Assisted Living (AL) Market, by Service Type (Nursing Care, Respite Care, Home Healthcare, Others), By Establishment Type (Public, Private), By Age (65-74 years, 75-84 years, Less than 65 years, and More than 85 years), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America), The Assisted Living (AL) market size was estimated at USD 180.70 billion in 2023 and is projected to reach USD 305.70 billion in 2030 at a CAGR of 7.8% during the forecast period 2023-2030.
The Assisted Living (AL) Market is expected to grow during the forecast period. This growth can be attributed to several factors. Rapidly aging population, with a growing number of seniors seeking personalized care and support services, creating a sustained demand for assisted living facilities are driving the growth of the Assisted Living (AL) market.
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Additionally, advancements in healthcare technology are enhancing the quality of care, promoting safety, and increasing the attractiveness of assisted living options. However, challenges such as challenges such as rising healthcare costs, which can make these services financially burdensome for many seniors and their families are hampering the growth of the market.
North America to Dominate the Assisted Living (AL) Market
· North America is estimated to account for the largest market share during the forecast period because of the rise in ageing population.
· Moreover, growing healthcare expenses and greater disposable incomes are anticipated to fuel market revenue growth in the area.
The prominent players in the Assisted Living (AL) market are
· ABB Group
· Assisted Living Technologies, Inc.
· Atria Senior Living, Inc.
· Brookdale Senior Living, Inc.
· CareOne LLC
· Chubb Fire & Security Ltd.( APi Group )
· Doro AB
· Erickson Senior Living Management, LLC
· ExtendiCare, Inc.
· Golden Living
· Honeywell International, Inc.
· Koninklijke Philips N.V.
· Legrand SA
· Merrill Gardens LLC
· Senior Lifestyle Corp.
· Sunrise Senior Living
· Televic N.V.
· The Ensign Group
· Tunstall Healthcare Ltd.
· Tyco Security Products and More
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Assisted living is a type of long-term care option designed for individuals who need some help with activities of daily living (ADLs) but want to maintain as much independence as possible. It bridges the gap between independent living and skilled nursing care, providing a level of support and assistance tailored to each resident's specific needs.
Recent Developments:
In October 2023, The Pearl Senior Living in Lewisville, formerly known as Inspired Living Lewisville, has been acquired by SilverPoint Senior Living, a renowned leader in senior living management, as part of an exciting new partnership with Phorcys Capital Partners. The cooperation between SilverPoint Senior Living and Phorcys Capital Partners will bring forth new renovations and enhancements that residents, family, and the Lewisville community can anticipate.
In October 2023, A standalone version of FusionOS, the sole enterprise operating system designed specifically for senior living communities, was released today by K4Connect, the industry's top provider of business solutions. By merging diverse technologies and siloed data, this new platform makes it possible to effectively use technology investments, vastly enhancing technology and data management.
Key Findings
· Based on service type, the assisted living market can be segmented into nursing care, respite care, Home Healthcare, and others. Nursing Care dominated the market in this segment. This may be a result of the increased incidence of chronic illnesses like Diabetes and cardiovascular conditions as well as the demand for skilled nursing care. Since nursing homes provide patients with round-the-clock medical attention and support, they are an attractive solution for those with serious medical requirements.
· Based on establishment type, the assisted living market can be segmented into public, private. The private segment dominated the market in this segment. This may be a result of both the expanding demand for high-quality assisted living facilities and the move toward personalised care. Since private facilities usually offer a wide range of amenities and services, including round-the-clock medical care, rehabilitation programs, and social activities, they are a popular choice for people seeking complete care.
· Based on age, the market is segmented into 65-74 years, 75-84 years, Less than 65 years, and More than 85 years. The 75-84 years age group dominated the market in this segment. This is because people in this age group are more likely to need assistance with activities of daily living, such as dressing, bathing and eating.
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