The U.S. assisted living facility market size is expected to reach USD 140.8 billion by 2030. It is expected to expand at a CAGR of 5.48% from 2022 to 2030. The launch of new assisted living facilities, the growing prevalence of chronic diseases, and technological developments are expected to boost the market growth during the forecast period.
The prevalence of chronic diseases is increasing at a significant pace. Along with general age-related disabilities, the elderly suffer from chronic diseases such as cancers, heart problems, diabetes, cerebral palsy, Parkinson's disease, multiple sclerosis, dementia, Alzheimer’s, and mental stress. Hospitalization for chronic conditions can be expensive and often involves unnecessary use of resources, which can otherwise be utilized for patients in critical conditions. ALFs can provide specialized care required by the elderly. Increasing demand for these facilities to accommodate new admissions each year is expected to propel market growth.
A number of the facilities became hotspots for transmission of the novel coronavirus; 42% of the total COVID-19 deaths in the U.S. were ALF residents. To cope with the situation, in March 2020, CMS released guidelines for nursing homes and ALFs to help curb the spread of COVID-19. These measures include prohibitions on visitors and nonessential staff, daily monitoring for symptoms, screening employees, implementing infection control & cleaning protocols, ensuring social distancing, hiring & training additional employees, adjusting activities, and paying bonuses & overtime. The majority of these facilities were not allowed to accept new residents, and therefore, had no new revenue streams for the additional expenses associated with the COVID-19 virus, which is hampering the market.
U.S. Assisted Living Facility Market Report Highlights
- In the U.S., assisted living facilities provide meals, housekeeping services, social & recreational activities, and exercise & wellness programs. They also provide medical assistance in case of an emergency. Adults opting for assisted living pay for it from their savings and investments.
- The more than 85 segments held the largest market share in terms of revenue during 2021 and is expected to register the fastest growth over the forecast period. by 2040, the number of people aged 85 and above is expected to rise from 6.4 million in 2016 to 14.6 million. As the aging population grows it is likely to raise the demand for ALF facilities.
- On the basis of region, the West region dominated the segment with the largest market share in 2021. However, the South is expected to witness the fastest growth over the forecast period owing to improved living conditions and a number of facilities for senior residents.
Table of Contents
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends, & Scope
Chapter 4 U.S. Assisted Living Facility Market: Age Analysis
Chapter 5 U.S. Assisted Living Facility Market, Region Analysis, 2017-2030
Chapter 6 U.S. Assisted Living Facility Market- Competitive Qualitative Analysis
Companies Mentioned
- Kindred Healthcare, LLC.
- Brookdale Senior Living Inc
- Sunrise Senior Living, LLC (Sunrise Carlisle LP)
- Atria Senior Living, Inc.
- Five Star Senior Living
- Capital Senior Living
- Merrill Gardens
- Integral Senior Living (ISL)
- Belmont Village, L.P.
- Gardant Management Solutions
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 66 |
| Published | April 2022 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 91.8 Billion |
| Forecasted Market Value ( USD | $ 140.8 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | United States |
| No. of Companies Mentioned | 10 |
