United States Assisted Living Facility Market Outlook Report 2022-2027: Advent of Next-Generation Assisting Living Communities & Rise in Frequency of Mergers and Acquisitions Bolsters Growth - ResearchAndMarkets.com
27 Dec 2022
Acquisition
DUBLIN--(BUSINESS WIRE)--The "U.S. Assisted Living Facility Market- Industry Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
'U.S. Assisted Living Facility Market- Industry Outlook & Forecast 2022-2027'
The U.S. assisted living facility market is expected to grow at a CAGR of 5% during 2022-2027.
In the U.S., increased shifting towards independent living by senior/adult older people is delivering high market growth opportunities to assisted living facility market. The significant aging population is increasing the demand for independent living facilities. In 2019, around 92% of the U.S. senior population showed a stabilized occupancy trend for independent living. In recent years, the key players and emerging players have increased their focus on high-end communities, changing the U.S. assisted living facility market landscape.
Assisted living constructions have significantly increased in the past few years, and boosting the market growth, there is an increase in the construction activities related to assisted living community units across the United States. The key companies in the U.S. assisted living facility market are involved in inorganic growth strategies. The merger and acquisition strategies accelerate the AL community's expansion and geographical presence at the industry level.
Further, the new concept of active adult living in the ALF attracts people to it. Even before retirement, people who are about to retire shortly are joining the active living facilities. This is when they have ample cash flow post-retirement; these active living facilities are unique and have better facilities per their requirements. In recent years, this group has been seen as a better target group for the ALF
Industry Regulations
In the U.S. assisted living facility market, the regulatory environment surrounding ALF continues to intensify in multiple ways. Local officials, state and federal, are increasingly focusing on enforcing laws and regulations that directly impact assisted living facilities.
The higher impact is particularly true for multi-community operators. Some rules and regulations that affect state and local (domestic) laws impact licensure protect the consumer against misleading scenarios, and influence assisted living communities' management, properties, and equipment.
Role of Medicare and Medicaid
Most assisted living communities rely on reimbursement from government funding and programs, such as Medicare and Medicaid, for some of the company's revenues. Medicare and Medicaid do not fully cover assisted living costs or rent, but Medicaid covers the medical expenses at an assisted living facility. Medicare and Medicaid represent some reimbursement helpful for assisted living facilities and seniors who reside in the assisted living facilities.
KEY HIGHLIGHTS
More than 28,900 assisted living communities operating in the U.S. Healthcare expenditure by seniors is increased in the United States. In 2020, healthcare expenditure rose to USD 4.1 trillion. This growth is substantially high compared to 2019. In 2022, SeniorLiving.org published a report on assisted living and home care costs in the U.S. In 2022, more than 800,000 American seniors will be living in AL communities
The assisted living facilities are undergoing consolidation post-COVID-19 pandemic. Many chains-based assisted living facilities are adding up more ASF or breaking them down into smaller entities to handle operational costs and implement changes faster. Smaller independent assisted living facilities are running the industry changes better than the chain of ALF. Post pandemic, the scenario has changed in the U.S. assisted living facility market; the number of people enrolling in nursing and long-term care facilities is decreasing. However, there is a moderate increase in the number of people registering for the ALF. This number of expected to increase in the future
Many U.S.-based assisted living facility organizations are engaged in various innovation initiatives. New technologies, ideas, and operating models to improve assisted living care facilities and enhance resident engagement and experience are being introduced in the U.S. assisted living facility market. With the help of advanced technology platforms such as remote monitoring, telemedicine, and connected devices, ASFs expect to identify solutions to reduced complexity and increased productivity at an affordable cost for people
VENDOR LANDSCAPE
Brookdale Senior Living, Alerislife (Five Star Senior Living), Atria Senior Living, and Enlivant hold a major share in the U.S. assisted living facility market. Due to the company's high geographical presence, expertise, and well-known brand image, they have a better industry share in the United States. The U.S. assisted living facility market is highly competitive due to numerous organizations offering similar services and community-based service programs.
Currently, more than 28,900 assisted living facility providers are available in the U.S. Brookdale Senior Living, Alerislife (Five Star Senior Living), Atria Senior Living, and Enlivant hold a major share in the U.S. assisted living facility market. In 2022, around 2,500 different senior living services providers, including assisted living facilities, were available in the U.S. Based on Brookdale analysis, the occupancy rate of seniors such as assisted living, independent living, and memory care sharply increased in 2022.
Key Vendors
Enlivant
Other Prominent Vendors
ALG Senior
American Senior Living
Brightview Senior Living
Benchmark Senior Living
Belmont Village Senior Living
Capital Senior Living
Civitas Senior Living
Clearwater Living
Century Park Associates
Discovery Senior Living
Gardant Management Solution
Integral Senior Living
Kisko Senior Living
Leisure Care
Meridian Senior Living
Merrill Garden
Pinnacle Senior Living
Pathway To Living
Pegasus Senior Living
Senior Lifestyle
Senior Resource Group (SRG)
Spring Arbor Senior Living
Sinceri Senior Living
Vi
Watermark Retirement Communities
Waltonwood Senior Living
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.1.1 Impact of Covid-19 on Alf Occupancy & Construction Activities
8 Premium Insights
8.1 Assisted Living Facilities Market in the Us: Segmentation Analysis
8.2 Gender Segmentation Insights
8.3 Ownership Segmentation Insights
8.4 Age Group Segmentation Insights
8.5 Regional Segmentation Insights
9 Market Opportunities & Trends
9.1 Rise in Number of Independent Living Communities
9.2 Development of High-End & Mid-Level Alfs
9.3 Emergence of Active Adult Living Communities
10 Market Growth Enablers
10.1 Increase in Prevalence of Alzheimer's Dementia & Other Cognitive Disorders
10.2 Advent of Next-Generation Assisting Living Communities
10.3 Rise in Frequency of Mergers and Acquisitions
11 Market Restraints
11.1 Covid-19 & Its Implications on Alfs
11.2 Increase in Operational Risks and Challenges
11.3 Alternatives to Assisted Living Communities
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.2.1 Gender Segmentation Insights
12.2.2 Ownership Segmentation Insights
12.2.3 Age Group Segmentation Insights
12.2.4 Region Segmentation Insights
12.3 Five Forces Analysis
13 Gender
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Female
13.4 Male
14 Ownership
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Chain-Affiliated
14.4 Independently-Owned
15 Age Group
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 85 & Above
15.4 75 to 84
15.5 60 to 74
For more information about this report visit https://www.researchandmarkets.com/r/8ww2c0
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