Factors driving the growth of the assisted living facility market include rising income from older population, growing prevalence of cognitive impairment, and the desire to live in senior housing communities for better healthcare.
Dallas, United States - December 15, 2021 /MarketersMedia/ —
The U.S. assisted living facility market is projected to reach USD 139.22 billion by 2028, growing at a CAGR of 6.6%. Assisted living is a type of services that is uniquely designed to provide various needs to people of different age groups including housing, personal services, and nursing and health care. Owing to benefits such as senior care at the highest level, homelike living environment, best option for residential care of elderly than nursing homes, assisted living is experiencing rapid adoption thus fostering progress in US assisted living facility market.
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US assisted living facility market is driven by aging population, rising consumer demand, evolving healthcare delivery and service practices, changing rules in civil rights for disabled persons, and public policies limiting use of nursing homes. Also, other alternatives available in the market than nursing homes, government and private financial support construction and conversion are the key factors boosting the US assisted living facility market.
However, assisted living incurs significant costs which is not affordable to low or moderate income older persons sinking US assisted living facility market. Additionally, assisted living does not provide proper care, significant costs, privacy issues, and inaccessibility caused by decreased mobility are the key factors hampering US assisted living facility market. Furthermore, aging population, rising consumer demand, evolving healthcare delivery and service practices, and assisted living being the best option for residential care of elderly as opposed to nursing homes is anticipated to be growth opportunity to the US assisted living facility market.
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The major players in US assisted living facility market are Brookdale Senior Living, Capital Senior Living, ALG Senior (formerly Affinity), Senior Lifestyle, Atria Senior Living, Erickson Living, Sunrise Senior Living, Five Star Senior Living, Holiday Retirement, and Life Care Services among others. These assisted living facility providers rank higher in terms of number of units, number of employees, types of care offered and more such parameter. These companies respond to the growing demand for seniors housing and aging services. These assisted living facilities are highly preferred by US people as they excel in providing wide range of services like independent living, assisted living, memory care, skilled nursing, health care services, and continue to offer lifetime care to the person. These factors have majorly driven the market share of these companies US assisted living facility market.
The market is classified based on gender and age. US assisted living facility market is further classified into women and men based on gender. The US assisted living facility market is classified into 85+, 75-85, 65-74, and below 65 years based on age group. Among these the above 85 years segmented accounted for largest market share of US assisted living facility market owing to multiple factors like rapidly growing senior population, significant financial and regulatory changes affecting senior living, rising medically complex patients, occupancy challenges, increasing frailer residents are driving the 85+ age group in assisted living facilities boosting the segment market share in US assisted living facility market. The rapidly growing elder population, strong preference of the elderly for in-home and community-based services as opposed to nursing services, the emergence of residential settings with supportive services being provided by the service providers are the key factors boosting the US assisted living facility market.
Report Scope:
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 6.60%
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Key segments of the U.S. assisted living facility market
Gender Overview, 2018-2028 (USD Billion)
Women
Men
Age Overview, 2018-2028 (USD Billion)
More than 85 years
75-84 years
65-74 years
Less than 65 years
Table Of Contents:
Introduction
1.1. Introduction to the Study
1.2. Market Definition and Scope
1.3. Units, Currency, Conversions and Years Considered
1.4. Key Stakeholders
1.5. Key Questions Answered
Research Methodology
2.1. Introduction
2.2. Data Capture Sources
2.3. Market Size Estimation
2.4. Market Forecast
2.5. Data Triangulation
2.6. Assumptions and Limitations
Market Outlook
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.3. COVID-19 Impact Analysis
Assisted Living Facility Market by Gender, 2018-2028 (USD Billion)
4.1. Women
4.2. Men
Assisted Living Facility Market by Age, 2018-2028 (USD Billion)
5.1. More than 85 years
5.2. 75-84 years
5.3. 65-74 years
5.4. Less than 65 years
Competitive Landscape
6.1. Company Positioning
6.2. Strategic Initiatives
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FAQs:
1.What is the size of the US Assisted Living Facility Market ?
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3.Which market category has the most market share?
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Contact Info:
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Organization: Adroit Market Research
Website: https://www.adroitmarketresearch.com/industry-reports/us-assisted-living-facility-market
Source: MarketersMedia
Release ID: 89056786
