Life Plan Communities Market is Anticipated to Witness High Growth Owing to Increasing Health and Wellness Needs of Aging Population

Life Plan Communities Market is Anticipated to Witness High Growth Owing to Increasing Health and Wellness Needs of Aging Population

The life plan communities market provides senior living residences and services to support independent, assisted and skilled care living options. Senior living communities are designed to promote active aging by providing housing, meals, recreational activities and supportive services to older adults who want to stay independent longer. The communities also offer healthcare facilities like memory care, rehabilitation and skilled nursing on the same premises enabling the residents to receive healthcare without moving away from their community as their needs change.

The aging population worldwide prefer such Life Plan Communities as they ensure security, companionship and dignity during retirement years while reducing the burden on family members.

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 market 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. Erickson Living is one of the largest not-for-profit operator with over 20,000 residents across 300 communities in 36 states.

The key opportunities in the life plan communities market include growing demand for affordable senior housing options and the need for expanding healthcare facilities for aging population. The COVID-19 pandemic has further boosted demand as more seniors prefer communities offering on-campus healthcare.

The U.S. accounts for the largest share in the global market currently. However, Asia Pacific region is expected to offer lucrative growth opportunities owing to rapid aging population in countries like China and Japan. Major players are exploring opportunities in these emerging markets through partnerships, acquisitions and greenfield community developments.

Market Drivers

Rising life expectancy has increased the ageing population worldwide. As per United Nations report, there were 727 million people aged 65 or over globally in 2020 which is projected to reach 1.5 billion in 2050. This rising geriatric population drives the need for life plan communities which provide comprehensive care and support services for seniors.

Market Restraints

High initial cost of entry and monthly rentals of life plan communities put them out of reach for many low and middle income seniors. Additionally, tight regulations around senior housing and lack of trained workforce in some regions pose challenges to market expansion.

Segment Analysis

The independent living segment currently dominates the life plan communities market with a share of over 50%. Independent living provides seniors with all the amenities and benefits of community living without any need for assisted care services. The increasing number of retirees looking to downsize from single-family homes into low-maintenance living options is driving the demand for independent living communities.

The assisted living segment is the fastest growing sub-segment growing at a CAGR of over 12% during the forecast period. Assisted living communities offer personalized support services to help seniors with daily activities like dressing, eating, medication reminders etc. The rising incidence of age-related health issues is prompting many seniors to choose assisted living facilities for getting needed care while still maintaining their independence.

Global Analysis

The North American region holds the largest share of the global life plan communities market currently. This can be attributed to the large senior population in countries like the US and Canada as well as higher spending power and healthcare expenditures of seniors in the region. Going forward, the Asia Pacific region is expected to witness the highest growth during the forecast period owing to rapid growth of senior housing sector in countries like China, Japan and Australia. Countries in Europe are also emerging as lucrative markets driven by increasing demand for high-quality senior living options amid fast aging demographics in countries like Germany, France and UK.

What Are The Key Data Covered In This Keyword Market Report?

:- Market CAGR throughout the predicted period

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:- Keyword Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

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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. (https://www.linkedin.com/in/ravina-pandya-1a3984191)