Skilled Nursing Facility and Rehabilitation Market Size [2031]

Report Description

Skilled Nursing Facility and Rehabilitation Market Outlook 2031

The global skilled nursing facility and rehabilitation market size was USD XX Bn in 2022 and is likely to reach USD XX Bn by 2031, expanding at a CAGR of XX% during 2023–2031. Rising awareness regarding nursing services and remote patient monitoring is expected to drive the market.

The increasing prevalence of chronic diseases and the rising geriatric population worldwide are expected to drive the skilled nursing facility and rehabilitation market. Elderly people are prone to chronic diseases and struggle with mobility issues. This directly impacts the market, as rehabilitation centers have skilled professionals dedicated to taking care of post-operation rehab services and rapid recovery for geriatric and other patients. Rising awareness regarding rehabilitation hospitals and patient services is expected to drive the market.

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Skilled nursing facilities or rehabilitation centers provide care services to patients with physical or mental disabilities, caused by various factors. These factors include impairment by birth, amputation, or disability, due to accident, post-surgery recovery, or chronic illnesses. These centers are private, for-profit, or non-profit, or are affiliated with hospitals. Experienced healthcare professionals help patients improve their condition along with the right medication. These facilities provide customized in-patient and remote services to patients for a short duration. Rising awareness regarding care services is likely to boost the market. For instance,

• According to the article published by the WHO on 30 January 2023, around 2.4 billion people around the world are living with a health condition that is expected to improve from the help of rehabilitation.

The COVID-19 pandemic hindered the market, due to the imposition of COVID-19 restrictions on patients. Hospitals allowed a restricted number of patients for clinical visits, due to the nature of the virus. Post-pandemic, the market gradually recovered from the financial dent that occurred during the pandemic. Furthermore, the requirement for post-COVID-19 recovery for COVID-19 victims surged specifically for pulmonary and cardiac rehabilitation, which helped the market recover from losses.

Impact of Artificial Intelligence (AI) on Skilled Nursing Facility and Rehabilitation Market

Use of artificial intelligence is likely to provide significant propulsion to the skilled nursing facility and rehabilitation market. Studies are being conducted to provide AI-driven smart solutions for rehabilitation centers to cater to their patients remotely. In cases of emergency or situations such as COVID-19, remote patient monitoring is the key to staying in business for many healthcare organizations.

Remotely monitored patients are provided with services, such as continuous monitoring, home hospitalization, and free doctor consultations. Mobile applications and medical devices allow doctors and patients to keep their vitals in check and notify the doctors in cases of emergency. This is achieved with the help of superior machine learning algorithms incorporated in smart virtual assistants and remote patient monitoring devices. Technological advancements, demand for home hospitalization, and rising awareness about them among people are expected to drive the market.

Skilled Nursing Facility and Rehabilitation Market Dynamics

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Major Drivers

Rising prevalence of chronic diseases is expected to drive the market. Chronic diseases such as cardiovascular diseases (CVDs), chronic obstructive pulmonary diseases (COPD), cancer, and diabetes are well-treated with the help of nursing care facilities. Patients are asked to perform the right set of workouts with various rehabilitation equipment and follow a diet that boosts the rate of recovery at the rehabilitation centers. Increasing global burden of the disease and rising demand for improving the quality of life for patients suffering from chronic diseases are anticipated to drive the market. For instance,

• According to a report published by NIH published on August 2019, CVDs are a key cause of death in most countries, and cardiac rehabilitation centers are necessary to reduce the global burden of the disease and the mortality rate.

Existing Restraints

Lack of availability of nursing and rehabilitation centers hampers the market. Rehabilitation centers are available in few numbers and are located at distant locations from the homes of patients, making it difficult for patients to manage commutation and other expenses. For instance,

• According to a report published by WHO on January 30, 2023, the global need for rehabilitation is unmet, especially in the case of low-to-middle-income countries.

Hence, nursing facilities charge more money for services, which is likely to hamper the market during the forecast period.

Emerging Opportunities

Rapid growth in the global geriatric population is anticipated to create several growth opportunities in the market. Elderly people are prone to diseases and mobility issues, due to weakened immune systems and lack of sufficient physical activity. Those who suffer strokes or diseases such as heart arrhythmias are advised by doctors to opt for rehabilitation services that help them strengthen their heart and immune systems. Elderly people with mobility issues are trained under the guidance of skilled nursing professionals to incorporate flexibility in their muscle functions. Rising demand for customized nursing services is expected to drive the market.

Scope of the Skilled Nursing Facility and Rehabilitation Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Skilled Nursing Facility and Rehabilitation Market Segment Insights

Type Segment Analysis

In terms of type, the market is divided into skilled nursing facilities and rehabilitation centers. The rehabilitation centers segment dominated the market in 2022, due to the increasing awareness regarding inpatient rehabilitation facilities (IRF) among patients. Such organizations are affiliated with specialty and multispecialty hospitals or are for-profit or non-profit organizations.

They mainly cater to patients who require short-term in-patient care for physical illnesses, debilitating injuries, surgeries, and chronic medical conditions. Furthermore, IRF has adopted remote patient monitoring services for patients after the pandemic situation, thereby widening the scope of their services, which drives the market.

The skilled nursing facilities (SNF) segment is expected to dominate the market during the assessment period, owing to the wide variety of services provided by the facility. SNFs help patients with orthopedic conditions, neurological conditions such as dementia, respiratory diseases such as COPD and pneumonia, and stroke and CVDs.

SNFs provide high level of specialty care. They have skilled medical professionals who are highly experienced in their expertise and provide chronic patients with intensive care services along with proven techniques. Intensive rehabilitation services, such as neurological physiotherapy, to address sensitive physical conditions for regaining mobility, muscular strength and balance are gaining popularity, due to increasing targeted marketing activity conducted by players in the market. Rising awareness of intensive rehabilitation services is expected to drive the segment in the coming years.

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Facility Segment Analysis

On the basis of facility, the global skilled nursing facility and rehabilitation market is segregated into hospital-affiliated, freestanding, and non-profit. The hospital-affiliated segment is projected to expand at a high CAGR during the forecast period, due to the high trust of consumers. Hospitals are well-established, multi-specialty organizations that provide holistic healthcare facilities to patients. The organizations are either funded by private owners, or government-owned, and provide many value-added services to their patients.

Rehabilitation centers associated with hospitals are well-equipped with advanced care facilities and devices. Patients are advised to get premium services along with hospital treatment, at discounted prices and value-added services. It is easy for patients to get overall treatment and nursing care in the same place. Furthermore, hospitals provide post-operation recovery services to patients at affordable costs, as they are sufficiently funded, which drives the segment.

Application Segment Analysis

Based on application, the skilled nursing facility and rehabilitation market is segmented into physical impairment & mobility issues, mental impairment, chronic health issues, and amputation & injuries. The chronic health issues segment held a major market share in 2022, owing to the rising awareness regarding nursing care facilities that cater to chronic conditions of patients. Diseases such as CVDs, CHDs, COPD, diabetes, cancers, hypertension, and others are treated in nursing facilities.

Skilled care facilities cater to the recovery services for COVID-19 victims, as the people affected in the second wave of the pandemic suffered from severe cardiac and pulmonary damage. Furthermore, the facilities provide 24/7 monitoring to the customers for the in-patient and out-patient setup. This is driving the segment, as limited in-patient vacancies at the care facilities no longer limit the service providers from treating local and remote patients in time. Moreover, the rising prevalence of chronic diseases among the geriatric population drives the segment.

The amputation & injuries segment is anticipated to register robust growth during the forecast period. This is attributed to various factors, such as accidental injuries, neuropathy, trauma, diabetes mellitus, and peripheral vascular diseases. Accidental injuries often cause severe injuries, that lead to amputation during surgeries. According to a June 2022 report published by the WHO, about 20 to 50 million people worldwide suffer injuries that incur disability every year. Furthermore, the rising incidences of amputation, due to diabetes and kidney diseases, are expected to drive the segment in the coming years. For instance,

• According to data published by the American Diabetes Association (ADA), about 1,54,000 people in the US undergo amputation every year, due to diabetic conditions.

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Regional Outlook

In terms of region, the global skilled nursing facility and rehabilitation market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a key share of the market in 2022, owing to the established healthcare infrastructure in the region. Countries such as the US and Canada deliver highly advanced healthcare services to patients. According to data published in October 2021, about 15,000 nursing homes in the US are catering to both young and elderly patients for various mental and physical illnesses and mobility concerns.

Moreover, cardiovascular diseases and other non-communicable diseases are major causes of death in the US. According to a report published by the American Heart Association (AHA) on January 25, 2023, about 41.2% of deaths in the US were caused due to coronary heart disease (CHD), and 17.3% of deaths were caused by stroke.

Increasing number of rehabilitation centers catering to patients suffering from mental illnesses is boosting the market. This is attributed to the rise in the number of people suffering from mental health issues in North America. According to a report published by Mental Health America, about 50 million Americans suffered from mental illnesses, and 4.91% of them suffered from severe mental issues in 2022. This has encouraged many healthcare institutions to start their nursing facilities in for-profit and non-profit ownership. Rising awareness among patients in the region regarding rehabilitation facilities is driving the market.

Asia Pacific is expected to dominate the market during the projection period, owing to the increasing number of nursing facilities in the country. This is attributed to the rising prevalence of chronic diseases in the geriatric population in the low to middle-income countries in the region. Governments of developing economies such as India, Vietnam, and the Philippines are constantly making advances in healthcare.

Countries such as China and India have high mortality rates, due to CVD, as compared to the rest of the countries in the region.
For instance,

• According to the report published by NIH in March 2022, about 17% and 29% of elderly people from rural and urban areas in India suffer from chronic diseases, whereas, diseases such as hypertension and diabetes account for 68% of all chronic diseases.

Moreover, the rising awareness regarding the benefits of skilled nursing facilities and rehabilitation in the region is expected to drive the market in the region.

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