The assisted living market is predicted to display noteworthy growth in the years ahead driven by a number of factors. Rising trend of nuclear family setups in traditional societies of developing countries is a key factor behind growth of assisted living market. Small living spaces in urban areas often is a reason behind rapid rise in nuclear family setups. Individuals who work far away from home are increasingly considering assisted living for elderly parents for their comfort and care.
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The report delves into demand dynamics, growth opportunities, and regional outlook of the assisted living market for the 2024 – 2030 forecast period. The pinpoint analysis of the assisted living market, along with qualitative insights presented in this report serves as a valuable guide for existing as well as new participants in the said market.
Assisted Living Market: Competitive Landscape
The presence of a large number of small, mid-size, and large players makes the assisted living market highly competitive. However, large players that have global presence hold major share in the assisted living market. Hefty investments made by large players have led to development of world-class assisted living communities in some large cities of the world. Senior citizens who retire with handsome retirement plans mostly opt for high-end assisted living communities for a comfortable retired life.
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On the other hand, small players who have regional presence are gaining from changing family structures of traditional societies. Players having regional presence are developing state-of-the-art assisted living communities for senior citizens with handsome retirement plans.
Top players having presence in the assisted living market include Atria Senior Living, Emeritus Corporation, Genesis Healthcare, HCR Manor Care Inc., Sunrise Senior Living Inc., Brookdale Senior Living, Extendicare Inc., Golden Living, and Merrill Gardens.
Assisted Living Market: Key Trends
Rising number of senior citizens and elderly population in most parts of the world paves way for growth of assisted living market. Difficulties of maintaining homes, along with responsibilities for everyday functioning has been a key reason for popularity of assisted living in Western countries with mindset of independent living. Availability of assisted living in various classes to suit comfort, budget of individuals allows individuals to select place of their choice. Full-serviced dining, round-the-clock doctor on-call, park, library, and entertainment room are some common features of assisted living communities in Western countries. On the premises cleaning staff, handy man, electrician are some other features of good quality assisted living communities in Western countries.
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Change in family structure in traditional societies is paving way for growth of assisted living market in developing countries. Individuals and couples are increasingly preferring to live independently that gives them the space, and freedom to do things they are interested in. With mutual understanding with children, and respect for each other’s space, elderly parents in urban areas of developing countries are increasingly moving into assisted living. Comfort and care like home, company of individuals of similar, entertainment, religious services are attracting senior citizens to assisted living communities in these regions.
Assisted Living Market: Regional Assessment
Asia Pacific is expected to emerge as a significant region in the assisted living market in the years ahead. Rising practices of nuclear families in traditional societies of the region is resulting in demand for assisted living for senior citizens. Migration to other countries for work is another factor individuals in developing counties of the region are seeking assisted living for elderly parents. Comfortable living, round-the-clock doctor on-call, entertainment are some of the features of high-end assisted living that have come up in recent years in urban areas.
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North America and Europe are key regions in the assisted living market. Long-established practices of nuclear family setup is a key factor behind growth of assisted living market in these regions. Practices of independent living of senior citizens, elderly couples accounts for high demand for assisted living communities in these regions.
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