GLOBAL SKILLED NURSING FACILITY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
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Rising healthcare costsAnother key factor influencing the skilled nursing facility market is the continuous rise in healthcare costs. Medical inflation has been outpacing general consumer price inflation in most countries for many years now. This trend is putting immense financial pressure not only on governments and private payers but also on individuals and families. The costs of home healthcare services can be quite substantial with round-the-clock private caregivers or periodic visits from nurses and physical therapists. For those lacking adequate family support or financial means, nursing homes have become a more affordable long-term care option. These facilities allow for professional medical supervision and administration of treatment at a fixed monthly rate that is significantly less than paying for home health services. This has made them an attractive solution especially for people needing post-hospital convalescence or palliative care towards the end of their lives. With healthcare expenditures projected to grow substantially in the coming years, nursing facilities will play an important role in providing cost-effective long-term care solutions for the growing senior population. Their ability to offer comprehensive services at an inclusive monthly fee makes them a financially viable option for both patients and their families dealing with rising medical costs.
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