by Life plan communities offer independent living units like apartments or cottages for seniors who are fully ambulatory and do not need daily healthcare services along with different levels of assisted living and skilled nursing facilities on the same campus that gradually increase support as residents age. The communities aim to foster an engaging lifestyle with amenities and services under one roof allowing seniors to age in place independent longer while getting necessary healthcare.
The life plan communities market provides senior housing, assisted living and healthcare services exclusively for seniors over 55-65 years of age and 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 2023-2030.
The global Life Plan Communities market is driven by the rising aging population globally. As per UN projections, one in six people will be over age 65 by 2050. With longer life expectancy and growing number of aging baby boomers, the demand for senior housing and long term care facilities is increasing rapidly. Life plan communities are very popular in the US as about 90% of communities have a waiting list. 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 Living, Maplewood Senior Living, Oakmont Senior Living, Leisure Care, Holiday Retirement, Capital Senior Living, Welltower, and HCP Inc.
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 Living, Maplewood Senior Living, Oakmont Senior Living, Leisure Care, Holiday Retirement, Capital Senior Living, Welltower, and HCP Inc. The demand for senior housing and care is increasing rapidly driven by aging population globally. As per UN, one in six people will be over 65 by 2050 placing further pressure on senior housing and care facilities. Many communities already have long waiting lists indicating solid market potential. Life plan communities aim to capitalize on this demand by offering a continuum of care on one campus from independent to assisted living to healthcare allowing seniors to age in place with dignity.
The global expansion of life plan communities is evident from new campus developments across countries to tap foreign aging demographics. For instance, Erickson Living recently opened a new campus in the UK to address growing demand. Benchmark Senior Living and Holiday Retirement are increasingly investing in international markets like Australia, Japan and parts of Europe. Additionally, mergers and acquisitions among key players is consolidation happening to scale up business and expand footprint.
Market Key Trends
One of the key trends in the life plan communities market is the shift towards new models of integrated health services. Traditionally, communities offered senior housing and long term care facilities but newer models are increasingly incorporating primary care clinics, memory care units and rehabilitation therapies on campus. This one stop shop approach allows better management of chronic conditions and streamlines transitions of care. Additionally, to attract younger residents and expand market reach, properties are enhancing amenities and common areas with active adult lifestyle options like wellness centers, pools, resort-style facilities. Customized services, innovative design features and technology enablement is also gaining prominence to improve resident experience in the communities.
Porter’s Analysis
Threat Of New Entrants: New companies would require significant capital investments for land and construction of new communities.
Bargaining Power Of Buyers: Residents have medium bargaining power as they can choose from many available provider options in most geographical areas.
Bargaining Power Of Suppliers: Major providers possess significant bargaining power as they provide key services like healthcare and food which are integral to communities’ operations.
Threat Of New Substitutes: Some alternatives like independent living and home healthcare services exist but cannot fully substitute senior living communities.
Competitive Rivalry: Intense competition exists between well-established providers to attract new residents.
The United States accounts for the major share of the global life plan communities market currently, with over 90% of the total market value. This can be attributed to the large senior population base and wide acceptance of such retirement living models in the country. California is the leading state both in terms of the number of communities and residents, followed by Florida and Pennsylvania.
Asia Pacific is expected to witness the fastest growth during the forecast period, rising at over 12% CAGR from 2023-2030. This growth can be credited to robust economic development, rising affluence, and shifting cultural preferences towards senior living communities in countries like China, Japan, and South Korea. Governments are also supporting the development of modern retirement infrastructure to cope with the rapid aging of populations in 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’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Life Plan Communities and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Life Plan Communities 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 vendors
FAQ’s
Q.1 What are the main factors influencing the Life Plan Communities?
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 companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Life Plan Communities’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:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
