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Skilled Nurse Facility Service Market size is expected to witness considerable expansion from 2023 to 2032. This can be credited to the growing geriatric population and subsequent prevalence of chronic diseases worldwide. As per National Council on Ageing, 80% of adults above the age of 65 years suffer from at least one chronic condition, while 68% of these suffer from 2 or more. Besides, the growing health awareness amongst people of diverse developed and developing nations will as well influence the growth prospects of the skilled facility service market.
Skilled nursing facilities offer short-term nursing and rehabilitation services to personnel after a stay in acute care hospitals and other healthcare settings. 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.
Furthermore, factors like high costs associated with skilled nursing care services and low acceptance of these services would hinder the skilled nurse facility services industry progress by 2032. Besides, social stigma pertaining to nursing homes would as well challenge the skilled nurse facility service market revenue in the coming years.
Increased labor costs and rising inflation are procreating the risk of closure for skilled nursing facilities several economies due to a noticeable rise in the prices of nursing home goods and services. Economists predict a further hike in commodity prices through 2023 and beyond, as the current situation shows no sign of improvement. Nursing homes mostly rely on fixed-rate government payments. Therefore, augmenting costs may put more of them at financial risk, which may severely hamper the market dynamics over the forecasted timeframe.
Based on the type, skilled nurse facility service market from the free-standing skilled nursing facility segment is projected to account for remunerative gains by 2032. It is part of a nursing home that encompasses Medicare SNF services as well as long-term care services for people who pay through a long-term care insurance policy, out-of-pocket, or through Medicaid. Imperatively, Medicare skilled nursing facility patients make up a small stake of the total population of a free-standing nursing space.
In terms of ownership type, the non-profit skilled nurse facility services market is slated to gain significant revenue by 2032. This can be ascribed to the fact that these facilities are dedicated to serving the geriatric population and reinvesting their incomes in staff empowerment, infrastructural development, and others to improve patient outcomes. Moreover, a study suggested that non-profit SNFs offered inherent advantages such as lower hospitalization rates and increased discharges to home, more 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.
Considering the regional landscape, Asia Pacific is poised to emerge as a significant growth contributor to the skilled nurse facility service market demand by 2032. The business expansion is accountable for the growing geriatric patient pool in different economies of the region, including India, China, Japan, and others. In addition, the introduction of novel government health policies for elders and a substantial rise in disposable incomes may further push the regional skilled nurse facility service industry progression. Moreover, growing investments in the healthcare sector are as well likely to stimulate the market trends in the ensuing years.
Genesis HealthCare, Golden Living, Brookdale Senior Living, Lincare, Inc. plc, Emeritus Corporation, Life Care Centers of America, and Gentiva Health Services (Kindred Healthcare, Humana), among others.