Skilled Nursing Facility Market to Grow at CAGR of 6.02% through 2029
Rising prevalence of chronic diseases are expected to
drive the Global Skilled Nursing Facility Market in the forecast period
2025-2029
According to TechSci Research report, “Skilled
Nursing Facility Market – Global Industry Size, Share, Trends, Competition,
Forecast & Opportunities, 2019-2029F”, the Global Skilled Nursing
Facility Market was valued at USD 321.07 Billion in 2023 and is expected to
reach USD 451.58 Billion by 2029 with a CAGR of 6.02% during the forecast
period.
The adoption of advanced healthcare technologies is
significantly transforming the operations of skilled nursing facilities (SNFs),
leading to improved care delivery and enhanced operational efficiency.
Technologies such as electronic health records (EHR), remote patient
monitoring, and artificial intelligence (AI) are at the forefront of this
transformation. EHR systems facilitate seamless communication among healthcare
providers, ensuring that patient information is easily accessible and
up-to-date, which enhances care coordination and reduces the likelihood of
errors. Remote patient monitoring allows for continuous tracking of patients'
health metrics, enabling early detection of potential complications and timely
interventions, ultimately improving patient outcomes.
AI-driven analytics help SNFs optimize staffing,
predict patient needs, and personalize care plans based on individual health
data. This technological integration streamlines administrative processes,
reducing the time spent on paperwork and enabling staff to focus more on direct
patient care. As a result, skilled nursing facilities can manage their
operations more efficiently while maintaining higher quality standards in care,
ensuring that residents receive the best possible support throughout their rehabilitation
and recovery journeys. The integration of these advanced technologies
is reshaping the landscape of skilled nursing, positioning SNFs to meet the
evolving needs of patients and healthcare systems.
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The Global Skilled Nursing Facility Market is
segmented into facility type, service type, ownership type, regional
distribution, and company
Based on ownership type, the for-profit facilities are
the dominant segment, driven by several key factors. First, for-profit SNFs
have greater access to capital, allowing them to invest in advanced
technologies, facility upgrades, and staff training, which enhance the quality
of care and operational efficiency. This financial flexibility enables them to
expand services and facilities to meet the growing demand for long-term care,
especially as the aging population increases. For-profit SNFs tend to
prioritize efficiency and innovation, employing business strategies that focus
on profitability while maintaining quality standards. They can adapt quickly to
market trends and consumer preferences, positioning themselves to attract a
broader patient base. This adaptability is crucial in a competitive landscape
where families seek high-quality care options for their loved ones. For-profit organizations often implement aggressive
marketing strategies, enhancing visibility and outreach compared to their
non-profit and government counterparts. Although non-profit facilities provide
essential services, they typically operate with more limited resources and may
face bureaucratic challenges that restrict flexibility and growth. As a result,
for-profit skilled nursing facilities continue to lead the market, leveraging
financial resources, adaptability, and strategic management to address the
increasing demand for long-term care services.
Based on region, The Asia-Pacific region is
experiencing the fastest growth in the global skilled nursing facility (SNF)
market, driven by a combination of demographic, economic, and healthcare
trends. One of the primary factors is the rapidly aging population, with countries
like Japan, China, and South Korea facing significant increases in the number
of elderly individuals requiring long-term care. This demographic shift is
creating a substantial demand for skilled nursing services, as older adults
often need specialized care for chronic illnesses and disabilities. The economic growth in many Asia-Pacific nations has
led to increased disposable incomes and a greater willingness to invest in
healthcare services. As families become more affluent, they seek high-quality
care options for their elderly relatives, propelling the expansion of skilled
nursing facilities. Governments in the region are also recognizing the
importance of addressing long-term care needs and are implementing supportive
policies, including funding and regulatory frameworks that encourage the establishment
and operation of SNFs. There is a growing awareness of the importance of
quality healthcare and rehabilitation services, driving demand for skilled
nursing facilities that can provide comprehensive care. The combination of
these factors is positioning the Asia-Pacific region as a dynamic and rapidly
evolving market for skilled nursing facilities, attracting investments and
innovations to meet the rising needs of its aging population.
Major companies operating in Global Skilled
Nursing Facility Market are:
- Brookdale Senior Living Inc.
- Extendicare
- Genesis HealthCare
- Life Care Centers of America
- Lincare Holdings Inc.(Linde
Plc)
- ProMedica
- SavaSeniorCare Administrative
Services LLC
- Sunrise Senior Living (Red
Fox Holding Corporation)
- The Ensign Group Inc.
- Signature Healthcare
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“The transition from fee-for-service to value-based
care is a significant trend in healthcare. In value-based models, providers,
including skilled nursing facilities (SNFs), are rewarded based on patient
outcomes rather than the quantity of services rendered. This approach
prioritizes quality care, enhances patient satisfaction, and aims to reduce
hospital readmissions. SNFs are encouraged to implement improved care practices
and invest in outcome-oriented healthcare strategies, ensuring they meet the evolving
needs of patients while maintaining high standards of care. This shift not only
benefits patients but also fosters a more sustainable healthcare system focused
on delivering effective and efficient services”, said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based management consulting
firm.
“Skilled Nursing Facility Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Facility
Type (Hospital, Freestanding), By Service Type (Intensive Rehabilitation
Therapy, Low and Medium Rehabilitation, Medically Complex), By Ownership Type
(Non-Profit, For-Profit, Government), By Region and Competition, 2019-2029F”, has evaluated
the future growth potential of Global Skilled Nursing Facility Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Skilled Nursing Facility Market.
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