Assisted Living Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 165.55 Billion |
| Market Size (2029) | USD 237.66 Billion |
| CAGR (2024 - 2029) | 7.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Assisted Living Market Analysis
The Assisted Living Market size is estimated at USD 165.55 billion in 2024, and is expected to reach USD 237.66 billion by 2029, growing at a CAGR of 7.5% during the forecast period (2024-2029).
The assisted living market is experiencing significant growth primarily due to the rising geriatric population, government support, and initiatives. As the aging population increases, the demand for supportive living arrangements that offer both independence and assistance is surging.
The aging population, particularly baby boomers, is a significant driver of the assisted living market. As people age, they often require assistance with daily activities, leading to increased demand for supportive living arrangements. For instance, as per the World Health Organization report published in October 2023, the global geriatric population, comprising individuals aged 60 and above, stood at an estimated 1.1 billion in 2023. This figure represented roughly 13.9% of the world's total population, which was about 7.9 billion. Projections indicate a significant surge in this demographic over the coming decades.
By 2030, the count of older adults is anticipated to hit 1.4 billion. By 2050, that number is set to double, reaching around 2.1 billion and constituting nearly 22% of the global populace. The rising global elderly population is fueling the expansion of the assisted living market. This trend is largely attributed to the challenges many face in managing homes and daily tasks, especially in Western nations where independent living is the norm, thereby boosting market growth.
Furthermore, governments are increasingly recognizing the importance of providing care options for seniors, leading to various initiatives and funding programs aimed at improving access to assisted living. For instance, in October 2023, the US Department of Housing and Urban Development (HUD) administered the Section 202 Supportive Housing for the Elderly program. This initiative offers Capital Advance funding to develop supportive rental housing for seniors aged 62 and older with very low incomes. Additionally, the program provides project rental subsidies to ensure affordability. With approximately USD 115 million allocated, the funding's primary goal is to establish housing that fosters long-term wellness. This enables elderly residents to age in place and receive essential support services like nutrition and transportation. Such support not only makes assisted living more affordable for families but also encourages the establishment of new facilities, thereby expanding the market and enhancing care quality, which is likely to boost market growth.
The combined effect of a rising geriatric population and government support drives substantial growth in the assisted living market. However, high costs, regulatory challenges, and a shortage of skilled professionals hamper the market’s growth.
Assisted Living Market Trends
The Medication Monitoring Segment is Expected to Hold a Significant Share Over the Forecast Period
The medication monitoring segment is experiencing significant growth due to several interconnected factors. As the aging population increases, many residents require assistance in managing multiple medications, leading to a heightened need for effective medication monitoring. This service aims to ensure medication adherence, prevent errors, and improve health outcomes for seniors.
As the population ages, many residents in assisted living facilities require assistance with managing multiple medications. This creates the demand for services that ensure proper medication adherence, reducing the risk of errors and improving health outcomes. For instance, as per India Aging Population Report 2023, the elderly population (aged 60+) is projected to rise to 20.8% by 2050, equating to roughly 347 million individuals, up from 10.5% (about 149 million) in 2022. Notably, this demographic is set to outnumber the child population by 2046. Thus, the growing aging population, which is prone to many chronic diseases, is anticipated to bolster the segment’s growth.
The aging population suffering from multiple chronic conditions requires effective medication management services to help prevent complications associated with missed or incorrect doses, thereby enhancing the overall quality of care provided in assisted living facilities. For instance, as per an article published in NCBI in October 2023, in the United States, over half of adults aged 65 and older reported having one or more of ten prevalent chronic conditions: arthritis, cancer, COPD, heart disease, asthma, diabetes, hepatitis, hypertension, stroke, and kidney disease. Projections indicate that the number of individuals aged 50 and above with at least one chronic disease will surge by 99.5%, rising from 71.5 million in 2020 to an anticipated 142.7 million by 2050. In 2022, about 29 million US adults acknowledged having three or more chronic conditions. This creates the demand for services that ensure proper medication adherence, reducing the risk of errors and improving health outcomes.
Further, increased regulatory scrutiny around medication management in assisted living facilities has led to a greater emphasis on compliance, which is likely to support the segment’s expansion. For instance, in May 2023, Minnesota and Texas updated their regulations to ensure that assisted living facilities maintain comprehensive medication management policies. These policies include requirements for assessments by licensed professionals and protocols for monitoring medication administration, ensuring a higher standard of care. Such supporting regulation is expected to increase the demand for medication monitoring services for assisted living people, boosting the segment’s growth.
Thus, the growth of the medication monitoring service segment in the assisted living market is driven by the rising complexity of healthcare needs among seniors, technological innovations, regulatory requirements, and increased family awareness.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
The North American assisted living market is experiencing significant growth driven by several key factors. As the aging population increases and chronic health conditions become more prevalent among older adults, the demand for specialized care and monitoring in assisted living facilities rises. Additionally, government initiatives to enhance senior care accessibility, coupled with technological advancements like telehealth and remote monitoring, are pivotal in fueling market growth.
The increasing number of elderly individuals, particularly baby boomers, is a primary driver. As this demographic ages, the demand for assisted living facilities that offer support with daily activities is rising. For instance, as per Population Reference Bureau Statistics 2024, around 58 million Americans were aged 65 and older in 2022. This number is set to surge to 82 million by 2050, marking a 47% increase. By 2050, this age group is anticipated to make up 23% of the total US population, a rise from 17% in 2022. The median age of the US population climbed to 38.9 years in 2022, a shift largely attributed to baby boomers. Projections indicate that by 2030, 20% of Americans will be 65 or older.
The increasing demand for and adoption of assisted living facilities in the region are expected to contribute to the growth of the overall market over the forecast period. For instance, according to data from the National Investment Centre for Older Persons 2023, occupancy rates were at an all-time high in the elderly housing and care industry. With an occupancy rate of 82.1% as of August 2023, assisted living had the highest quarterly increase in all categories of care. The occupancy rate was 85.2% in the area of senior living, which covers both assisted and independently lived accommodation and memory care.
There are approximately 32,820 assisted living communities in the United States, according to the most recent data from the National Center for Assisted Living. Almost 1.28 million assisted living beds are registered with the National Centre for Active Living. As the population of people over 65 is expected to almost double by 2060, care facilities are also expected to grow similarly. Thus, increasing demand for assisted living facilities is expected to drive the market’s growth over the forecast period.
Thus, the growing geriatric population, increasing demand for assisted living facilities, and increasing adoption are likely to spur market growth over the forecast period.
Assisted Living Industry Overview
The assisted living market is fragmented with the presence of several players. Market players are adopting several strategies, such as expanding services, technological advancement in assisted living products, and collaborations. Some of the key players in the market include Atria Senior Living Inc., Brookdale Senior Living Inc., Sunrise Senior Living, Five Star Senior Living, Sonida Senior Living, and Merrill Gardens.
Assisted Living Market Leaders
-
Atria Senior Living, Inc.
-
Brookdale Senior Living Inc.
-
Sunrise Senior Living
-
Place for Mom Inc.
-
The Courtyards at Mountain View
*Disclaimer: Major Players sorted in no particular order
Assisted Living Market News
- March 2024: Epoch Elder Care inaugurated its second assisted living facility in Pune, named "Epoch Picasso House." This new establishment seamlessly combines comfort, care, and warmth, catering to elders who need help with daily activities or have chronic medical conditions.
- January 2024: Clarest Health announced its acquisition of Remedi SeniorCare, a provider specializing in pharmacy services for long-term and post-acute care.
Assisted Living Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing in Geriatric Population
4.2.2 Government Supports and Funding and Technological Advancement
4.3 Market Restraints
4.3.1 High Cost and Regulatory Challenges
4.3.2 Shortage of Skill Professionals
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Service Type
5.1.1 Medication Monitoring
5.1.2 Palliative & Hospice Care
5.1.3 Disease Monitoring
5.1.4 Mobility
5.1.5 Others
5.2 By Facility Type
5.2.1 Adult Family Homes
5.2.2 Community-Based Residential Facilities
5.2.3 Residential Care Apartment Complexes
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Atria Senior Living, Inc.
6.1.2 Brookdale Senior Living Inc.
6.1.3 Partners Pharmacy
6.1.4 Place for Mom, Inc
6.1.5 Crossroads Hospice
6.1.6 The Courtyards at Mountain View
6.1.7 Emeritus Corporation
6.1.8 Lakehouse Senior Living, LLC
6.1.9 Extendicare Inc.
6.1.10 Sunrise Senior Living
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Assisted Living Industry Segmentation
Assisted living provides support for daily activities like bathing, dressing, and managing medications, all while enabling residents to retain a degree of independence.
The assisted living market is segmented by service type, facility type, age group, and geography. By service type, the market is segmented into medication monitoring, palliative and hospice care, disease monitoring, mobility, and others. The others segment includes disability and memory care, nutrition care, and others. By facility type, the market is segmented into adult family homes, community-based residential facilities, and residential care apartment complexes. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report offers the value (USD) for all the above segments.
| By Service Type | |
| Medication Monitoring | |
| Palliative & Hospice Care | |
| Disease Monitoring | |
| Mobility | |
| Others |
| By Facility Type | |
| Adult Family Homes | |
| Community-Based Residential Facilities | |
| Residential Care Apartment Complexes |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Assisted Living Market Research FAQs
How big is the Assisted Living Market?
The Assisted Living Market size is expected to reach USD 165.55 billion in 2024 and grow at a CAGR of 7.5% to reach USD 237.66 billion by 2029.
What is the current Assisted Living Market size?
In 2024, the Assisted Living Market size is expected to reach USD 165.55 billion.
Who are the key players in Assisted Living Market?
Atria Senior Living, Inc., Brookdale Senior Living Inc., Sunrise Senior Living, Place for Mom Inc. and The Courtyards at Mountain View are the major companies operating in the Assisted Living Market.
Which is the fastest growing region in Assisted Living Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Assisted Living Market?
In 2024, the North America accounts for the largest market share in Assisted Living Market.
What years does this Assisted Living Market cover, and what was the market size in 2023?
In 2023, the Assisted Living Market size was estimated at USD 153.13 billion. The report covers the Assisted Living Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Assisted Living Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Assisted Living Industry Report
Statistics for the 2024 Assisted Living market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Assisted Living analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Assisted Living Market Report Snapshots
