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IC23078741 |
Pages: 378 |
Jul 2023 |
The assisted living facility market encompasses the industry that provides housing, care, and support services to elderly individuals or those with disabilities who require assistance with daily activities. Assisted living offices (ALOs) are private communities that offer a combination of housing, personalized support services, and healthcare to residents. As people age, they often need help with everyday tasks but still want to stay independent. ALFs typically provide services like bathing, dressing, medication management, meals, housekeeping, transportation, and social activities. The market consists of various providers, ranging from large national chains to regional operators and smaller independent facilities, each offering different sizes of care facilities, amenities, and levels of care. Specialized care facilities for conditions like Alzheimer's disease or dementia also contribute to this market.
Government regulations, reimbursement policies, and consumer preferences influence the market, which is expected to continue expanding as the demand for senior care services rises. This growth fosters competition, driving advancements in service offerings, technology integration, and quality improvements. Ultimately, the assisted living facility market plays a crucial role in meeting the needs of older adults, promoting a sense of community, and enhancing their overall quality of life.
The global assisted living facility market size was $166.89 billion in 2022 and is predicted to grow with a CAGR of 7.2%, by generating a revenue of $321.46 billion by 2032.
The COVID-19 pandemic has had a significant impact on the global assisted living facility market. Assisted living facilities, which give housing facility to older grown-ups or people with disabilities, implemented stricter measures and protocols to prevent and control the spread of disease. Strict conventions for hygiene, sanitization, and individual protective equipment were implemented to minimize the risk of transmission. The pandemic also led to a decline in new admissions as families and individuals hesitated to move into communal living environments. This decrease in admissions affected the occupancy rates and financial stability of many facilities. Staffing challenges arose due to staff members contracting the virus or needing to quarantine, resulting in shortages and difficulties in recruitment and retention. Additionally, the pandemic brought additional costs for assisted living facilities, such as procuring PPE, implementing infection control measures, and conducting frequent testing. The mental health impact on residents was significant, with facilities adapting to support emotional well-being through virtual visits, socially distanced activities, and additional emotional support services. Governments and regulatory bodies implemented new guidelines and protocols for assisted living facilities, requiring adaptations and compliance.
The preference for independent living has significantly influenced and dominated the assisted living facility (ALF) market. Seniors today often seek a living arrangement that allows them to maintain their independence while receiving necessary support and care. This preference has driven the development and growth of assisted living facilities that cater to these needs. Additionally, changing lifestyles and family structures, such as having busier schedules and nuclear families, make it challenging for family members to provide full-time care, creating a need for professional care in ALFs. Technological advancements have also improved the quality of care and services in these facilities. Moreover, increasing awareness and acceptance of ALFs as a valuable option for seniors contributes to their growing demand. Government initiatives and funding, urbanization trends, and market competition further impact the growth of the ALF market. These factors, though varying across regions, collectively drive the demand for assisted living facilities.
To know more about global assisted living facility market drivers, get in touch with our analysts here.
The assisted living facility (ALF) market faces several factors that can restrain its growth and present challenges. One significant restraint is the burden of regulatory and compliance requirements imposed by governmental agencies at various levels. These regulations can be costly and time-consuming to meet, especially for administrators with constrained assets. Rising costs of working ALFs, staff compensation, supplies, and support, can moreover pose a challenge, making it difficult to supply reasonable care. Additionally, workforce shortages in the healthcare industry, including nurses and aides, can impede the growth and operations of assisted living facilities. Increased competition within the market, public perception and stigma associated with assisted living, and financial constraints for potential residents are further factors that limit the market's expansion. Economic downturns and technological advancements, which require investments and staff training, can also act as restraints.
The assisted living facility market presents numerous opportunities driven by various factors. Firstly, the number of older people around the world is increasing, and they need special care as they age. Assisted living facilities are places that can provide the care and support older adults, still allowing them to maintain their independence. These facilities help older adults with daily tasks like bathing, dressing, eating, and taking medications. They also provide a safe and comfortable living environment, social activities, and medical assistance when needed. Secondly, there is increasing awareness and acceptance of these facilities as a viable option for elderly care. Families are recognizing the benefits of personalized care, social engagement, and a safe environment. Thirdly, technological advancements offer opportunities for providers to enhance care quality and operational efficiency through smart home systems, remote health monitoring, and electronic health records. Moreover, personalized and specialized care programs, such as memory care for individuals with dementia, can differentiate providers in the market. Additionally, some regions attract international medical tourists seeking senior care options, presenting an opportunity for assisted living facilities. Collaboration with healthcare providers, government support and regulations, and staying updated with market trends is crucial to capitalizing on the potential within the assisted living facility market.
To know more about global assisted living facility market opportunities, get in touch with our analysts here.
The 75-84 sub-segment accounted for the highest market share in 2022. With the global population ageing and an increasing number of individuals falling within this age range, the demand for ALFs has grown substantially. As people in this age group require more assistance with daily activities and face health challenges, the need for specialized care and support provided by ALFs has risen significantly from the sub-segment. Moreover, individuals in this age bracket often prefer community living, seeking a sense of community, socialization opportunities, and access to amenities that ALFs offer. Additionally, health issues and mobility limitations that come with ageing make ALFs a suitable option with their provision of assistance, healthcare services, and accessibility features. Changing family dynamics and lifestyles, such as smaller families and the prevalence of dual-income households, have made it challenging for family members to provide full-time care, leading to a greater reliance on ALFs. Financial stability within the 75 to 84 age group has also contributed to their dominance in the market, as they have the means to afford the cost of assisted living facilities. As a result, the demand for ALFs has prompted an increase in construction, expansion, and improvement of these facilities to cater to the unique needs of this demographic.
The North America assisted living facility market generated the highest revenue in 2022. Firstly, North America has a significant aging population. North America's strong economic development has provided individuals with higher disposable incomes, enabling them to afford the cost of assisted living services. Additionally, governments at various levels have implemented supportive policies and regulations, ensuring proper licensing, safety standards, and quality of care. Private investment and entrepreneurship have also played a crucial role, as investors recognize the market's potential and actively contribute to its growth. North American facilities have adopted Technological advancements in healthcare, enhancing resident safety, healthcare delivery, and operational efficiency.
Investment and agreement are common strategies followed by major market players. Some of the leading global assisted living facility market players are Five Star Senior Living, Kindred Healthcare, LLC, Brookdale Senior Living Inc., Sunrise Senior Living, LLC, Atria Senior Living, Inc., Capital Senior Living, Merrill Gardens, Integral Senior Living (ISL), Belmont Village, L.P., and Gardant Management Solutions.
| Aspect | Particulars |
| Historical Market Estimations | 2020-2022 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Age |
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| Key Companies Profiled |
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1. Research Methodology
1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters
1.5. Market size estimation
1.5.1. Top-down approach
1.5.2. Bottom-up approach
2. Report Scope
2.1. Market definition
2.2. Key objectives of the study
2.3. Report overview
2.4. Market segmentation
2.5. Overview of the impact of COVID-19 on global assisted living facility market
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Growth impact forces
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.3. Market value chain analysis
4.3.1. List of raw material suppliers
4.3.2. List of manufacturers
4.3.3. List of distributors
4.4. Innovation & sustainability matrices
4.4.1. Technology matrix
4.4.2. Regulatory matrix
4.5. Porter’s five forces analysis
4.5.1. Bargaining power of suppliers
4.5.2. Bargaining power of consumers
4.5.3. Threat of substitutes
4.5.4. Threat of new entrants
4.5.5. Competitive Rivalry Intensity
4.6. PESTLE analysis
4.6.1. Political
4.6.2. Economical
4.6.3. Social
4.6.4. Technological
4.6.5. Environmental
4.7. Impact of COVID-19 on assisted living facility market
4.7.1. Pre-covid market scenario
4.7.2. Post-covid market scenario
5. Assisted Living Facility Market Analysis, by Age
5.1. Overview
5.2. More than 85
5.2.1. Definition, key trends, growth factors, and opportunities
5.2.2. Market size analysis, by region, 2022-2032
5.2.3. Market share analysis, by country, 2022-2032
5.3. 75-84
5.3.1. Definition, key trends, growth factors, and opportunities
5.3.2. Market size analysis, by region, 2022-2032
5.3.3. Market share analysis, by country, 2022-2032
5.4. 65-74
5.4.1. Definition, key trends, growth factors, and opportunities
5.4.2. Market size analysis, by region, 2022-2032
5.4.3. Market share analysis, by country, 2022-2032
5.5. Less than 65
5.5.1. Definition, key trends, growth factors, and opportunities
5.5.2. Market size analysis, by region, 2022-2032
5.5.3. Market share analysis, by country, 2022-2032
5.6. Research Dive Exclusive Insights
5.6.1. Market attractiveness
5.6.2. Competition heatmap
6. Assisted Living Facility Market, by Region
6.1. North America
6.1.1. U.S.
6.1.1.1. Market size analysis, by Age, 2022-2032
6.1.2. Canada
6.1.2.1. Market size analysis, by Age, 2022-2032
6.1.3. Mexico
6.1.3.1. Market size analysis, by Age, 2022-2032
6.1.4. Research Dive Exclusive Insights
6.1.4.1. Market attractiveness
6.1.4.2. Competition heatmap
6.2. Europe
6.2.1. Germany
6.2.1.1. Market size analysis, by Age, 2022-2032
6.2.2. UK
6.2.2.1. Market size analysis, by Age, 2022-2032
6.2.3. France
6.2.3.1. Market size analysis, by Age, 2022-2032
6.2.4. Spain
6.2.4.1. Market size analysis, by Age, 2022-2032
6.2.5. Italy
6.2.5.1. Market size analysis, by Age, 2022-2032
6.2.6. Rest of Europe
6.2.6.1. Market size analysis, by Age, 2022-2032
6.2.7. Research Dive Exclusive Insights
6.2.7.1. Market attractiveness
6.2.7.2. Competition heatmap
6.3. Asia-Pacific
6.3.1. China
6.3.1.1. Market size analysis, by Age, 2022-2032
6.3.2. Japan
6.3.2.1. Market size analysis, by Age, 2022-2032
6.3.3. India
6.3.3.1. Market size analysis, by Age, 2022-2032
6.3.4. Australia
6.3.4.1. Market size analysis, by Age, 2022-2032
6.3.5. Indonesia
6.3.5.1. Market size analysis, by Age, 2022-2032
6.3.6. Rest of Asia-Pacific
6.3.6.1. Market size analysis, by Age, 2022-2032
6.3.7. Research Dive Exclusive Insights
6.3.7.1. Market attractiveness
6.3.7.2. Competition heatmap
6.4. LAMEA
6.4.1. Brazil
6.4.1.1. Market size analysis, by Age, 2022-2032
6.4.2. UAE
6.4.2.1. Market size analysis, by Age, 2022-2032
6.4.3. South Africa
6.4.3.1. Market size analysis, by Age, 2022-2032
6.4.4. Argentina
6.4.4.1. Market size analysis, by Age, 2022-2032
6.4.5. Rest of LAMEA
6.4.5.1. Market size analysis, by Age, 2022-2032
6.4.6. Research Dive Exclusive Insights
6.4.6.1. Market attractiveness
6.4.6.2. Competition heatmap
7. Competitive Landscape
7.1. Top winning strategies, 2022
7.1.1. By strategy
7.1.2. By year
7.2. Strategic overview
7.3. Market share analysis, 2022
8. Company Profiles
8.1. Kindred Healthcare, LLC
8.1.1. Overview
8.1.2. Business segments
8.1.3. Product portfolio
8.1.4. Financial performance
8.1.5. Recent developments
8.1.6. SWOT analysis
8.2. Brookdale Senior Living Inc.
8.2.1. Overview
8.2.2. Business segments
8.2.3. Product portfolio
8.2.4. Financial performance
8.2.5. Recent developments
8.2.6. SWOT analysis
8.3. Sunrise Senior Living, LLC
8.3.1. Overview
8.3.2. Business segments
8.3.3. Product portfolio
8.3.4. Financial performance
8.3.5. Recent developments
8.3.6. SWOT analysis
8.4. Atria Senior Living, Inc.
8.4.1. Overview
8.4.2. Business segments
8.4.3. Product portfolio
8.4.4. Financial performance
8.4.5. Recent developments
8.4.6. SWOT analysis
8.5. Five Star Senior Living
8.5.1. Overview
8.5.2. Business segments
8.5.3. Product portfolio
8.5.4. Financial performance
8.5.5. Recent developments
8.5.6. SWOT analysis
8.6. Capital Senior Living
8.6.1. Overview
8.6.2. Business segments
8.6.3. Product portfolio
8.6.4. Financial performance
8.6.5. Recent developments
8.6.6. SWOT analysis
8.7. Merrill Gardens
8.7.1. Overview
8.7.2. Business segments
8.7.3. Product portfolio
8.7.4. Financial performance
8.7.5. Recent developments
8.7.6. SWOT analysis
8.8. Integral Senior Living (ISL)
8.8.1. Overview
8.8.2. Business segments
8.8.3. Product portfolio
8.8.4. Financial performance
8.8.5. Recent developments
8.8.6. SWOT analysis
8.9. Belmont Village, L.P.
8.9.1. Overview
8.9.2. Business segments
8.9.3. Product portfolio
8.9.4. Financial performance
8.9.5. Recent developments
8.9.6. SWOT analysis
8.10. Gardant Management Solutions.
8.10.1. Overview
8.10.2. Business segments
8.10.3. Product portfolio
8.10.4. Financial performance
8.10.5. Recent developments
8.10.6. SWOT analysis
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