The USA skilled nursing facility market size was anticipated to be worth US$ 181.74 billion in 2022. From 2022 to 2032, it is projected to grow at a compound annual growth rate (CAGR) of 3.32%, with a target value of US$ 251.94 billion. There is a huge demand for skilled nursing facilities since they offer excellent care at a fraction of the cost of hospitals. The US market for skilled nursing facilities is rising as a result of the country’s ageing population and rising rates of various chronic illnesses.
With 14.3 million persons over the age of 65 suffering from chronic diseases such as diabetes, paralysis, and hypertension, the demand for skilled nursing homes in the United States has increased by 9%. The availability of Medicare and Medicaid, as well as rising technologies, will drive future changes in the United States skilled nursing facility industry in the coming years.
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The increased frequency of chronic illnesses is projected to influence significant trends and opportunities in the US skilled nursing facility industry in the future years. The COVID-19 epidemic had a negative impact on the skilled nursing facility business in the United States. Because the USA skilled nursing institutions were COVID-19 hotspots, adoption of USA skilled nursing facilities was restricted.
Following the COVID outbreak, skilled care homes in the United States deployed wireless videoconferencing technologies to protect patients and employees from infection. Patients in skilled nursing institutions have access to the internet in their rooms, allowing them to communicate with friends, family, and staff.
The majority of skilled nursing facilities are nursing homes that offer long-term care services that are not covered by Medicare. As a result, the availability of reimbursement and attractive investment returns, as well as significant trends and opportunities in the USA skilled nursing facility market, are driving market expansion. Thus, according to Future Market Insights’ research, “with the increase in the health issues of the geriatric population and increase in chronic diseases, the adoption of US skilled nursing facility is projected to increase during the forecast period.”
Key Takeaways:
The most affordable type of facility that offers 24-hour service is freestanding. High Medicare payments are a major growth driver in this segment escalating the USA skilled nursing facility adoption trends.
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The hospital skilled nursing facilities category is predicted to develop significantly throughout the forecast period, favourably impacting future trends in the USA skilled nursing facility market.
For-profit facilities have dominated the ownership section of the skilled nursing facilities market in the United States. Non-profit skilled nursing institutions are predicted to be the fastest-growing market during the forecast period. Government skilled nursing institutions had a smaller market share in the United States than for-profit and non-profit facilities over the projection period.
Competitive Landscape:
The skilled nursing facility market in the United States is fragmented due to the presence of various local enterprises. Businesses are also increasing their service portfolios. They are also concerned with keeping their prices competitive.
Genesis Healthcare; Brookdale Senior Living Solutions; The Ensign Group; Inc; Extendicare; Sunrise Senior Living; LLC; Life Care Services; Golden Living Centres; Life Care Centres of America Corporate; Peninsula Behavioral Health; Sava Senior Care Administrative Services LLC; Lincare, Inc.
These skilled nursing facility market companies in the United States are continually developing new goods, utilising various techniques such as mergers and acquisitions, partnerships, collaborations, and more.
Key Segments
By Type:
- Freestanding
- Hospitals
By Ownership:
- For-Profit
- Non-Profit
- Government
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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