Assisted Living Market
Assisted Living Market By Service Type (Cooking, Personal Care, Laundry, Monitoring Medication), By Facility Type (Adult Family Home, Community-Based Residential Facility, Residential Care Apartment Complex) & By Region - Global Market Insights 2022 to 2032
Analysis of Assisted Living Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Assisted Living Market Outlook (2022 to 2032)
The older adult who wants to live freely after retirement should consider assisted living. However, elderly individuals require some support with a number of everyday tasks, including clothing, bathing, remembering to take their medications, and transportation, all of which are covered by assisted living.
The facility gives older adults the chance to live independently in their own apartments with a companion. Laundry and other household tasks like cooking are also covered by the supported facility.
The guided living organizations offer elderly people living areas such as private rooms, flats, and communal areas. These facilities typically have a homey atmosphere and are physically constructed to encourage resident freedom.
Companies that offer assisted living facilities enter into a contract with the person to provide housing, personal care, healthcare, and service support. The length of the contract and the fees levied by the service provider were also covered under this agreement for abetted living.
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Market dynamics: Drivers and Restraints
The primary factor propelling the growth of the market over the forecast period is the increase in the geriatric population around the world. Many families fail to take good care of their elderly relatives, which has increased the demand for assisted living facilities.
The market is expanding as a result of the growing number of elderly persons who wish to live out their retirement years with their companions and with complete freedom. Additionally, the market is gaining impetus with the development of smart technology related to connected space and smart homes.
Additionally, the availability of favorable reimbursement scenarios in developed countries will also propel the growth of the assisted living market. But the high cost of which could not be afforded by older people in developing economies will hamper the growth of the market to some extent.
What trends are found in this market?
Unlike traditional families, modern families underwent a change in structure and this has been paving way for growth in assisted living services. The freedom of independent living is a major factor that emerges as a key trend in shaping the need for living aids.
Elderly parents are increasingly relocating to family living support in urban regions of developing countries with the help of their offspring and mutual respect for each other's space. Senior residents are drawn to living support facilities in these areas because they offer comfort and care similar to that found at home, as well as similar-minded company, entertainment, and religious services.
Growing elderly and senior populations around the world create opportunities for the industry to expand. The popularity of assisted living in Western nations with a mindset of independent living can be attributed in large part to the difficulties of maintaining homes as well as the responsibilities for daily functioning.
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Segment Wise Insights
On the basis of the type of services, the cooking and personal care segment are dominant in assistance services as there is a rise in the working population and nuclear families depicting demand for these services. However medical monitoring segment is anticipated to gain the fastest CAGR in the forecast period.
On the basis of facility types, the number of adult family homes is increasing and is anticipated to gain growth in Asian countries owing to the rising number of people shifting abroad and seeking such facilities for their parents.
Regional Outlook
Due to the widespread use of among the elderly population in the United States and Canada, North America is the assisted living industry's most lucrative market. Because most European nations have excellent reimbursement policies, Europe is the second-most lucrative location for the living support business.
The rising penetration of nuclear families in the Asia-Pacific region is a major contributor to the rise in assisted living preferences. Asian countries are well known for outsourcing talent. There is a large population who either shifted or were likely to move abroad for work. This migration needs to make people seek safety services for their parents.
This is likely to increase demand for this market. Because there are so many elderly people in countries like India, China, and Japan, the Asia-Pacific area is where the industry is expanding at the highest rate. Due to low knowledge and unaffordability of services among the senior population, Latin America and the Middle East/Africa region are the least lucrative for the market.
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Competitive landscape
The market is consolidated with the presence of some popular brands including small and medium service providers. These companies taking initiatives for the introduction of new facilities to strengthen market positions. In 2021, Kindred company has initiated rehab facilities with Tampa hospital.
World-class assisted living communities have been developed in some major cities around the world as a result of substantial investments made by major players. Seniors who have substantial retirement savings typically choose upscale assisted living facilities for a comfortable retirement.
Moreover, there are regionally active small players who stand to gain from traditional societies' shifting family structures. Players with a presence in the region are creating modern living facilities for senior citizens with lucrative retirement plans.
Key Segmentation of Assisted Living Market
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By Service Type :
- Cooking
- Personal Care (Bathing and Dressing)
- Housekeeping and Laundry
- Monitoring Medication
- Others
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By Facility Type :
- Adult Family Home
- Community-Based Residential Facility
- Residential Care Apartment Complex
-
By Region :
- North America
- U.S.
- Canada
- Latin America
- Mexico
- Brazil
- Western Europe
- Germany
- Italy
- France
- U.K
- Spain
- Eastern Europe
- Poland
- Russia
- Asia Pacific excluding China & Japan
- India
- ASEAN
- Australi
- New Zealand
- China
- Japan
- Middle East and Africa
- GCC Countries
- South Africa
- Northern Africa
- North America
Table of Content
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Service Type 6.2. Facility Type 7. Global Market Analysis and Forecast, By Service Type 7.1. Cooking 7.2. Personal Care (Bathing and Dressing) 7.3. Housekeeping and Laundry 7.4. Monitoring Medication 7.5. Others 8. Global Market Analysis and Forecast, By Facility Type 8.1. Adult Family Home 8.2. Community-Based Residential Facility 8.3. Residential Care Apartment Complex 9. Global Market Analysis and Forecast, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. Asia Pacific 9.6. East Asia 9.7. MEA 10. North America Sales Analysis and Forecast, by Key Segments and Countries 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries 12. Western Europe Sales Analysis and Forecast, by Key Segments and Countries 13. Eastern Europe Sales Analysis and Forecast, by Key Segments and Countries 14. Asia Pacific Sales Analysis and Forecast, by Key Segments and Countries 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries 16. MEA Sales Analysis and Forecast, by Key Segments and Countries 17. Sales Forecast by Service Type and Facility Type for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Amedisys Inc. 19.2. Holiday Retirement 19.3. LCS (Life Care Services) 19.4. Sunrise Senior Living 19.5. Five Star Senior Living 19.6. Capital Senior Living 19.7. Comfort Keepers 19.8. Enlivant 19.9. Holiday Retirement
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List Of Table
Table 1: Global Market US$ Mn Forecast by Region
Table 2: Global Market US$ Mn Forecast by Service Type
Table 3: Global Market US$ Mn Forecast by Facility Type
Table 4: North America Market US$ Mn Forecast by Country
Table 5: North America Market US$ Mn Forecast by Service Type
Table 6: North America Market US$ Mn Forecast by Facility Type
Table 7: Latin America Market US$ Mn Forecast by Country
Table 8: Latin America Market US$ Mn Forecast by Service Type
Table 9: Latin America Market US$ Mn Forecast by Facility Type
Table 10: Western Europe Market US$ Mn Forecast by Country
Table 11: Western Europe Market US$ Mn Forecast by Service Type
Table 12: Western Europe Market US$ Mn Forecast by Facility Type
Table 13: Eastern Europe Market US$ Mn Forecast by Country
Table 14: Eastern Europe Market US$ Mn Forecast by Service Type
Table 15: Eastern Europe Market US$ Mn Forecast by Facility Type
Table 16: Asia Pacific Market US$ Mn Forecast by Country
Table 17: Asia Pacific Market US$ Mn Forecast by Service Type
Table 18: Asia Pacific Market US$ Mn Forecast by Facility Type
Table 19: East Asia Market US$ Mn Forecast by Country
Table 20: East Asia Market US$ Mn Forecast by Service Type
Table 21: East Asia Market US$ Mn Forecast by Facility Type
Table 22: MEA Market US$ Mn Forecast by Country
Table 23: MEA Market US$ Mn Forecast by Service Type
Table 24: MEA Market US$ Mn Forecast by Facility Type
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List Of Figures
Figure 1: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Service Type
Figure 2: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Facility Type
Figure 3: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Region
Figure 4: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Service Type
Figure 5: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Facility Type
Figure 6: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 7: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Service Type
Figure 8: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Facility Type
Figure 9: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 10: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Service Type
Figure 11: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Facility Type
Figure 12: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 13: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Service Type
Figure 14: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Facility Type
Figure 15: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 16: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Service Type
Figure 17: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Facility Type
Figure 18: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 19: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Service Type
Figure 20: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Facility Type
Figure 21: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 22: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Service Type
Figure 23: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Facility Type
Figure 24: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
How is this market likely to grow in the forecast years?
The assisted living market is expected to grow at a CAGR of 6% during the forecast period.
Why assisted living is expected to have high growth?
The rising number of seniors who are choosing to live in ALFs because they provide the socialization, safety, and care that they need is a major factor fuelling the market.
Where manufacturers can find more opportunities?
North America is expected to be the most lucrative region for the growth of the assisted living industry.
Who are the key participants in this market?
Some of the key players found across the value chain of Assisted Living are Siemens AG, Honeywell International Inc., ABB Group, Panasonic Corporation, United Technologies Corporation, and Assisted Living Technologies, Inc.
Assisted Living Market