Assisted Living Market: Overview
The assisted living market is predicted to display noteworthy growth in the years ahead driven by a number of factors. Rising trend of nuclear family setups in traditional societies of developing countries is a key factor behind growth of assisted living market. Small living spaces in urban areas often is a reason behind rapid rise in nuclear family setups. Individuals who work far away from home are increasingly considering assisted living for elderly parents for their comfort and care.
The report delves into demand dynamics, growth opportunities, and regional outlook of the assisted living market for the 2020 – 2030 forecast period. The pinpoint analysis of the assisted living market, along with qualitative insights presented in this report serves as a valuable guide for existing as well as new participants in the said market.
Assisted Living Market: Competitive Landscape
The presence of a large number of small, mid-size, and large players makes the assisted living market highly competitive. However, large players that have global presence hold major share in the assisted living market. Hefty investments made by large players have led to development of world-class assisted living communities in some large cities of the world. Senior citizens who retire with handsome retirement plans mostly opt for high-end assisted living communities for a comfortable retired life.
On the other hand, small players who have regional presence are gaining from changing family structures of traditional societies. Players having regional presence are developing state-of-the-art assisted living communities for senior citizens with handsome retirement plans.
Top players having presence in the assisted living market include Atria Senior Living, Emeritus Corporation, Genesis Healthcare, HCR Manor Care Inc., Sunrise Senior Living Inc., Brookdale Senior Living, Extendicare Inc., Golden Living, and Merrill Gardens.
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Assisted Living Market: Key Trends
Rising number of senior citizens and elderly population in most parts of the world paves way for growth of assisted living market. Difficulties of maintaining homes, along with responsibilities for everyday functioning has been a key reason for popularity of assisted living in Western countries with mindset of independent living. Availability of assisted living in various classes to suit comfort, budget of individuals allows individuals to select place of their choice. Full-serviced dining, round-the-clock doctor on-call, park, library, and entertainment room are some common features of assisted living communities in Western countries. On the premises cleaning staff, handy man, electrician are some other features of good quality assisted living communities in Western countries.
Change in family structure in traditional societies is paving way for growth of assisted living market in developing countries. Individuals and couples are increasingly preferring to live independently that gives them the space, and freedom to do things they are interested in. With mutual understanding with children, and respect for each other’s space, elderly parents in urban areas of developing countries are increasingly moving into assisted living. Comfort and care like home, company of individuals of similar, entertainment, religious services are attracting senior citizens to assisted living communities in these regions.
Assisted Living Market: Regional Assessment
Asia Pacific is expected to emerge as a significant region in the assisted living market in the years ahead. Rising practices of nuclear families in traditional societies of the region is resulting in demand for assisted living for senior citizens. Migration to other countries for work is another factor individuals in developing counties of the region are seeking assisted living for elderly parents. Comfortable living, round-the-clock doctor on-call, entertainment are some of the features of high-end assisted living that have come up in recent years in urban areas.
North America and Europe are key regions in the assisted living market. Long-established practices of nuclear family setup is a key factor behind growth of assisted living market in these regions. Practices of independent living of senior citizens, elderly couples accounts for high demand for assisted living communities in these regions.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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