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 2022-2032
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 (2022-2032)
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.
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.
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
By Service Type :
- Personal Care (Bathing and Dressing)
- Housekeeping and Laundry
- Monitoring Medication
By Facility Type :
- Adult Family Home
- Community-Based Residential Facility
- Residential Care Apartment Complex
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding China & Japan
- New Zealand
- Middle East and Africa
- GCC Countries
- South Africa
- Northern Africa
- North America
- FAQs -
The assisted living market is expected to grow at a CAGR of 6% during the forecast period.
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.
North America is expected to be the most lucrative region for the growth of the assisted living industry.
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.