The U.S. skilled nursing facility and rehabilitation market size is expected to reach USD 281.6 billion by 2028, expanding at a CAGR of 3.4%, according to a new report by Grand View Research, Inc. The growing incidences of chronic conditions such as diabetes, paralysis, and hypertension and the rising geriatric population are factors expected to fuel the market over the next few years. In 2019, the geriatric population over 65 has increased up to 9.0% 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 a 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 sector.
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The freestanding segment dominated the market in 2020 due to its lower cost compared to the hospital-based facility. The segment is expected to continue its dominance and witness a significant growth rate over the forecast period
Skilled nursing facilities are reimbursed by medicare part A and B resulting in more sustainability, thereby propelling the growth of the market
The market includes 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 are 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
To provide skilled nursing and rehabilitation service during the COVID-19 pandemic, many skilled nursing and rehabilitation facilities came up with remote programs to serve the patients remotely. For instance, Mount Sinai Health System is using MindMaze’s MindMotionGO platform, to track body movements of patients using optical motion-capture technology. It enables the therapist to monitor the motor recovery process. With the help of such technological solutions, the continuation of rehabilitation services during the pandemic is possible, while reducing the burden on hospitals and other facilities
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, 2016 - 2028)
List of Key Players of U.S. Skilled Nursing Facility And Rehabilitation Market
Brookdale Senior Living, Inc
The Ensign Group, Inc
Genesis Healthcare, Inc
Sunrise Senior Living, LLC
Golden Living Centers
Life Care Centers of Amer
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