Assisted Living Market Size And Competitive Landscape 2025–2032
Assisted Living Market Size to Be Valued at USD 271.50 Billion by 2032; Rising Population of Older Individuals in Various Countries to Drive Market Growth
Market Overview:
According to Fortune Business Insights, the global assisted living market was valued at USD 157.28 billion in 2023 and is expected to rise from USD 171.15 billion in 2024 to USD 271.50 billion by 2032, growing at a CAGR of 5.94% during the forecast period. In 2023, North America held the largest share of the market, accounting for 35.19%.
Assisted living refers to residential care services designed for older adults and individuals with disabilities who seek to maintain a level of independence but require help with daily activities without the need for round-the-clock medical attention. With nearly 60% of older adults anticipated to need some form of long-term care in the near future, demand for assisted living solutions is on the rise, fueling market growth.
Notable Industry Development:
July 2024: Edelweiss Village, a U.S.-based senior living company, launched its new assisted living memory care apartments.
March 2024: Epoch Elder Care, an assisted living company based in India, introduced its new facility, Epoch Picasso House, in Pune. This new residence is specifically designed for elderly individuals who need help with daily tasks or have ongoing medical conditions.
September 2022: Athulya Senior Care, an India-based senior living company, launched its new assisted living facility in Bengaluru, India. According to the company, the new facility offers various services, including geriatric assistance by professional caregivers, 24/7 clinical assistance and security protection, housing, and laundry services.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
Brookdale Senior Living (U.S.)
Atria Senior Living (U.S.)
Sunrise Senior Living (U.S.)
Erickson Senior Living (U.S.)
Barchester Healthcare (U.K.)
ATHULYA ASSISTED LIVING (India)
Epoch Elder Care (India)
Clariane (Germany)
Dussmann Group (Germany)
The Flag (Germany)
Request FREE Sample PDF Copy: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/assisted-living-market-111474
Competitive Landscape:
Major Market Participants to Focus on Establishing New Facilities to Broaden Their Reach
The global market is marked by high competition, with prominent international players utilizing their strong brand loyalty & presence to maintain an edge over competitors. Many major market participants are concentrating on establishing new facilities to broaden their reach.
Segmentation:
Chain-Affiliated Segment Led Market Driven by Surge in Number of Chain-Affiliated Facilities Globally
Based on ownership, the market is bifurcated into chain affiliated and independently owned. The chain-affiliated segment led the market in 2023, driven by the increasing number of chain-affiliated facilities globally. These chains typically uphold uniform care standards across their locations, providing families with confidence in reliable services, which boosts the growth of this segment.
Women Segment Dominated Market Due to Expanding Population of Elder Women
Based on end user, the market is bifurcated into men and women. The women segment held the dominating assisted living market share in 2023 due to longer life expectancy and an expanding population of elderly women.
Above 85 Years Led Market Due to Growing Demand for Specialized Geriatric Care
Based on end user, the market is segmented into below 65 years, between 65 to 74 years, 74 to 85 years, and above 85 years. The above 85 years led the market in 2023 due to longer life expectancies and the growing demand for specialized geriatric care.
Geographically, the global market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading ages, end users, product types, ownerships, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Rising Population of Older Individuals in Various Countries to Drive Market Growth
The rising population of older individuals in various countries is a key factor driving market expansion. This demographic change increases the demand for specialized housing solutions and healthcare services designed for the needs of seniors. Additionally, many older adults who need assistance with daily tasks further contribute to market growth. The increase in life expectancy globally has resulted in a larger segment of the population requiring long-term care and housing solutions that meet their unique needs, thereby enhancing the demand for assisted living facilities.
However, the assisted living market growth is hindered by a significant shortage of skilled workers, such as caregivers, nurses, and support staff, which is necessary to deliver high-quality services to residents.
To know more about this market, please visit: https://www.fortunebusinessinsights.com/assisted-living-market-111474
Regional Insights:
North America Led Market Due to Growing Aging Population and Rise in Chronic Diseases
The North American region led the market in 2023, driven by a growing aging population and a rise in chronic diseases. The rising affordability of assisted living compared to home health care and nursing home options is boosting the demand for assisted & senior living communities.
In Europe, significant growth is anticipated during the forecast period, which is primarily attributed to the rising number of older adults in the region.