U.S. Skilled Nursing Facility And Rehabilitation Industry Overview
The U.S. skilled nursing facility and rehabilitation market size is expected to reach USD 308.8 billion by 2030, expanding at a CAGR of 3.99%, according to a new report by Grand View Research, Inc. The growing incidences of chronic conditions such as diabetes, paralysis, hypertension, etc, and the rising geriatric population is expected to fuel the market over the next few years. In 2019, the geriatric population over 65 has increased up to 9% out of which 14.3 majorities of adults above the age of 65 years suffered from chronic disease and need these facilities. Medicare and Medicaid availability and the growing technologies will play a driving role for the market in the coming years.
To cope with the COVID-19 situation, in November 2020, the Centers for Medicare and Medicaid Services released guidelines for skilled nursing facilities to help curb the spread of the novel COVID-19 infection. These measures include physical distancing (maintain distance of 6 feet from people), wearing a face mask, and limiting the number of visitors (keeping it one at a time). Majority of these facilities were not allowed to accept new residents and did not have new revenue streams for the additional expenses associated with the virus, which had a negative impact on the skilled nursing facilities services sector.
U.S. Skilled Nursing Facility And Rehabilitation Market Segmentation
Grand View Research has segmented the U.S. skilled nursing facility and rehabilitation market on the basis of type of facility:
Based on the Type of Facility, the market is segmented into Freestanding, and Hospital.
- The freestanding segment dominated the market for U.S. skilled nursing facility and rehabilitation held the largest revenue share of 83.68% in 2022 and is expected to register the fastest CAGR of 4.03% during the forecast period. The freestanding facilities offer skilled nursing and personalized care for 24 hrs. Rehabilitation services like physical and occupational therapy and speech-language, pathology services are also provided at these facilities.
- Hospital-based facilities are having services after the stay in the hospital like wound care, post-acute care and rehabilitation. These facilities boost hospital performance by reducing the length of hospital stay which creates more room for new patients as the older patients are transferred to these facilities. High injuries in the workplace, chronic diseases and an increasing no of accidents boost the market for these hospital-based facilities.
Key Companies Market Share Insights
The market for U.S. skilled nursing facility and rehabilitation has a lot of big and small players making it very competitive. Brookdale senior living is one of the top players in the market with 72,267 units.For instance, in 2019, Brookdale senior living acquired ownership 0f an 18-property leased portfolio for 405 million USD. Some of the prominent players in the U.S. skilled nursing facility and rehabilitation market include:
- Brookdale Senior Living, Inc
- The Ensign Group, Inc
- Genesis Healthcare, Inc
- Extendicare
- Sunrise Senior Living, LLC
- ProMedica
- Golden Living Centers
- Life Care Centers of America
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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.
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