BURLINGAME, Calif., Dec. 14, 2023 /PRNewswire/ -- CoherentMI published a report, titled, Life Plan Communities Market is estimated to value at US$ 94.99 Billion in the year 2023, and is anticipated to reach a US$ 187.48 Billion by 2030, with growing at a CAGR of 10.2% during forecast period 2023-2030.
Life plan communities market is driven by two key factors. Firstly, the increasing global population of aging individuals is creating a high demand for retirement living options. With the advancements in healthcare and improved living standards, people are living longer than ever before. This has led to a rise in the number of retirees seeking comfortable and secure living arrangements in their later years. Life plan communities provide a range of housing options and amenities to cater to the specific needs of seniors, including independent living, assisted living, and nursing care services. These communities offer a safe and supportive environment for retirees to live an active and fulfilling life.
Secondly, the growing trend of wellness and active aging is fueling the demand for life plan communities. Older adults today are more health-conscious and are seeking opportunities to maintain an active lifestyle. Life plan communities offer a wide range of social, recreational, and fitness activities to promote physical and mental well-being among residents. They also provide access to healthcare services and wellness programs, ensuring that seniors can lead a healthy and fulfilling life even in their later years.
Market Trends:
Two emerging trends in the Life Plan Communities Market are:
Emphasis on personalized and customized services: Life plan communities are increasingly focusing on providing personalized and customized services to residents. This includes tailoring housing options, amenities, and healthcare services to meet the unique needs and preferences of individuals. By offering a variety of choices and flexible care options, these communities aim to enhance the quality of life for their residents and provide a sense of individuality and independence.
Integration of technology: Life plan communities are incorporating technological advancements to improve the overall living experience for residents. This includes the use of smart home technologies, telehealth services, and digital communication platforms to enhance convenience, connectivity, and accessibility. Technology integration also enables efficient management of community operations and facilitates effective communication.
Recent development:
- In May 2023, in an article, Lutheran Senior Service stated that they are leading the way in the region by intruding Tovertafel to all life plan communities.
- In December 2022, Benchmark Senior Living, has announced a collaboration with Big Brothers Big Sisters of Rhode Island (BBBSRI).
Market Opportunities:
Growing Demand for Continuing Care Retirement Communities
Continuing Care Retirement Communities (CCRCs) are expected to dominate the Life Plan Communities market during the forecast period. CCRCs offer a range of housing options and healthcare services for seniors, providing them with a continuum of care as their needs change over time. Due to the aging population and the desire for a secure retirement, the demand for CCRCs is expected to witness significant growth.
CCRCs not only offer independent living but also provide assisted living and skilled nursing facilities, ensuring that residents can age in place even if their health deteriorates. This comprehensive approach to senior living has led to the popularity of CCRCs among both seniors and their families. As a result, the CCRC segment is anticipated to hold a dominant position in the Life Plan Communities market.
Rising Interest in Non-Profit Life Plan Communities
While for-profit Life Plan Communities currently dominate the market, there is a growing interest in non-profit organizations within this sector. Non-profit Life Plan Communities are typically associated with a mission-driven approach and a commitment to serving the community.
Non-profit organizations often reinvest their earnings back into the community, focusing on improving the quality of care and enhancing the overall resident experience. Many seniors prefer non-profit Life Plan Communities as they perceive them to provide a higher level of personalized care and a greater sense of community.
As the demand for non-profit Life Plan Communities continues to rise, it is expected that this segment will gain a significant market share. The growing interest in these organizations indicates a shift towards a more socially responsible approach in senior care and housing.
Key Market Takeaways:
- The Life Plan Communities market size is anticipated to witness a CAGR of 10.2% during the forecast period 2023-2030, owing to the increasing demand for comprehensive and specialized senior living solutions.
- On the basis of type, the Continuing Care Retirement Communities segment is expected to hold a dominant position due to its ability to provide a continuum of care for seniors. CCRCs offer independent living, assisted living, and skilled nursing facilities, making them a popular choice among seniors and their families.
- In terms of ownership type, for-profit Life Plan Communities currently dominate the market. However, there is a growing interest in non-profit organizations due to their mission-driven approach and reinvestment into the community. Non-profit Life Plan Communities are perceived to offer a higher level of personalized care and a stronger sense of community.
- By contract type, extensive contracts are expected to dominate the market. Extensive contracts offer a comprehensive range of services and care, providing residents with peace of mind and eliminating concerns about future healthcare expenses.
- North America is expected to hold a dominant position in the Life Plan Communities market due to the presence of well-established players, favorable reimbursement policies, and a rapidly aging population.
- Key players operating in the Life Plan Communities market include Erickson Living, ACTS Retirement Life Communities, Brookdale Senior Living, and Life Care Services. These players, along with others in the market, are focused on meeting the increasing demand for senior housing and care services, incorporating innovative technologies, and enhancing the overall resident experience. The market is highly competitive, with key players striving to differentiate themselves and gain a larger market share.
Read complete market research report, "Life Plan Communities Market, By Type, By Ownership Type, By Contract Type, By Geography, and other Segment Forecast 2023-2030", Published by CoherentMI.
Life Plan Communities Market Segmentation:
- By Type
- Continuing Care Retirement Communities (CCRCs)
- Assisted Living Facilities
- Independent Living Communities
- Skilled Nursing Facilities
- Others
- By Ownership Type
- For-profit
- Non-profit
- Government
- By Contract Type
- Extensive contracts
- Modified contracts
- Fee-for-service contracts
- Equity contracts
- Others
- By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
FAQ's:
- What factors are impeding the growth of the market for Life Plan Communities?
- What are the primary drivers fostering growth in the market for Life Plan Communities?
- Which segment stands out as the leading component in the Life Plan Communities Market?
- Who are the key players actively involved in the Life Plan Communities Market?
- Which region is poised to take the lead in the Life Plan Communities Market?
- What is the projected CAGR for the Life Plan Communities Market?
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