April 21, 2024
Life Plan Communities Market

Life Plan Communities Market Is Expected To Be Flourished By Rising Demand Of Senior Care Facilities

The Life Plan Communities Market, also known as Continuing Care Retirement Communities (CCRCs), provides independent living, assisted living, and skilled nursing care on the same campus. These communities offer a variety of housing, hospitality services, and healthcare according to the changing needs of seniors. With amenities like housekeeping, transportation, activities, and dining, Life Plan Communities allow seniors to age in place without worrying about their future healthcare needs. As modern families are becoming more mobile and dispersed, there is a growing demand for such senior communities that can provide a wide range of healthcare and support services.

The global Life Plan Communities Market is estimated to be valued at US$ 94.99 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

With growing medical inflation and increasing life expectancy, there is a rising demand for senior care facilities that provide comfort and quality healthcare. Life Plan Communities cater to this demand by allowing aging populations to transition smoothly from independent living to assisted care and nursing facilities according to their changing needs. They provide diversified and comprehensive services under one roof. This is expected to drive the growth of the Life Plan Communities Market over the forecast period.

Life Plan Communities focus on preventive healthcare and wellness programs for residents. They offer amenities like fitness centers, healthcare seminars, activities for brain and body, nutritious meals, and rehabilitative services. This holistic approach to senior health and wellness is attracting more customers and boosting the Life Plan Communities Market.

Segment Analysis:

The life plan communities market can be segmented into assisted living communities and continuing care retirement communities. The continuing care retirement communities segment is dominating the market currently as it provides seniors with a continuum of care within a single community. Seniors have the option to transition their living arrangements from independent living to assisted living and skilled nursing care facilities as their needs change. This one stop solution is driving the demand for continuing care retirement communities.

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

PEST Analysis:

Political: The aging population has led governments to focus on senior housing solutions. Subsidies and tax exemptions are boosting investments in the life plan communities sector.
Economic: Rising healthcare costs are encouraging seniors to opt for life plan communities which bundle various senior care services. Growing disposable incomes also support the demand.
Social: Longer lifespans and desire for active aging is increasing preference for facilities that allow independence and aging in community. Demand is high for communities offering social engagement and wellness programs.
Technological: Adoption of technologies like remote health monitoring and virtual care programs allow seniors to age in place for longer. Advanced safety features add to the appeal of life plan communities.

Key Takeaways:

The global Life Plan Communities Market Size is expected to witness high growth over the forecast period supported by the rising senior population globally. The global Life Plan Communities Market is estimated to be valued at US$ 94.99 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

The North American region currently dominates the market owing to the presence of major players and government initiatives for senior housing in the US and Canada. Asia Pacific is expected to be the fastest growing region with China and India emerging as high potential markets. The senior population in Asia Pacific is set to more than double by 2050. Countries like China, Singapore, South Korea and India are witnessing rapid growth in master planned retirement communities to meet rising demand. Governments are also announcing favorable policies to boost investments in the sector.

Key players operating in the life plan communities market are Erickson Living, Five Star Senior Living, Holiday Retirement, Life Care Services and Brookdale Senior Living. Key players are adopting strategies like mergers and acquisitions to expand their service portfolios and geographic footprint. They are also investing in innovative product offerings and technologies to differentiate in the competitive market.

*Note:
1.Source: CoherentMI, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it