DUBLIN--(BUSINESS WIRE)--The "U.S. Skilled Nursing Facility and Rehabilitation Market Size, Share & Trends Analysis Report by Type Of Facility (Freestanding, Hospital), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
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%
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 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
Market Dynamics
Market Driver Analysis
- Rising geriatric population
- Increasing prevalence of multiple chronic conditions
- High demand for rehabilitation services
Market Restraint Analysis
- High cost of services
- Shortage of workforce
Industry Challenges
Industry Opportunities
Penetration & Growth Prospect Mapping
Business Environment Analysis Tools
- PESTEL Analysis
- Porter's Five Forces Analysis
Regulatory Framework & Reimbursement Scenario
Impact of COVID-19 Pandemic
Competitive Analysis
- Brookdale Senior Living Inc.
- The Ensign Group, Inc.
- Genesis HealthCare
- Extendicare
- Sunrise Senior Living, LLC
- ProMedica
- Golden LivingCenters
- Life Care Centers of America
For more information about this report visit https://www.researchandmarkets.com/r/mpprvi
