Assisted Living Market
Assisted Living Market Study by Cooking, Personal Care, Housekeeping & Laundry, and Monitoring Medications for Adult Family Homes, Community-Based Residential Facilities, and Others From 2024 to 2034
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 (2024 to 2034)
Worldwide revenue from the assisted living market is estimated to stand at US$ 7.88 billion in 2024 and is slated to increase at a CAGR of 7.3% to reach US$ 15.97 billion by 2034.
The aging population is a primary concern leading to several countries focusing their investments on assisted living. The United States is a leading market for assisted living with significant investments in expanding and upgrading facilities.
Following the United Kingdom supporting universal healthcare and well-established government-backed care incentives, Germany on the other hand is working on systematic public and private investments to address its aging population. In East Asia, Japan is known for its aging population, in recent times the government has taken active measures on tackling this issue with the help of assisted living across the country than ever.
According to some global comprehensive data on per capita investments in assisted living, in 2022, average global health spending per capita surpassed US$ 1,300, but this varies widely across different income groups. High-income countries are spending significantly particularly more than US$ 5,000 per capita annually.
Several European countries are also establishing elder care homes. For instance, Scandavenian countries, such as Norway and Sweden are allocating a significant proportion of their healthcare budgets to elder care making the assisted living market a booming industry in the EU.
Primary drivers, which are making it easy for assisted living service providers include AI-powered monitoring and telemedicine platforms. Brookdable Senior, which is one of the prominent senior housing providers in the United States, integrates telemedicine to provide virtual consultations reducing the need for hospital visits.
These factors are ultimately improving the overall market conditions of assisted living benefiting service providers as well as the elderly.
- Atria is introducing smart home technology in its communities allowing seniors to control lighting, temperature, and communication devices through voice commands, this is surely game-changing in improving the accessibility and independence among aged people.
- The Sunrise Reminiscence Program is investing in incorporating multisensory experiences, including music therapy and virtual therapy to engage residents with memory impairments.
These companies are at the forefront of improving technologies, wellness, and innovative care models to meet the evolving needs of seniors in assisted living, contributing to the overall expansion of the assisted living market growth.
| Report Attribute | Detail |
|---|---|
| Assisted Living Market Size (2024E) | US$ 7.88 Billion |
| Forecasted Market Value (2034F) | US$ 15.97 Billion |
| Global Market Growth Rate (2024 to 2034) | 7.3% CAGR |
| East Asia Market Value (2034F) | US$ 3.05 Billion |
| North America Market Growth Rate (2034F) | 8.4% |
| Adult Family Home Segment Value (2034F) | US$ 2.67 Billion |
| Japan Market Value (2034F) | US$ 572.17 Million |
| Key Companies Profiled | Honeywell International LLC; United Technologies Corporation; Assisted Living Technologies; ABB Group; Siemens AG |
The older adult who wants to live freely after retirement should consider assisted living. However, elderly individuals require some support with several 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 apartments with a companion. Laundry and other household tasks, including 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 because 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. However, the high cost of which is afforded by older people in potentially high growth economies will hamper the growth of the market to some extent.
What trends are found in this market?
Unlike traditional families, modern families changed structure and this has been paving the 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'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 is 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
Based on the type of services, the cooking, and personal care segments are dominant in assistance services as there is a rise in the working population and nuclear families depicting demand for these services. However, the medical monitoring segment is anticipated to gain the fastest CAGR in the forecast period.
Based on 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 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 initiated rehab facilities with Tampa Hospital.
World-class assisted living communities have been developed in some major cities around the world because 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.
Segmentation of Assisted Living Market Research
-
By Service Type :
- Cooking
- Personal Care
- Housekeeping and Laundry
- Monitoring Medication
- Others
-
By Facility Type :
- Adult Family Home
- Community-Based Residential Facility
- Residential Care Apartment Complex
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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 projected to grow in the forecast years?
The assisted living market is analyzed to grow at a CAGR of 7.3% during the forecast period.
Why assisted living is expected to have high growth?
Rising number of seniors choosing to live in ALFs because they provide socialization, safety, and care driving market growth
Where do manufacturers find more opportunities?
North America is expected to be the more lucrative region for the growth of the assisted living industry.
Who are the key participants in this market?
Some of the key players are Siemens AG, Honeywell International Inc., ABB Group, Panasonic Corporation, and United Technologies Corporation.
Assisted Living Market