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 4.5%, according to a new report by Grand View Research, Inc.
U.S. Skilled Nursing Facility And Rehabilitation Market Report Highlights
- The freestanding segment dominated the market in 2021 due to its lower cost compared to the hospital-based facility. The freestanding segment is expected to continue the dominance and witness a great growth rate
- Skilled nursing facilities are reimbursed by medicare part A and B resulting in more sustainability and thus is a fuel factor for the growth of the market
- The market is present with small and large players, leading to higher competition among smaller players to sustain their market position. The market is quite open for new entrants due to government support and great reimbursement policies
- Mergers and acquisitions is one of the key strategic initiatives undertaken by market players to sustain in the competitive market. For instance, in December 2020, The Ensign Group, Inc. acquired Hays Nursing and Rehabilitation Center, a 116-bed skilled nursing facility located in Texas
- According to the Center for Medicare Advocacy report published in March 2021, nursing centers received billions of dollars during the pandemic from the government. For instance, as of March 2021, around 10,293 nursing facilities received Paycheck Protection Program loans, totaling around USD 5.7 billion. This program was created as a part of the CARES Act and extended by the Consolidated Appropriation Act, 2021 to provide financial assistance to businesses for retaining their employees during the pandemic. The assistance has helped these centers to offset their financial costs and losses incurred due to the pandemic
Gain deeper insights on the market and receive your free copy with TOC now @:
U.S. Skilled Nursing Facility And Rehabilitation Market Report
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.
COVID-19 Impacts On U.S. Skilled Nursing Facility And Rehabilitation Market:
The Covid-19 pandemic negatively impacted the market for U.S skilled nursing facility and rehabilitation. The nursing and rehabilitation facilities faced a big crisis that the residents in the facilities were at a high risk of Covid-19 infections and as the pandemic progressed many of such facilities became Covid-19 transmission hotspot and thus had to be closed. To avoid the risk of infection, SNFs are installing wireless videoconferencing technologies. These systems provide patients with internet access in their rooms and facilitate easy communication with friends and family. Providing software-based rehabilitation to assess aspects such as motor skills of the patient need to be employed on a large scale. Such initiatives are expected to reduce the fear and increase occupancy in SNFs and rehabilitation facilities.
Industry Share Analysis By Major Competitors:
The market for U.S. skilled nursing facility and rehabilitation has a lot of big and small players making it very competitive. 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
For Any Questions or Inquire please visit @: https://www.grandviewresearch.com/industry-analysis/us-skilled-nursing-facility-rehabilitation-market-report/request/rs5
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:
Type of Facility Outlook
- Freestanding
- Hospital
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
For Customized reports or Special Pricing please visit @: https://www.grandviewresearch.com/special-pricing/451643/rfsp2
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Contact:
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com