According to Nova one advisor, the U.S. Skilled Nursing Facility market size was valued at US$ 175.12 billion in 2021 and is expected to hit US$ 232.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.35% from 2022 to 2030.
According to Nova one advisor, the U.S. Skilled Nursing Facility market size was valued at US$ 175.12 billion in 2021 and is expected to hit US$ 232.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.35% from 2022 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.
Full Report is Ready | Request Sample of This Report@ https://www.novaoneadvisor.com/report/sample/6525
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.
Report Scope of the U.S. Skilled Nursing Facility Market
| Report Coverage | Details |
| Market Size in 2021 | USD 175.12 Billion |
| Revenue Projection By 2030 | USD 232.9 Billion |
| Growth Rate | CAGR of 3.35% from 2022 to 2030 |
| Base Year | 2021 |
| Historical data | 2017 - 2020 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Type of facility, ownership |
| Companies Mentioned | 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. |
Type of Facility Insights
Based on type, the market is bifurcated into freestanding and hospital. Freestanding is the most affordable type of facility that provides patients with 24-hour service. High Medicare payments are a key driver of growth in this segment. According to MedPac, the average Medicare margin for self-supporting and skilled nursing facilities was over 11%. According to the California Hospital Association, in 2022, Medicare payments to skilled nursing facilities will increase by 5%. As a result, increased spending on Medicare is expected to drive market growth for freestanding facilities.
The hospital SNFs segment, on the other hand, is expected to grow significantly during the forecast period. Hospital-based nursing facilities provide better professional nursing services through the joint operation of hospitals and their skilled nursing facilities. The adoption of better infrastructure and superior communication and coordination in hospitals helps nursing facilities improve services based on patient needs.
Hospital SNFs have experienced an increase in medically complex hospitalizations, however, the daily costs of hospital SNFs have increased due to the increase in qualified staff and shorter stays. By moving the patient to the SNF bed, hospitals can shorten the length of stay (LOS) of the inpatient, thereby freeing the inpatient’s bed for additional inpatient treatment.
Ownership Insights
The SNF market has been bifurcated into three categories based on ownership, for-profit facilities, non-profit facilities, and government facilities. The for-profit segment dominated the market in 2021. By focusing on maximizing the return on investment capital, for-profit organizations can provide incentives to operate at a lower cost than non-profits.
Non-profit SNFs, are estimated to be the fastest-growing segment during the forecast period. This is due to the improving service, increasing staff, and reinvesting the revenue generated to serve older people at much lower or minimal costs. Non-profit nursing homes accelerate market growth by offering benefits such as fewer incidence of bedsores, lower ulcer prevalence, fewer hospitalization rates, lower government-led shortages, and higher staffing ratios.
Government SNFs had a smaller market share than for-profit and non-profit facilities during the forecast period. This can be due to poor quality of care, high health deficit, and low availability of compensation. High staff ratings compared to for-profit housing drive the growth of government nursing facilities.
Full Report is Ready |Quick Buy This Premium Report From Here: https://www.novaoneadvisor.com/report/checkout/6525
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
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at U.S. for the period of 2017 to 2030
- By Type of Facility
- Freestanding
- Hospitals
- By Ownership
- For-Profit
- Non-Profit
- Government
Click Here to View Full Report Table of Contents
Key Questions Answered in U.S. Skilled Nursing Facility Market Report
- What will be the sales/revenue generated by U.S. Skilled Nursing Facility across all regions during the forecast period?
- What are the opportunities in the U.S. Skilled Nursing Facility market?
- What are the major drivers, restraints, opportunities, and threats in the market?
- Which regional market is set to expand at the fastest CAGR during the forecast period?
- Which application is expected to generate the highest revenue U.S. in 2030?
- Which segment is projected to expand at the highest CAGR during the forecast period?
- What is the market position of different companies operating in the U.S. market?
Full Report is Ready |Quick Buy This Premium Report From Here:
https://www.novaoneadvisor.com/report/checkout/6525
You can place an order or ask any questions, please feel free to sales@novaoneadvisor.com| +1 9197 992 333
About Us
Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.
We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally. We endeavor to give our clients latest insights on upcoming technologies, new developing markets, dynamically changing business conditions and most recent business-driven applications. These insights help our clients to take informed decisions for their business growth.
For Latest Update Follow Us:
https://www.linkedin.com/company/nova-one-advisor
https://twitter.com/NovaOneAdvisor
https://www.facebook.com/Nova-One-Advisor-116142276949837/