20 million cases recorded in 2022. This surge in cancer affected populace will escalate the demand for SNF services. The changes in healthcare policies and regulations are also increasing the efficiency of reimbursement models and facility standards.
 

Skilled Nurse Facility Service Market Analysis

The free-standing skilled nursing facility segment in the SNF service industry is projected to witness substantial growth from 2024 to 2032. The rising aging population is escalating the demand for long-term care services. Strong advancements in medical technology are enhancing the quality of care provided for attracting more patients. Additionally, there has been growing focus on specialized care for chronic conditions and rehabilitation post-acute care. The regulatory reforms and reimbursement policies are also influencing and encouraging the facility development.
 

Skilled nurse facility service market share from the non-profit ownership segment is estimated to expand at notable pace through 2032. This can be ascribed to the rising dedication of the facilities to serving the geriatric population and reinvesting their incomes in staff empowerment, and infrastructural development to improve patient outcomes. Moreover, a study has suggested that non-profit SNFs offer inherent advantages, such as lower hospitalization rates and increased discharges to home. They also render improved nursing staff and limited survey deficiencies, more investment in food and nursing costs, and admission of fewer residents using antipsychotic drugs or with physical restraints.
 

Asia Pacific skilled nurse facility service market size is anticipated to expand at robust CAGR from 2024 to 2032. This regional expansion is attributed to the growing geriatric patient pool mainly in India, China, and Japan. In addition, the introduction of novel government health policies for elders and the substantial rise in disposable incomes may further push the need for skilled nurse facility services. The growing investments in the healthcare sector will also stimulate the regional industry trends.
 

Skilled Nurse Facility Service Market Share

Some of the major skilled nurse facility service companies are:

• Genesis HealthCare
• Golden Living
• Brookdale Senior Living
• Lincare, Inc. plc
• Emeritus Corporation
• Life Care Centers of America
• Gentiva Health Services (Kindred Healthcare, Humana)
   

Key firms operating in the skilled nurse facility service industry are focusing on capacity expansions, product innovations, R&D initiatives, and partnerships to bolster their market grip.

Skilled Nurse Facility Service Industry News:

• In January 2023, Genesis Healthcare Inc. announced to expand its operations by incorporating 34 additional nursing homes in Pennsylvania, supplementing the existing 15 facilities operated by the company within the state.