The global market for assisted living is estimated to grow at a CAGR of 11.2% from 2023 to 2028.
People who require carers' support can opt for a gentle and warm, compassionate environment to live in. A housing facility known as an assisted living facility or home is where elderly folks, people with disabilities, or those unable to live independently get particular care services. In addition, the old age might find several locations that offer various catering services. It's like a place for the elderly, those with chronic illnesses, and those who are mentally or physically ill to feel comfortable and receive help with day-to-day activities. The services for assisted living include everything from 24/7 hospital care to every personal care like eating, bathing, changing clothes, etc. Professionals are appointed to do each of these activities for the patients, and these professionals also provide great moral support to the patients. In recent times when the populations don't have enough time to take proper care of or give adequate attention to the vulnerable persons of their families, assisted living is a great help.
Impact of COVID-19 on the global assisted living market:
The COVID-19 outbreak has caused issues for a wide range of enterprises and sectors globally. Since the supply and manufacturing networks were disrupted by the severe lockdown and quarantine laws, increasing sales was challenging. The result was a slump in the world economy. The healthcare sector was severely hit and was one of the most stressed businesses. This was because of a steady influx of patients and a shortage of resources. An already impoverished and overburdened global healthcare system was under extreme strain by the COVID-19 pandemic. The pandemic had a negative impact n the assisted living market as a wide range of populations contracting the covid-19 virus were older people, which resulted in mass deaths of the aged population. As the purpose of assisted living is to serve the in-need populations, which could not be carried out due to lockdown restrictions and quarantine guidelines, the market for assisted living fell. In addition, the risk of contracting the virus made it challenging to find professionals willing to take care of the elderly. Many old age centers were also locked down and experienced a staff shortage. Therefore, the pandemic negatively impacted the assisted living market.
Lack of time to attend to the severely ill and elderly to propel assisted living market expansion.
In recent times when the economic surge and inflation are an everyday occurrence in the world, it is essential for as many members of a family as possible to work, especially the adults. However, between managing a full-time job, catering to their own families (if they are married), and managing everyday chores in general, it becomes challenging for a person to take care of and pay continuous attention to the person of requirements at home. This stressful environment is pushing the demand for assisted living services and houses, which can help maintain the patient health and give the family a sense of relief. In some cases, the elderly don’t live with the kids and need assistance, which is when young adults opt for a caretaker.
Countries such as Japan and Sweden, where the average longevity of the population is more extended and awareness of the convenience and cost-effectiveness given by assisted living facilities, also serve as an important market for assisted living homes. In addition, reimbursements provided for services, Medicaid and Medicare health regulations, the tendency of nuclear families in emerging nations, and compact housing in metropolitan regions are propagating the market expansion. Furthermore, modern amenities, including eating, cleaning, and healthcare available in assisted living facilities, are pushing the market growth.
Additionally, the growing geriatric population worldwide, government support and investments in building facilities for the disabled and elderly, and the ever-increasing cases of chronic and life-threatening diseases are other factors driving the progress of the assisted living market.
Many countries worldwide believe in living together as a family, and this mindset could be a drawback for the assisted living market. Furthermore, the market expansion is further inhibited by the high costs of payments associated with assisted living which many middle and low-economy countries cannot afford.
This research report on the global assisted living market has been segmented based on the facility type, service, gender, age, and region.
Global Assisted Living Market - By Facility Type:
Based on the facility type, the adult family home segment is expected to have the most significant growth rate during the forecast period. The high prevalence of this segment can be attributed to the fact that most people needing assisted living are adults looking for a loving and caring family environment.
Community-based residential living is also expected to grow because living in groups and having people to make friends with is more mentally calming than living alone.
Global Assisted Living Market – By Service:
The personal care segment is expected to account for the largest share of the global assisted living market during the forecast period. The dominance of this segment can be credited to the preference for better personal care people. Personal hygiene and maintenance are essential to keeping a person healthy and active, and people who need assisted living often cannot take care of themselves. Therefore, personal care activities, such as dressing up, bathing, walking, and others, are essential to keep the mind and the body active.
The monitoring medication segment is also expected to grow at a healthy CAGR due to the importance of proper healthcare for the severely ill.
Global Assisted Living Market - By Gender:
Based on gender, the women segment led the market in 2022. This is because women are more prone to several biological problems that only occur in female physiology, which has helped the segment to register dominance. In addition, women are claimed to be more emotionally intelligent and may require a good community of people to live peacefully.
Global Assisted Living Market - By Age:
Based on the age group, the 75-84 years segment was the most dominant age group in the market in 2022. This is because the in-between age group is more prone to various diseases and thus may need to be assisted living services.
Global Assisted Living Market - By Region:
The North American assisted living market dominated the market for assisted living worldwide in 2022 due to several factors such as providing rehabilitative services, high-quality care, increasing frequency of target illnesses, and increasing use of assisted living. In addition, long-established nuclear family patterns in countries like the U.S. and Canada, expanding senior population wanting companionship, technological advancements for ALFs, the creation of complex yet user-friendly tools and services, and older adults living independently are further accelerating the growth of the assisted living market. Therefore, the market in the region is expected to rise on top of all the other areas.
The Asia-Pacific assisted living market is also expected to show significant CAGR during the forecast period due to the emigration to other nations for jobs, a large elderly population, and increasing nuclear family patterns in traditional civilizations; for instance, countries such as China, India, and Japan are driving the markets dominance in the region. In addition, the European assisted living market is also on the rise owing to the latest developments in healthcare settings in countries like the U.K., Germany, and France.
KEY MARKET PLAYERS:
There are many emerging organizations providing assisted living services. Some of the major players in the global assisted living market are Emeritus Corporation, Genesis Healthcare, HCR Manor Care, Sunrise Senior Living, Extendicare, Brookdale Senior Living, Atria Senior Living, Genesis Healthcare, Golden Living, and Merrill Gardens.
RECENT MARKET DEVELOPMENTS:
The global assisted living market is growing at a CAGR of 11.2% from 2022 to 2027.
Based on service type, the personal care segment is estimated to show dominance in the global assisted living market.
Emeritus Corporation, Genesis Healthcare, HCR Manor Care, Sunrise Senior Living, Extendicare, Brookdale Senior Living, Atria Senior Living, Genesis Healthcare, Golden Living, and Merrill Gardens are a few of the major players in the global assisted living market.
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