Skilled Nurse Facility Service Market Size is expected to observe considerable expansion from 2022 to 2028. 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 is as well influencing the growth prospects of the skilled facility service market.
Skilled nursing facilities offer short-term nursing and rehabilitation services to personals 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 growth through 2028. Besides, social stigma pertaining to nursing homes would as well challenge the skilled nurse facility service market revenue in the coming years.
Based on the type, the free-standing skilled nursing facility segment is projected to account for remunerative growth in the coming years. It is a part of a nursing home that encompasses Medicare SNF services as well as long-term care services for people who pay through long-term care insurance policy, or 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 the ownership type, non-profit skilled nurse facility services market is slated to gain significant growth over the foreseeable time frame. This can be ascribed to the fact that these facilities are dedicated to serving the geriatric population and reinvesting their incomes on 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 would emerge as a significant growth contributor for skilled nurse facility service market growth by 2028. 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, introduction of novel government health policies for elders and a substantial rise in disposable incomes of citizens would further push the regional skilled nurse facility service market progression. Moreover, growing investments in the healthcare sector are as well likely to stimulate the market growth prospects 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), amongst others. These business players are relentlessly working on the development of novel products engaging in different strategies like mergers and acquisitions, partnerships, collaborations, and more.
The coronavirus pandemic has had a negative impact on the overall skilled nurse facility services market as these healthcare settings were considered to be major infection hotspots, resulting in restrictions on operations of skilled nursing facilities. Moreover, the geriatric population was perceived as the most vulnerable group to contract the infection, thus limiting the use of these services. However, the introduction to digital and wireless technologies and videoconferencing during the pandemic times has supported the skilled nurse facility service market growth.
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