U.S. Skilled Nursing Facility And Rehabilitation Market Projected To Be Worth $308.8 Billion By 2030: Grand View Research Inc.

 U.S. Skilled Nursing Facility And Rehabilitation Market Growth & Trends

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. 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.

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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

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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:

U.S. Skilled Nursing Facility And Rehabilitation Type of Facility Outlook (Revenue, USD Billion, 2017 - 2030)

• Freestanding
• Hospital

List of Key Players of the U.S. Skilled Nursing Facility And Rehabilitation Market

• 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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.