U.S. Skilled Nursing Facility Market Worth $232.5 Billion By 2030

U.S. Skilled Nursing Facility Market Growth & Trends

The U.S. skilled nursing facility market size is expected to reach USD 232.5 billion by 2030, according to a new report by Grand View Research, Inc., registering a 3.43% CAGR over the forecast period.The growing aging population with increasing care needs and rising prevalence of chronic diseases in the country will propel the need for skilled nursing facilities(SNFs). In addition, lower costs of SNF as compared to hospitals will drive the market growth. SNFs cover numerous aspects such as therapy, mental health services, special dietary needs, hygiene items, recreational activities, and housekeeping.

The coronavirus pandemic has adversely affected the entire market for skilled nursing facilities. These medical facilities were major infection hotspots that limited operations in skilled nursing facilities. In addition, the elderly population was considered the most vulnerable group to infectious diseases and restricted their use of these services. However, the adoption of digital and wireless technology and video conferencing during a pandemic has supported the growth of the market.

Residents of skilled care facilities may be at increased risk of becoming infected with COVID-19. According to the CDC, during the first few months of the pandemic, about 2.1 million people live in long-term care facilities or nursing homes, accounting for less than 1% of the US population. These facilities were not allowed to accept new residents, had no new source of income for the additional costs associated with the virus, and adversely affected the service department of skilled care facilities.

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U.S. Skilled Nursing Facility Market Report Highlights

• The freestanding segment dominated the market in 2022 due to its lower cost compared to hospital-based facilities. The segment is expected to remain dominant and is expected to record a significant growth rate

• Skilled nursing facilities will be compensated by Medicare Apartments A and B. This makes it more sustainable and a factor in market growth

• Based on ownership, for-profit facilities dominated the market in 2022 due to increased acquisition and delivery of high-quality care while ensuring financial viability

• During the pandemic, the long-term care centers received billions of dollars from the government, according to the Center for Medicare Advocacy report released in March 2021

• Approximately 10,293 long-term care facilities received a total of approximately $ 5.7 billion in loans under the Paycheck Protection Program, as of March 2021. The program was created as part of the CARES Act and extended by the Consolidated Appropriations Act of 2021, to provide financial support for businesses to retain employees during a pandemic

• In June 2021, Amedisys announced the acquisition of Contessa Health, a leading hospital and skilled care facility company. Through this acquisition, the company wants to expand its home care capabilities by adding more advanced acute care home hospitals and skilled home care facilities with advanced analytics platforms and expanding network management

U.S. Skilled Nursing Facility Market Segmentation

Grand View Research has segmented the U.S. skilled nursing facility market based on the type of facility, and ownership:

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

• Freestanding

• Hospitals

U.S. Skilled Nursing Facility Ownership Outlook (Revenue, USD Billion, 2017 - 2030)

• For-Profit

• Non- Profit

• Government 

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

• Genesis Healthcare

• Brookdale Senior Living Solutions

• The Ensign Group, Inc

• Extendicare

• Amedisys

• Sunrise Senior Living, LLC

• Life Care Services

• Golden Living Centres

• LifeCare Centres of America Corporate

• Peninsula behavioral health

• Lincare, Inc

• Sava Senior Care Administrative Services LLC