U.S. Assisted Living Facility Market Size Is Anticipated To Reach USD 140.8 Billion By 2030

 San Francisco, 3 May 2024: The Report U.S. Assisted Living Facility Market Size, Share & Trends Analysis Report By Age (More Than 85, 75-84, 65-74, Less Than 65), Region (West, South, Midwest), And Segment Forecasts, 2023 - 2030

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. 

Access Research Report of U.S. Assisted Living Facility Market @ https://www.grandviewresearch.com/industry-analysis/us-assisted-living-facility-market

U.S. Assisted Living Facility Market Report Highlights

• In the U.S., the assisted living facilities provide meals, housekeeping services, social & recreational activities, and exercise & wellness programs. They also provide medical assistance in case of an emergency. Adults opting for assisted living pay for it from their savings and investments.
• The more than 85 segment held the largest market share in terms of revenue during 2022 and is expected to register the fastest growth over the forecast period. By 2040, the number of people aged 85 and above is expected to rise from 6.4 million in 2016 to 14.6 million. As the aging population grows it is likely to raise the demand for ALF facilities.
• On the basis of region, the West region dominated the segment with the largest market share in 2022. However, the South is expected to witness the fastest growth over the forecast period owing to improved living conditions and a number of facilities for senior residents. 

U.S. Assisted Living Facility Market Report Scope

Report Attribute	Details
The market size value in 2023	USD 96.6 billion
The revenue forecast in 2030	USD 140.8 billion
Growth rate	CAGR of 5.53% from 2023 to 2030
The base year for estimation	2022
Historical data	2017 - 2021
Forecast period	2023 - 2030

List of Key Players in the U.S. Assisted Living Facility Market

• 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

Access Press Release of U.S. Assisted Living Facility Market @ https://www.grandviewresearch.com/press-release/us-assisted-living-facility-market-analysis