Assisted Living Market Size Outlook: Innovations And Strategic Insights

According to Fortune Business Insights, the global assisted living market was valued at around USD 157.28 billion in 2023, and it’s projected to grow to USD 171.15 billion in 2024. By 2032, the market is expected to hit USD 271.50 billion, with a compound annual growth rate (CAGR) of 5.94% throughout the forecast period.

Assisted living refers to a residential & care arrangement designed for older adults who wish to maintain their independence, as well as individuals with disabilities who require some assistance with daily tasks but do not need constant medical supervision. Almost 60% of older adults will require some form of long-term care in the coming future. This factor is driving the growth of the market.

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.

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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)

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.

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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.

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.

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.