The global skilled nursing facility market is estimated to be valued at USD 380.11 Bn in 2024 and is expected to exhibit a CAGR of 8.9% during the forecast period (2024-2031). The skilled nursing facility market has seen steady growth in recent years. As the population continues to age globally, the demand for long-term care and rehabilitation services for seniors and people with disabilities has increased substantially. Skilled nursing facilities, also known as nursing homes or care homes, provide various health care services to those who require assistance with daily activities or have complex medical needs that cannot be addressed at home. These facilities house residents for either short or long-term stays and employ medical professionals like physicians, nurses, and therapists to care for patients. With rising life expectancies and the growing number of aging baby boomers worldwide, the demand for skilled nursing facilities and associated services is expected to continue climbing in the coming decades.
Market Dynamics:
The skilled nursing facility market is driven by factors such as the aging population demographic globally, rising prevalence of chronic diseases requiring long-term care, higher rates of disability among the elderly, development of specialized facility services, and growing willingness to pay for quality care. However, constraints, such as high costs of nursing home care, shortage of skilled nursing professionals, and stringent regulatory policies, challenge the market growth. Opportunities for market expansion lie in areas like home healthcare services, technologically-advanced equipment and monitoring solutions, and customized care packages tailored to patient preferences. The COVID-19 pandemic emphasized the crucial role of skilled nursing facilities as frontline responders while also posing operational and financial challenges through increased costs and restrictive policies.
Key Features of the Study:
Detailed Segmentation-
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*Browse 24 market data tables and 34 figures on "Skilled Nursing Facility Market” - Global forecast to 2031
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