Assisted Living is for the older adult who wants to live independently after their retirement. But older people need some assistance to perform a few of the daily activities such as dressing, bathing, medication reminder and transportation which is provided under the assisted living. Older people have the freedom to live their own suites and companion under the assisted living facility.
Another household chores such as cooking and laundry are also included under the assisted facility. Living spaces such as individual rooms, apartments, and a shared quarter are provided by the assisted living companies to older people. Assisted living facilities are generally home-like setting and are physically designed to promote the resident’s independence.
Companies who provide the assisted living facility sign a contract agreement with the individual that accommodation, personal care, healthcare and service support. This contract of assisted living also included the time period of contact and cost of service charged by the service provided.
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Assisted Living Market: Drivers and Restraints
Rise in the geriatric population throughout the globe is the key factor driving the growth of the assisted living market over the forecast period. The proper care of older people is being ignored by the many families which have boosted the demand for the assisted living market. Also, the rising number of older people who want to live their retired life with their companion and want full freedom is also propelling the growth of the assisted living market. Moreover, advancement in smart technologies related to connected space and smart home is gaining traction for the assisted living market.
Additionally, the availability of favorable reimbursement scenario for assisted living in developed countries will also propel the growth of the assisted living market. But the high cost of assisted living which could not be afforded by the older people in developing economies will hamper the growth of the assisted living market to some extent.
Assisted Living Market: Segmentation
The global Assisted Living market is classified on the basis of service type, facility type, and region.
Based on service type Assisted Living market is segmented into following:
- Personal Care (Bathing and Dressing)
- Housekeeping and Laundry
- Monitoring Medication
Based on facility type Assisted Living market is segmented into following:
- Adult Family Home
- Community-Based Residential Facility
- Residential Care Apartment Complex
Assisted Living Market: Overview
The assisted living market is expected to gain the ultimate traction over the forecast period due to the rising number of geriatric population. According to the United Nations, in 2017 there were 962 million people with above 60 aged are living in the world. It was estimated that currently 13% of world population is geriatric and it is projected that approximately 25% of the world population will be geriatric by 2050. During the older age, the probability of heart diseases, orthopedic disorder, diabetes, and others disease are very high need personal care toward the individual. Complete attention toward the individual is provided in the assisted living which has increased its importance for elderly care.
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Assisted Living Market: Regional Overview
North America is the most lucurative market for assisted living due to high adoption of assisted living among the geriatric population in the U.S. and Canada. Europe is the second most lucrative region for the assisted living market due to the availability of favorable reimbursement scenario in the majority of European countries. Asia-Pacific is the fastest growing region for assisted living market owing to a high population of older people in counties like in India, China, and Japan. Latin America and the Middle East Africa region are the least lucrative for assisted living market due to lack of awareness and unaffordability among the geriatric population about the assisted living.
Assisted Living Market: Key Players
Some of the key players found across the value chain of Assisted Living are Siemens AG, Honeywell International Inc., ABB Group, Panasonic Corporation, United Technologies Corporation, Assisted Living Technologies, Inc., Ingersoll Rand Plc, Legrand S.A., Gnomon Informatics Inc., Televic Healthcare N.V., Telbios SRL, Atria Senior Living, Brookdale Senior Living, Emeritus Corporation, Extendicare, Inc., Genesis Healthcare, Golden Living, HCR Manor Care, Inc., Merrill Gardens, Sunrise Senior Living, Inc.
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