Skilled Nursing Facility Market - Comprehensive Study Report & Recent Trends 2024-2032

Skilled Nursing Facility Market Synopsis:

Skilled Nursing Facility Market Size Was Valued at USD 425.10 Billion in 2023, and is Projected to Reach USD 796.78 Billion by 2032, Growing at a CAGR of 7.23% From 2024-2032.

The Skilled Nursing Facility (SNF) market comprises of health care centers that offer some or all of healthcare services such as rehabilitation and/ or nursing care to patients with limited ability to perform routine everyday tasks because of ailment, disease, accident or disability. These types of the health care facilities are provided to offer both an acute and extended care which aims at clientele who need cover after some surgeries, or have a disorder that may require long term management.

The SNF industry is an important niche of the healthcare market offering crucial services to an ageing population with a rising demand for health care services. As the demography of the world progresses toward the aging population, it is expected that the requirements in skilled nursing services will increase greatly as well. This demand is due to an increase in cases of chronic ailments like cardiac, diabetic and neurological diseases which require additional time in therapy. First of all, developments in the medical field and in the methods applied to the treatment of injuries improve the quality of services delivered in these homes, thus becoming patients’ choice for specialized care.

Such change is also compounded by different facets such as government policies in a country, the reimbursement models of healthcare and changing patients’ preference. The shift toward value-oriented healthcare delivery concentrates on patient results and satisfaction, and as a result, keeps increasing the usage of new measures for optimizing Skilled Nursing Facilities’ work. Also, there is a growing trend in home healthcare services as well as community-based schemes this serves as factors that brought challenges as well as opportunities to SNFs as they exercise transformations in the evolving situations in the health care zone.

The outbreak of the COVID-19 has made facility administrators pay attention to infection prevention and control, resident safety and quality outcomes in Long Term care facilities. As a result, more and more, the establishments are applying on technology and personnel development in order to be able to address health emergencies and improve patient outcomes. Hence, there is an important call for SNFs to adapt to the dynamic environment that holds for patient and market’s requirement as well as healthcare industry.

Skilled Nursing Facility Market Trend Analysis:

Rise in Telehealth Services

• Telehealth service is one of the recent trends implemented in the delivery of health care among skilled nursing facilities. First, telehealth technologies enable practitioners to consult with their patrons and monitor health status via technology mediated information and communication technologies extending healthcare services delivery beyond face-to-face appointments. The transition is especially helpful for patients experiencing post-acute care powered by a SNF, since this change means better specialists’ access, fewer transportation issues, with further elevated care integration. Implemented properly, telehealth means that patient, family and the skilled nursing facilities can effectively communicate with each other meaning that there will be improved health outcomes as well as high satisfaction levels.
• Also, the utilization of telehealth services has been boosted by COVID-19 or the novel coronavirus since it enhances ways in which care services are provided while observing social distance. Various SNF’s are already purchasing telehealth equipment and ensuring that employees know how to integrate them into care delivery. Therefore, telehealth will remain as a significant trend in the skilled nursing facility market where patients can easily be reached, monitored on their chronic illnesses and resources can be well utilized.

Expansion of Services

• Skilled nursing facilities serve potentially expandable range of services to the patients, which actually provide a great avenue for growth for this market. As the need of the patients increases the need of high complexity then SNFs can add up the different programs that include rehabilitation programs, memory care and palliative care services. If skilled nursing facilities can attend to a wider variety of medical ailments and patients’ preferences, they are able to increase the pool of available customers and improve their strategic place within the industry.
• At the same time, the growing focus on patient-centered care and health system advancements provides a wide range of opportunities for SNFs to develop new medical programs and initiatives focusing on physical health and mental aspects as well. Some of the specialized professional that SNF’s can partner with include rehabilitation specialists, mental health professionals and nutritionists in order to offer integrated care that is suitable to meet the challenges. Through taking advantage of these opportunities, skilled nursing facilities offer an ability to not only increase patient satisfaction but also boost the ability to receive more revenues as well as increasing market status.

Skilled Nursing Facility Market Segment Analysis:

Skilled Nursing Facility Market is Segmented on the basis of Facility Type, Ownership Type, Services Type and Region.

By Facility Type, Hospital-Based Facilities segment is expected to dominate the market during the forecast period

• Hospital based SNFs are associated with hospitals and perform a chain of operations for patients who require post card from hospitals. These facilities provide an easy opportunity of access to such equipment and professionals, thus are an option of choice by patients with various associated medical complications.
• The affiliation of skilled nursing services in hospitals improves continuity of care due to close networking and improves quality of the patient’s lives. In light of this, both freestanding and the hospital-based SNFs reflect important features as they proactively meet the multiple patient care needs as well as those of their families.

By Services Type, Intensive Rehabilitation Therapy segment expected to held the largest share

• The Intensive Rehabilitation Therapy segment is projected to hold the largest share in the Skilled Nursing Facility (SNF) market due to the rising demand for specialized, high-intensity recovery programs. This therapy focuses on patients recovering from major surgeries, strokes, or severe injuries, offering comprehensive physical, occupational, and speech therapy. With an aging population and increasing incidence of chronic conditions, the need for intensive rehabilitation services has surged.
• Skilled nursing facilities provide the ideal setting for such care, combining medical support with personalized therapy plans. Additionally, advancements in rehabilitative techniques and growing patient preference for faster recovery timelines further boost this segment’s growth. As a result, Intensive Rehabilitation Therapy continues to dominate the SNF market by service type.

Skilled Nursing Facility Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• North American region holds the largest market in the skilled nursing facility market because of the U.S. dominating the region due to its superior financial capabilities, well-developed healthcare industry, and high spending towards Lasting care services. Skilled nursing services demand is defined by the proportion of the aging population in the US. This, alongside existence of Medicare and medicaid revenues for SNFs, evidence market development in the region. The subject of validity has another associated factor which has generally improved medical care in the skilled nursing facilities in North America through innovation such as the telemedicine and the electronic health records.
• North America is witnessing an increasing trend of rehabilitation services within skilled nursing facilities. With the demand for superior post-hospital care, SNFs are tending to focus on short-term rehabilitation category, a segment slated to experience expansion at the future in the given area. North America is expected to continue commanding a large share of the market due to the continuous healthcare reforms and enhancement of both medical technologies which enhance the availability of skilled nursing services.

Active Key Players in the Skilled Nursing Facility Market:

• Amedisys Inc. (USA)
• Brookdale Senior Living (USA)
• Comfort Keepers (USA)
• Encompass Health Corporation (USA)
• Five Star Quality Care (USA)
• Genesis HealthCare (USA)
• HCR ManorCare (USA)
• Holiday Retirement (USA)
• Kindred Healthcare (USA)
• LHC Group (USA)
• Life Care Centers of America (USA)
• Oakmont Senior Living (USA)
• SavaSeniorCare (USA)
• Silverado Senior Living (USA)
• The Ensign Group (USA)
• Other Active Players

Key Industry Developments in the Skilled Nursing Facility Market:

• In April 2024, SSM Health and Inbound Health partnered to offer personalized in-home post-hospital care, aiming to provide patients with an alternative to traditional skilled nursing facilities (SNFs).
• In September 2023, A Place for Mom launched Nursinghomes.com, expanding its services into the nursing home sector. This new platform aims to be a comprehensive resource for families, offering detailed information to evaluate and contact skilled nursing and long-term care facilities.