The USA Skilled Nursing Facilities Market sales was valued at US$ 181.74 billion in 2022, and it is expected to grow at a CAGR of 3.32% between 2022 and 2032, reaching US$ 251.94 billion by 2032. Skilled Nursing Facilities are in high demand because they provide high-quality care at a fraction of the cost of hospitals. The growing older population and the prevalence of many chronic diseases in the United States are driving the expansion of the skilled nursing facility industry.
The need for Skilled Nursing Facilities in the United States has increased by 9%, with 14.3 million people over the age of 65 suffering from chronic conditions such as diabetes, paralysis, and hypertension. The availability of Medicare and Medicaid, as well as emerging technologies, will drive future developments in the skilled nursing facility market in the United States in the coming years.
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The rising prevalence of chronic illnesses is expected to have a substantial impact on trends and prospects in the US skilled nursing facility market in the coming years. The COVID-19 epidemic harmed the skilled care facility industry in the United States. Adoption of USA Skilled Nursing Facilities was limited due to the fact that they were COVID-19 hotspots.
Following the COVID outbreak, skilled care homes in the United States implemented wireless videoconferencing technologies to keep patients and personnel safe from infection. Patients in Skilled Nursing Facilities have internet connection in their rooms, which allows 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.
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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
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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