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  • Assisted Living Market Growth Analysis | 2023-2028

    Assisted Living Market Growth Analysis | 2023-2028

    Assisted Living Market Growth Analysis | 2023-2028
    Report code - SRHL135 Delivery - 2 Weeks
    Assisted Living Market Size, Share, Trends, Forecast, & Growth Analysis – 2023-2 See more...

    Market Insights

    The assisted living market is likely to witness an impressive CAGR of 10.5% during the forecast period of 2023-2028.

    Assisted-Living-Market-Insights

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    What is assisted living?

    Assisted living is a home-like setting designed for older adults who require assistance with daily tasks such as meal preparation, medical care, and personal care. Individual rooms, apartments, or shared quarters can all be found in assisted living. They are for seniors who require a higher level of care for their health or well-being. In addition, assisted living promotes a healthy lifestyle and social interaction.

    Assisted Living Market Report Highlights

    Market Size in 2022

    USD XX billion

    Market Size in 2028

    USD XX billion

    Market Growth (2023-2028)

    10.5% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    The growth of the assisted living market is primarily driven by:

    • Major factors such as an increase in the geriatric population, surge in the demand for proper care of the elderly, a rising trend of nuclear families, and the increasing number of senior citizens.
    • Furthermore, technological advancements such as smart homes and the development of devices and services such as internet-enabled home monitors, telemedicine, and mobile health apps.

    The global population of people aged 60 years and older is experiencing significant and rapid growth. In 2019, there were approximately 1 billion people in this age group. However, projections indicate that by 2030, this number will rise to 1.4 billion, and by 2050, it will reach a staggering 2.1 billion. This surge in the ageing population is unprecedented and is expected to continue at an accelerated pace, especially in developing countries.

    Key Trends:

    The increasing number of senior citizens and elderly populations worldwide is driving the growth of the assisted living market. This is due to the challenges of maintaining homes and daily responsibilities, particularly in Western countries where independent living is prevalent. Assisted living communities offer various classes, full-service dining, round-the-clock doctor services, parks, libraries, and entertainment rooms, along with on-site cleaning staff, handymen, and electricians.

    Traditional family structures in developing countries are changing, leading to a growth in the assisted living market. Individuals and couples prefer independent living, allowing them to pursue their interests. Elderly parents in urban areas are increasingly moving into assisted living due to mutual understanding, respect for space, comfort, companionship, entertainment, and religious services. This shift is attracting senior citizens to these communities.

    Assisted-Living-Market-Dynamics

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    Key Players

    Some of the key players in the global market are:

    Segments Analysis

    By Gender Type

    The market is segmented as men and women. Women are the dominant gender type and are expected to witness significant growth in the market during the forecast period. The growth of the segment is driven by the greater life expectancy of women, their higher rates of disability and chronic health problems, and lower-income as compared to men.

    By Age Group Type

    The market is segmented as less than 65 years, 65-74 years, 75-84 years, and more than 85 years. The more than 85 years age group type segment is anticipated to register high growth in the market over the forecast period. Factors such as growing geriatric population in this age group and its increasing demand for assisted living facilities due to major health challenges are driving the growth of the segment.

    Regional Insights

    North America is expected to be the leading region in the market during the forecast period. The region’s market is driven by the increasing demand for assisted living, improved services, and high-quality care for the elderly. In addition, the growing geriatric population is expected to fuel the regional market growth. Furthermore, the increasing prevalence of target diseases, rise in the practice of independent living of senior citizens, and advancements in assisted living facilities are expected to drive the growth of the market over the forecast period.

    Asia-Pacific is the fastest-growing region for the market, on account of the large number of elderly people living in countries such as India, China, and Japan. Europe is also expected to offer substantial growth opportunities during the forecast period.

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    Critical Questions Answered in the Report

    • What are the key trends in the global market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The assisted living market is segmented into the following categories.

    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 Gender Type

    • Men
    • Women

    By Age Group Type

    • Less than 65 Years
    • 65-74 Years
    • 75-84 Years
    • More than 85 Years

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

    Assisted-Living-Market-Segmentation

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    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Assisted Living Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Report Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Segmentation

    • Current segmentation by any one of the facility types by gender type.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions

    Assisted living is a home-like setting designed for older adults who require assistance with daily tasks such as meal preparation, medical care, and personal care. Individual rooms, apartments, or shared quarters can all be found in assisted living. They are for seniors who require a higher level of care for their health or well-being. In addition, assisted living promotes a healthy lifestyle and social interaction.

    The assisted living market is expected to grow at a CAGR of 10.5% during the upcoming five years.

    North America is expected to be the leading region in the market during the forecast period.

    ABB Group, Assisted Living Technologies, Inc., Atria Senior Living, Emeritus Corporation, Extendicare, Inc., Ingersoll Rand Plc, Legrand S.A., Panasonic Corporation, Sunrise Senior Living, Inc., and United Technologies Corporation. are the key companies in the market.

    The women segment has the largest share of the market during the estimated time.

    The study period of the market is 2017-2028.

    Major factors such as an increase in the geriatric population, surge in the demand for proper care of the elderly, a rising trend of nuclear families, and the increasing number of senior citizens are expected to drive the market growth during the assessment period.