(I-BusinessNews.Com, May 07, 2021 ) Skilled Nursing Facility Market size was valued at $298.2 billion by 2020, and is anticipated to reach $520.5 billion by the end of 2026 growing at a CAGR of 9.8% during the forecast period 2021-2026. The Skilled Nursing Facility market growth rate is attributed to the rise in the geriatric population, coupled with increasing chronic diseases and age-associated diseases creating new healthcare opportunities. Skilled nursing is a type facility that offers 24-hour-a-day care for those who can no longer live independently. In skilled nursing facility, trained medical professionals provide specialized care to seniors with severe illnesses or injuries. Specially trained staff assists residents with daily activities such as bathing, eating, laundry and housekeeping. They may specialize in short-term or acute nursing care, intermediate care or long-term skilled nursing care. Furthermore, compared to hospitals; skilled nursing facilities (SNFs) offer high-quality care services at a much lower cost, creating enormous demand among investors. The increasing prevalence of chronic diseases in the U.S. is fueling the growth of the industry, along with a large ageing population base. However, owing to high costs of skilled nursing care services, along with low acceptance of these services are the major barriers that restrain the market growth.
Skilled Nursing Facility Market Segment Analysis – By Facility Type
On the basis of facility type, freestanding segment accounted for the largest segmental revenue of the skilled nursing facility market in 2020. Freestanding SNFs offer 24-hour skilled nursing and personal care and are more affordable compared to hospital-based facilities. Furthermore, increased Medicare payments are poised boost the market growth. According to MedPAC Medicare Payment Policy, in 2017, the average Medicare margin for freestanding SNFs was 11.2%. According to California Hospital Association, Centers for Medicare & Medicaid Services (CMS) issued a new payment system to be effective from October 2020, with Medicare payments to SNFs to increase by 2.4%.
On the contrary, hospital-based skilled nurse facility service segment is anticipated to witness significant growth along the forecast period 2021-2026. Hospital-based SNFs provides good quality of care and better discharge outcomes owing to specialization and joint production. Joint production has the benefit of better communication among nursing home staff and hospital through health IT system. As a result, hospital-based skilled nurse facility service segment is poised to robustly grow in the forecast period 2021-2026.
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Skilled Nursing Facility Market Segment Analysis – By Ownership Type
On the basis of ownership type, for-profit facilities segment accounted for the largest segmental revenue of the Skilled Nursing Facility market in 2020 owing to the fact that for-profit facility emphasizes maximizing profits for owners and shareholders as well as looks to stabilize the delivery of high-quality care and treatment all the while ensuring financial ability in an increasingly competitive environment. Furthermore, for-profit organizations provide incentives to operate at lower costs compared to non-profit organizations by focusing on maximizing return on invested capital. All these factors are anticipated to stimulate market growth during the forecast period 2021-2026.
However, the non-for-profit facility is poised to hold the highest growth rate with a CAGR of 9.9% over the forecast period 2021-2026. This is owing to the fact that non-for-profit facility is dedicated to serving seniors. They reinvest their income to focus on staff retention and increasing wages and explore ways to improve policy and procedures to benefit the residents and the organization, and are anticipated to support the growth of dental healthcare in the Skilled Nursing Facility Market.
Skilled Nursing Facility Market Segment Analysis – By Geography
North America is the major region dominating the Skilled Nursing Facility market with a market share of 37.2% in the year 2020. This can be attributed to the an increased awareness about the significance of skilled nursing care services, infrastructural development, provision of reimbursement coverage, and a well-defined regulatory framework are driving the market’s growth over the forecast period 2021-2026. Furthermore, on account of the rising prevalence of diseases, the U.S. is the leading country in the North America market.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to the immense opportunities, with countries such as China, India, and Japan at the top. Furthermore, favorable factors such as beneficial government policies, an increase in disposable incomes of people, and improved healthcare facilities is responsible for the growth of the Skilled Nursing Facility market.
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Skilled Nursing Facility Market Drivers
Increasing Incidences of Various Chronic Diseases
The Skilled Nursing Facility market is poised to receive upswing owing to a substantial increase in the geriatric population across the globe has strengthened the demand for skilled nursing care services worldwide. The increasing number of patients suffering from Alzheimer’s along with high incidence of dementia, a common form of Alzheimer’s, is one of the key factors fueling the growth of global skilled nursing care services market. Moreover, on-going research shows that an increase in conditions such as diabetes, stroke, high blood pressure, and other lifestyle factors has led to an increased incidence of Alzheimer’s, thereby driving the market for skilled nursing care services.
Skilled Nursing Facility Market Challenges
High Costs of Skilled Nursing Care Services
Despite several drivers, high costs of skilled nursing care services, along with low acceptance of these services hinders the growth of SNF adoption and market growth to certain extent. Moreover, the institution of joint family, on the other hand, along with social stigma regarding nursing homes, will be some of the major challenges faced by the global skilled nursing care services market.
Skilled Nursing Facility Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Skilled Nursing Facility Market. In 2020, Skilled Nursing Facility Market share is fragmented by the top ten players present in the market. Skilled Nursing Facility Market top 10 companies are Lincare, Inc., Golden Living, Emeritus Corporation, Genesis Healthcare, Sunrise Senior Living Inc., Genesis HealthCare, Gentiva Health Services, Life Care Centers of America, Brookdale Senior Living, Extendicare, Inc. and others.
Acquisitions/Product Launches
In February 2019, Genesis Healthcare entered into real estate partnership with Next Health Capital that will be involving 15 SNFs. This strategy will broaden the SNF’s presence and help the organization to cater more patients.
Key Takeaways
North America dominated the Skilled Nursing Facility Market with a share of 37.16% in the year 2020.
The factors such as rise in the geriatric population, coupled with increasing chronic diseases are amongst the major factor projected to impel growth of Skilled Nursing Facility Market.
Reimbursement rate pressures or the introduction of new payment systems is to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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