According to a new report by Reports and Data, the global market size for Skilled Nursing Facilities was USD 227 billion in 2022 and is expected to grow at a CAGR of 4% over the forecast period. Skilled Nursing Facilities (SNFs) offer short-term nursing and rehabilitation services to patients after they have been discharged from acute care hospitals or other healthcare facilities. The services provided by SNFs are essential, as they provide support with activities of daily living, post-hospital and post-surgical care, long-term custodial care, and personalized care plans.
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The need for post-acute care and rehabilitation services is on the rise as the number of surgeries and hospital stays increases. Additionally, the aging population and a surge in chronic diseases, such as diabetes, heart disease, and cancer, have driven up the demand for post-acute care services. As hospitalization is costly, and home healthcare is prevalent, there is a growing need for SNFs and rehabilitation services.
The market's revenue growth is also driven by technological advancements in the healthcare industry. SNFs can now provide remote rehabilitation services thanks to telemedicine and remote patient monitoring technologies, reducing hospital readmission rates, healthcare expenses, and improving patient outcomes. Furthermore, as more people adopt Electronic Health Records (EHRs), care coordination between skilled nursing facilities and other healthcare providers improves, leading to better patient outcomes and lower healthcare expenditures.
Consumer awareness of the value of rehabilitation services is also expected to fuel market revenue growth. The Skilled Nursing Facility Value-Based Purchasing (SNF VBP) program and the Skilled Nursing Facility Quality Reporting Program (SNF QRP), two reimbursement programs launched by the Centers for Medicare and Medicaid Services (CMS), incentivize SNFs to provide high-quality rehabilitation services.
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According to the report, the physical therapy segment dominated the global SNF rehabilitation market in 2022, accounting for the highest revenue share. Physical therapy is an essential component of rehabilitation treatments in skilled nursing facilities and aims to restore or enhance patients' physical functions and mobility. The inpatient segment is expected to provide the highest revenue share to the global SNF rehabilitation market throughout the forecast period, as inpatient rehabilitation clinics offer a wide range of treatments for patients who need intensive medical attention and assistance for their recovery.
The North American region accounted for the largest market share in the SNF rehabilitation market in 2022 due to an aging population, rising chronic illness rates, and increasing healthcare costs. Some of the prominent players in the global SNF rehabilitation market include Kindred Healthcare, Brookdale Senior Living, Ensign Group, Genesishcc, Select Medical, Healthcare Services Group, SavaSeniorCare, National Healthcare Corporation, Consulate Health Care, and RehabCare.
The report segments the global SNF rehabilitation market based on service type outlook, care type outlook, end-use outlook, and regional outlook. The service type outlook includes physical therapy, occupational therapy, speech therapy, respiratory therapy, and others. The care type outlook includes inpatient and outpatient, while the end-use outlook includes hospital-based and stand-alone. Finally, the regional outlook includes North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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