The USA skilled nursing facility market is set for substantial growth, with a valuation of USD 181.74 billion in 2022. According to recent industry projections, the market is expected to expand at a compound annual growth rate (CAGR) of 3.32% from 2022 to 2032, reaching an estimated value of USD 251.94 billion by 2032.
Skilled nursing facilities provide high-quality care at significantly lower costs compared to hospitals, leading to a growing demand for these facilities across the United States. This trend is further fueled by the country’s increasing geriatric population and the high prevalence of multiple chronic diseases.
The growth of the skilled nursing facility market is largely attributed to the rising need for specialized care for elderly individuals and those suffering from chronic conditions such as diabetes, heart disease, and respiratory disorders. Skilled nursing facilities offer comprehensive care, including medical, rehabilitative, and support services, which are essential for managing these conditions effectively.
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Stakeholders in the US skilled nursing facility market are focusing on innovation, quality improvement, and patient-centered care in order to enhance service delivery and outcomes. By funding initiatives linked to technology integration, staff development, and care coordination, skilled nursing institutions can increase patient satisfaction, maximize efficiency, and optimize the delivery of care.
Challenges and Adaptations
The COVID-19 pandemic undeniably impacted the skilled nursing facility market, with initial restrictions on admissions due to concerns about infection outbreaks. However, the industry has shown resilience by implementing innovative solutions:
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Infection Control Technologies: Skilled nursing facilities have adopted wireless videoconferencing technologies to facilitate communication between patients, families, and staff while minimizing infection risks.
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Improved Patient Experience: Facilities are increasingly providing internet access in patient rooms, enhancing communication and overall patient experience.
Looking Ahead: A Sustainable Market:
The financial stability of skilled nursing facilities is greatly reliant on the availability of government healthcare programs such as Medicare and Medicaid. Furthermore, the increased prevalence of chronic illnesses, especially cardiovascular disease—which, according to the American Heart Association, affects nearly 82.6 million Americans—highlights the ongoing necessity for these specialized care facilities.
What Effect Has Competition Had on the US Market for Skilled Nursing Facilities?
Because there are numerous local enterprises, the market for skilled care facilities in the United States is fragmented. Companies are diversifying the services they offer. Maintaining competitive prices is another challenge.
Some of the key market players are Life Care Services; Golden Living Centres; Life Care Centres of America Corporate; Peninsula Behavioral Health; Sava Senior Care Administrative Services LLC; Lincare, Inc. 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 players in the US skilled nursing facility market are constantly working on new product development, employing various strategies such as mergers and acquisitions, partnerships, collaborations, and more.
Recent Development:
Acquisition:
- Amedisys announced the acquisition of Contessa Health, a leading hospital, and skilled care facility company, in June 2021. The company hopes to expand its home care capabilities through this acquisition by adding more advanced acute care home hospitals and skilled home care facilities with advanced analytics platforms and expanding network management.
- In December 2020, The Ensign Group, Inc. purchased Hays Nursing and Rehabilitation Center, a 116-bed skilled nursing facility in Texas.
Expansion:
- Approximately 10,293 nursing facilities had received Paycheck Protection Program loans totaling approximately US $ 5.7 billion by March 2021. This program was created as part of the CARES Act and was expanded by the Consolidated Appropriations Act, of 2021, to help businesses retain employees during the pandemic.
Contract:
- In February 2021, OMEGA Healthcare signed a US $ 150 million contract with HealthPeak Property to acquire Brookdale Senior Living in the United States.
Partnership:
- Genesis Healthcare announced a real estate partnership with Next Health Capital in February 2019 that will involve 15 SNFs. This strategy will help the SNF expand its presence and cater to more patients.
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Key Players:
- Genesis Healthcare
- Brookdale Senior Living Solutions
- Lincare, Inc.
- The Ensign Group, Inc
- Extendicare
- Sunrise Senior Living, LLC
- Life Care Services
- Golden Living Centers
- LifeCare Centers of America Corporate
- Peninsula behavioral health
- Sava Senior Care Administrative Services LLC
Key Segments:
By Type:
- Freestanding
- Hospitals
By Ownership:
- For-Profit
- Non-Profit
- Government
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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