Global Skilled Nursing Facility Market to Reach US$ 628.6 Billion by 2032, Supported by Growing Geriatric Population

April 11, 2023 | Healthcare

According to the latest report by IMARC Group, titled "Skilled Nursing Facility Market by Facility Type (Freestanding, Hospital), Service Type (Intensive Rehabilitation Therapy, Low and Medium Rehabilitation, Medically Complex), Ownership Type (Non-Profit, For-Profit, Government), and Region 2024-2032," the global skilled nursing facility market size reached US$ 354.2 Billion in 2023. A skilled nursing facility (SNF) is a healthcare facility that provides medical and rehabilitative services to patients. It is equipped with medical equipment and technology to support patients with complex medical needs. It is staffed by licensed medical professionals, such as registered nurses, physical therapists, occupational therapists, and speech-language pathologists. It offers round-the-clock medical attention and assistance to individuals with chronic health conditions, disabilities, and injuries. As a result, SNF is widely adopted for wound care, medication management, physical therapy, and pain management to help patients recover.

Global Skilled Nursing Facility Market Trends:

At present, the rising geriatric population and increasing prevalence of medical disorders, such as diabetes, hypertension, cardiovascular disease, Alzheimer’s, and dementia, represent one of the key factors influencing the market positively across the globe. In addition, the increasing adoption of advanced technologies, such as robotics, virtual reality (VR), wearables, telehealth, and mobile health (mHealth), in SNF is creating a favorable market outlook. Moreover, the rising focus on providing high-quality patient-centered care and improving the effectiveness of physical therapy are offering lucrative growth opportunities to key market players. Furthermore, governments of various countries are undertaking favorable initiatives to enable SNFs in improving their facilities, which is fueling the growth of the market worldwide. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 628.6 Billion by 2032, exhibiting a CAGR of 6.58% during 2024-2032.

Market Summary:

On the basis of the facility type, freestanding exhibits a clear dominance in the market, followed by the hospital.
Based on the service, the market has been classified into intensive rehabilitation therapy, low and medium rehabilitation, and medically complex. Presently, intensive rehabilitation therapy dominates the market.
On the basis of the ownership type, the market has been categorized into non-profit, for-profit, and government. At present, for-profit holds the biggest market share.
Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa. Amongst these, North America (the United States and Canada) enjoys the leading position in the market.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Brookdale Senior Living Inc., Extendicare Inc., Genesis HealthCare, Life Care Centers of America Inc., Lincare Holdings Inc. (Linde plc), ProMedica Health System Inc., SavaSeniorCare Administrative Services LLC, Sunrise Senior Living (Red Fox Holding Corporation), and The Ensign Group Inc.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Facility Types Covered	Freestanding, Hospital
Service Types Covered	Intensive Rehabilitation Therapy, Low and Medium Rehabilitation, Medically Complex
Ownership Types Covered	Non-Profit, For-Profit, Government
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Brookdale Senior Living Inc., Extendicare Inc., Genesis HealthCare, Life Care Centers of America Inc., Lincare Holdings Inc. (Linde plc), ProMedica Health System Inc., SavaSeniorCare Administrative Services LLC, Sunrise Senior Living (Red Fox Holding Corporation), The Ensign Group Inc., etc.
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Global Skilled Nursing Facility Market to Reach US$ 628.6 Billion by 2032, Supported by Growing Geriatric Population

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