by The life plan communities market provides housing facilities and associated services to retired persons and senior citizens primarily in the United States. These communities offer independent living, assisted living and skilled nursing facilities with services such as meals, housekeeping, transportation and assistance with activities of daily living based on needs. Life plan communities aim to help senior citizens live independently for as long as possible with access to higher levels of care if and when needed. The advantages of life plan communities include provision of care and assistance within the same campus avoiding shifts to different locations, social engagement and security of tenure as long as residency and monthly service fees are paid.
With rising medical inflation and costs of long-term care, Life Plan Communities provide senior citizens with a financially sustainable option for aging in place.
The Global life plan communities market is estimated to be valued at US$ 94.99 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030.
Key Takeaways
Key players operating in the life plan communities are Erickson Living, ACTS Retirement Life Communities, Brookdale Senior Living, Life Care Services, Lutheran Senior Services, Presbyterian Senior Living, United Methodist Retirement Communities, Wesley Woods Senior Living, Benchmark Senior Living, Senior Lifestyle Corporation, Five Star Senior Living, Sunrise Senior Living, Silverado Senior Living, Maplewood Senior Living, Oakmont Senior Living, Leisure Care, Holiday Retirement, Capital Senior Living, Welltower, and HCP Inc.
The key opportunities in the market include geographical expansion into new markets, development of smaller senior housing models targeting lower income demographics and upgrading service offerings with Internet connectivity, recreational amenities and on-site healthcare providers.
Globally, the rapidly aging population along with rising incomes is expected to drive strong demand for senior care options especially in Asia Pacific and Latin American regions. Countries with large aging demographics such as China, Japan, South Korea and Brazil are estimated to witness double digit growth in the life plan communities sector over the next decade.
Market Drivers
Rapid aging of the global population, especially in developed nations is one of the key drivers of growth of the life plan communities market. According to the United Nations, the number of persons aged 65 years or older is projected to grow from 703 million in 2019 to 1.5 billion in 2050 globally. This rapid rise in the senior population considerably raises the demand for specialized senior housing and assisted living facilities.
PEST Analysis
Political: The senior housing sector is closely regulated by federal, state and local government policies on zoning, construction, healthcare provisions, etc. Changes in any relevant regulations can impact the growth of the life plan communities market.
Economic: Higher inflation and interest rates can strain the budgets of senior citizens and make monthly maintenance fees at life plan communities unaffordable for some. Slower economic growth also impacts discretionary spending on senior living.
Social: The increasing share of aging population opting for retirement communities is driving demand. However, some prefer to age independently or with family support.
Technological: Automation in facilities and healthcare services allows operators to provide enhanced amenities and care at lower costs. Digital services also help residents stay connected with family and healthcare providers remotely.
The United States accounts for the largest share of the global life plan communities market in terms of value. States with high concentrations of retirement communities include California, Florida, Pennsylvania, New Jersey, Illinois and Arizona. Asia Pacific is the fastest growing regional market with Japan being a major country. China is witnessing increased investment in retirement housing development to cater to its fast expanding senior population.
What Are The Key Data Covered In This Life Plan Communities Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Life Plan Communities’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Life Plan Communities and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Life Plan Communities Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Life Plan Communities vendors
FAQ’s
Q.1 What are the main factors influencing the Life Plan Communities?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Life Plan Communities companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Life Plan Communities’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
