U.S. Assisted Living Facility Industry Overview
The U.S. assisted living facility market size is expected to reach USD 140.8 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.53% from 2023 to 2030. The launch of new assisted living facilities, 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 the 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 Segmentation
Grand View Research has segmented the U.S. assisted living facility market based on age and region:
Based on the Age, the market is segmented into More than 85, 75-84, 65-74, and Less than 65.
- More than 85 years segment accounted for the largest market share of 52.35% in 2022 and is expected to register the fastest CAGR of 5.65% during the forecast period, while the 75 to 84 age group was the second largest segment in 2022.
- Such retirement communities are known to cater to people aged 50 years and above. The idea behind these communities is to prevent seniors from relocating when additional care is needed. As a result, the less than 65 years segment is likely to receive a moderate boost over the forecast period.
Key Companies Market Share Insights
The U.S. market for the assisted living facility is consolidated with a presence of a few large and various medium small service providers. Sunrise Senior Living, Brookdale Senior Living, and Kindred Healthcare, LLC are some of the established ALF providers in the U.S. Service providers are taking initiatives such as the construction of new facilities to strengthen their market presence. For instance, in January 2021, Kindred Healthcare, LLC and Tampa General Hospital initiated the construction of a joint rehabilitation facility as per their joint venture in May 2020.
Some of the key players in the U.S. assisted living facility market include:
- Kindred Healthcare, LLC
- Brookdale Senior Living Inc.
- Sunrise Senior Living, LLC
- Atria Senior Living, Inc.
- Five Star Senior Living
- Capital Senior Living
- Merrill Gardens
- Integral Senior Living (ISL)
- Belmont Village, L.P.
- Gardant Management Solutions
Order a free sample PDF of the U.S. Assisted Living Facility Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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