U.S. Skilled Nursing Facility Market is Expected To Grow Significantly During The Forecast Period
U.S. Skilled Nursing Facility Industry Overview
The U.S. skilled nursing facility market size was valued at USD 179.0 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 3.43% from 2023 to 2030. Skilled nursing facilities (SNFs) provide high-quality care services at a much lower cost as compared to hospitals, generating tremendous demand among investors. The increasing geriatric population and high prevalence of multiple chronic diseases in the U.S. are boosting the market growth. According to the United States Census Bureau, there are currently about 54 million adults aged 65 and up in the U.S., accounting for around 16.5 % of the population. The number of elderly people in the country is significant and is expected to continue to rise until 2050 when the total number of adults aged 65 and more is expected to reach 85.7 million. This equates to roughly 20% of the total population of the United States.
Gather more insights about the market drivers, restrains and growth of the U.S. Skilled Nursing Facility market
The elderly population is suffering from chronic diseases such as cancer, heart problems, diabetes, cerebral palsy, Parkinson's disease, multiple sclerosis, dementia, Alzheimer’s disease, and mental stress. According to the American Heart Association, about 82.6 million adults in the U.S. suffer from one or more types of cardiovascular disease making it a leading cause of death for both men and women. Owing to the growing elder population, the prevalence of rising chronic diseases in the U.S. has significantly increased the demand for skilled nursing facilities.
Skilled nursing facilities are residential health facilities that provide nursing, rehabilitation, and related services. In SNFs, Medicare covers short-term skilled nursing and rehabilitation services for beneficiaries after staying in an acute care hospital. In 2019, approximately 15,000 SNFs provided 1.5 million fee-for-service (FFS) beneficiaries with approximately 2 million Medicare-eligible stays which are 4% of Medicare FFS beneficiaries.
Most SNFs are also certified as nursing homes providing long-term care services not covered by Medicare. Therefore, the availability of reimbursement and favorable investment returns are boosting the growth of the market. For beneficiaries who qualify for a covered stay, Medicare pays 100% of the payment for the first 20 days of the spell of disease. The beneficiary is responsible for the self-pay from the 21st day through the day of 100 of the covered stay. For the fiscal year 2021, the co-payment was USD 185.50 per day.
Browse through Grand View Research's Medical Devices Industry Research Reports.
- Sports Medicine Market - The global sports medicine market size was valued at USD 5.08 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 8.2% from 2023 to 2030. The demand for sports medicine has gained traction in recent years, owing to the rising incidences of sports injuries and growing participation in sports and fitness-related activities by people.
- Nutraceuticals CDMO Market - The global nutraceuticals CDMO market size was valued at USD 37.3 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2023 to 2030. The key factors driving the market are increasing R&D activities, demand for nutraceutical products, and the influx of small/medium-sized pharmaceutical manufacturers seeking outsourcing partners.
U.S. Skilled Nursing Facility Market Segmentation
Grand View Research has segmented the U.S. skilled nursing facility market based on the type of facility, and ownership:
U.S. Skilled Nursing Facility Type of Facility Outlook (Revenue, USD Billion, 2017 - 2030)
- Freestanding
- Hospitals
U.S. Skilled Nursing Facility Ownership Outlook (Revenue, USD Billion, 2017 - 2030)
- For-Profit
- Non- Profit
- Government
Market Share Insights
- November 2021: EnsignTM Group's parent company, Ensign Group, Inc., invested in and provided skilled care and elderly living services, physiotherapy, vocational therapy, language therapy, other rehabilitation, and healthcare services, by acquiring properties in the skilled and long-term care facilities in Arizona, California, and Kansas.
- February 2021: OMEGA Healthcare signed a $150 million contract with HealthPeak Property to acquire Brookdale Senior Living in the U.S.
Key Companies profiled:
Some of the prominent players in the U.S. skilled nursing facility market include:
- 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
Order a free sample PDF of the U.S. Skilled Nursing Facility Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Comments
Post a Comment