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. Brookdale Senior Living, Inc, The Ensign Group, Inc, Genesis Healthcare, Inc, Extendicare are some of the key players in the industry. 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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Release@ U.S. Skilled Nursing Facility And Rehabilitation Market Report
U.S. Skilled Nursing Facility And Rehabilitation Market
Report Highlights
- 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
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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Grand View Research, Inc
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