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DUBLIN--(BUSINESS WIRE)--Sep 12, 2022--
The "U.S. Assisted Living Facility Market Size, Share & Trends Analysis Report by Age (More Than 85, 75-84, 65-74, Less Than 65), Region (West, South, Midwest), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. assisted living facility market size is expected to reach USD 140.8 billion by 2030 and is expected to expand at a CAGR of 5.48% from 2022 to 2030
The launch of new assisted living facilities, growing prevalence of chronic diseases, and technological developments are expected to boost the market growth during the forecast period.
The prevalence of chronic diseases is increasing at a significant pace. Along with general age-related disabilities, the elderly suffer from chronic diseases such as cancers, heart problems, diabetes, cerebral palsy, Parkinson's disease, multiple sclerosis, dementia, Alzheimer's, and mental stress.
Hospitalization for chronic conditions can be expensive and often involves unnecessary use of resources, which can otherwise be utilized for patients in critical conditions. ALFs can provide specialized care required by the elderly. Increasing demand for these facilities to accommodate new admissions each year is expected to propel market growth.
A number of the facilities became hotspots for transmission of the novel coronavirus; 42% of the total COVID-19 deaths in the U.S. were ALF residents. To cope with the situation, in March 2020, CMS released guidelines for nursing homes and ALFs to help curb the spread of the COVID-19.
These measures include prohibitions on visitors and nonessential staff, daily monitoring for symptoms, screening employees, implementing infection control & cleaning protocols, ensuring social distancing, hiring & training additional employees, adjusting activities, and paying bonuses & overtime.
The majority of these facilities were not allowed to accept new residents, and therefore, had no new revenue streams for the additional expenses associated with the COVID-19 virus, which is hampering the market.
U.S. Assisted Living Facility Market Report Highlights
Market Dynamics
Market driver analysis
Market restraint analysis
U.S. Assisted Living Facility Market: Business Environment Analysis Tools
Regulatory & Reimbursement Scenario
Qualitative Analysis: Impact of COVID-19 on Assisted Living Facilities
Competitive Qualitative Analysis
For more information about this report visit https://www.researchandmarkets.com/r/c837pm
View source version on businesswire.com:https://www.businesswire.com/news/home/20220912005698/en/
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KEYWORD: UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: NURSING HEALTH HOSPITALS OTHER HEALTH MANAGED CARE GENERAL HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/12/2022 10:30 AM/DISC: 09/12/2022 10:32 AM
http://www.businesswire.com/news/home/20220912005698/en