by The life plan communities market offers senior adults a customized retirement lifestyle with amenities like private apartments or condominiums, meals, housekeeping, transportation, social events and access to assisted living or nursing care on the same campus if needed. This all-inclusive community model helps aging population maintain their independence along with safety and security.
The Global Life Plan Communities Market Size 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 2024-2031.
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 Senior Living, Maplewood Senior Living, Oakmont Senior Living, Leisure Care, Holiday Retirement, Capital Senior Living, Welltower, and HCP Inc. The growing aging population globally is fueling the demand for customized retirement living options with on-campus assisted care facilities. Major life plan community operators are expanding their footprint internationally with new developments in countries with large senior population like Japan and China.
Market Key Trends
The growing popularity of rental model over traditional buy-in model is one of the key trends in life plan communities market. This has made retirement living more affordable and flexible for seniors. Major operators are shifting focus to rental communities with customized rental terms and gradual increase in monthly fees over buy-in communities which require a substantial entrance deposit. Furthermore, integration of advanced technologies like telehealth, remote patient monitoring and mobile apps is another trend being witnessed. This is helping address the changing needs of aging residents and optimize on-campus care delivery.
Porter’s Analysis:
Threat Of New Entrants: Life Plan Communities require a huge capital investment to build and run. The existing players already have established brand names, making entry difficult.
Bargaining Power Of Buyers: Life Plan Communities provide facilities and care to senior citizens for lifetime. This creates switching costs for buyers and decreases their bargaining power.
Bargaining Power Of Suppliers: Life Plan Communities need to hire qualified staff and procure medical equipment and supplies. Being a consolidated market, suppliers have some bargaining power over communities.
Threat Of New Substitutes: There is no strong substitute for the integrated living and healthcare services provided by Life Plan Communities. Assisted living facilities are a weak substitute.
Competitive Rivalry: Being a mature market, competition is intense among established players.
Geographical Regions:
The United States accounts for the largest share of the global Life Plan Communities market in terms of value. This is mainly due to the high percentage of elderly population and their preference for all-inclusive senior living communities. States like California, Florida and Pennsylvania have emerged as major centers in the country.
Asia Pacific region is expected to witness the fastest growth during the forecast period. Rapidly aging populations in countries like Japan, China and South Korea are driving demand. Additionally, rising income levels are encouraging the development of modern retirement housing in expanding urban centers across the region.
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 Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Life Plan Communities Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behavior
:- Life Plan Communities Market 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 Market vendors
FAQ’s
Q.1 What are the main factors influencing the Life Plan Communities market?
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 Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Life Plan Communities market’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:
- Source: CoherentMI, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
