Life plan communities, also known as continuing care retirement communities (CCRCs), provide seniors with a full continuum of care, from independent living to skilled nursing facilities, all on one campus. These communities offer seniors independent living quarters like apartments or cottages along with access to onsite amenities and services. As one's needs change with age, they are able to easily transition to higher levels of care like assisted living or nursing facilities without having to move elsewhere. This unique service model provides seniors with comfort, security and community.
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. These established players offer a wide range of community options across the US to meet varying budgets and needs.
Secondly, aging demographics are fueling strong demand for senior care facilities. With over 10,000 baby boomers turning 65 every day in the US, the Life Plan Communities market is positioned for sustained growth over the decade. Seniors are seeking housing options that provide security and health services as they age with greater medical requirements.
Lastly, technological advancements are enhancing the resident experience in these communities. Facilities are increasingly investing in technologies like telehealth, remote patient monitoring, virtual engagement platforms and smart home automation solutions to improve health outcomes, safety and quality of life for seniors. These modern conveniences are attracting more younger seniors to life plan communities.
Market Trends
The Life Plan Communities market is seeing a rise in affordable independent living options with fewer upfront buy-in costs. Some communities now offer rentals and lower minimum entrance fees to cater to seniors with lower budgets. Community operators are diversifying their pricing models to tap a wider customer base and maximize occupancy rates.
Additionally, the COVID-19 pandemic has accelerated digitization initiatives at these facilities. Many communities rolled out virtual programs for social engagement, telehealth for medical care and online services like grocery delivery during lockdowns. This wider uptake of technologies is making life plan communities more resilient against future health crises.
Market Opportunities
The senior population in the US and globally is projected to continue rising exponentially over the coming decades. Sustained demand from aging baby boomers and retiring millennials will open up immense opportunities for life plan community operators through 2030 and beyond. The target sector offers scope for expansion through development of newer communities in currently underserved markets.
Another key market opportunity is through strategic partnerships with home health and hospice care providers. Integrating these services at the same campus provides convenience and smooth transitions of care. This full continuum model will position communities as the top choice, thus driving more senior admissions and long-term residency.
The COVID-19 pandemic has significantly impacted the growth of the life plan communities market. In the pre-COVID era, the market was experiencing steady growth driven by factors such as the increasing aging population, growing importance of wellness and active lifestyle among seniors, and rising demand for retirement communities that offer facilities and services under one roof. However, the onset of the pandemic disrupted operations across the lifecare industry. Restrictions on non-essential travel and visits, social distancing requirements, and shifting consumer priorities towards health and safety made it challenging for providers to maintain resident engagement and carry out expansion plans as envisaged before the pandemic.
While operational challenges persisted in the initial months of the pandemic, providers have gradually made adjustments to the new normal. Communities have implemented strict safety protocols, invested in advanced technologies to enable virtual connectivity options for residents, and launched new wellness initiatives focusing on mental and physical health. However, the hesitancy among some seniors to move into communities due to virus exposure concerns continues to impact occupancy levels. Moving forward, success will depend on addressing such concerns through comprehensive prevention strategies, transparency in COVID-19 management, and stimulating demand via innovative service offerings. Service providers will need to focus on digital transformation, optimized resource allocation for high-touch care services, collaborations for clinical expertise, and strategies to enhance the value proposition to attract new residents in a risk-averse environment.
In terms of geographical concentration, the life plan communities market in the United States currently derives a major share of its value from communities located in states like California, Florida, Pennsylvania, New Jersey and Ohio. This is owing to factors such as large senior populations, well-established lifecare providers, strong state economies and infrastructure support for retirement needs. Meanwhile, Western and Southwestern states like Arizona and Texas have emerged as highly attractive markets experiencing faster growth on account of warm climate, lower costs of living and expansive new community developments that are drawing significant migration of retirees.
In the Pacific region, the life plan communities market is growing rapidly in countries such as Australia, owing to increasing elderly populations, rising income levels and growing cultural acceptance of concept of retirement communities that promote wellness and social engagement. Factors like lifestyle preferences, economic conditions and regulatory support are fostering exponential growth of the lifecare sector across major cities and tourist destinations in Australia. Overall, Asia Pacific region will witness the fastest expansion in the coming years, led by countries making infrastructural and socioeconomic advancements to meet the demands of their aging demographics.
What Are The Key Data Covered In This Keyword Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Keyword's growth between 2024 and 2031.
:- Accurate calculation of the size of the Keyword and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Keyword 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 Keyword vendors
FAQ’s
Q.1 What are the main factors influencing the Keyword?
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 Keyword companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Keyword’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?
Get more insights on this topic: https://www.pressreleasebulletin.com/life-plan-communities-market-growth-size-and-demand-2/
About Author:
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)
