NEW YORK, Jan. 22, 2015 /PRNewswire/ -- The assisted living market is growing at a rate of 7.6% as providers attempt to prepare for the huge escalation in the need for care from aging Baby Boomers, according to Kalorama Information. As life expectancy continues to rise in the U.S., initiatives in this $68 billion industry are occurring at many levels, within both the public and private sectors. These include efforts to improve staffing and training, and to enhance information about care options available to consumers. Kalorama's report, Assisted Living: Market Analysis, provides insight into this market segment, which provides medical care and/or assistance with the activities of daily living to the elderly on an ongoing basis.
"As more baby boomers reach retirement age, the size of the elderly population will rise in all states," said Bruce Carlson, publisher of Kalorama Information. "Skilled healthcare workers will be increasingly in demand."
Ten states each had more than 1 million persons over the age of 65 in 2013, with the number of Americans over age 65 expected to continue to rise significantly between now and 2030, as the baby boomers retire. Long term care providers are seeking immediate solutions to this challenge through temporary help, innovative recruiting and retention programs, and training initiatives. These include, for example, efforts to recruit healthcare professionals from abroad coupled with immigration assistance and English language training, as well as initiatives to recruit older workers.
Sales estimates for the assisted living market in the healthcare market researcher's report represent U.S. revenues and are expressed in current dollars. Estimates are provided for the historic 2008 to 2013 period and forecasts are provided through 2018. As part of the report's analysis of the state of the industry, the report covers the following issues and trends:
- The U.S. Health Care Industry
- Long Term Care
- Health Care Reform
- Quality of Care
- U.S. Health Expenditures
- Consumer Preferences and Lifestyle Issues
- Fees and Payment
- The Managed Care Environment
- Preparations for the Future
Although it is estimated that two out of five Americans will need long term care at some point in their lives, many cannot afford it. Seniors face economic pressures due to a variety of factors, among them limited earning power and very low returns from fixed-income investments. Many homeowning seniors eventually sell their homes – their largest single asset – and use the proceeds to enter an assisted living facility. But assisted living is expensive, with monthly costs exceeding $3,200 in many facilities just for basic care. When their funds run out, seniors then usually turn to Medicaid. According to a report from the National Center for Assisted Living, the number of people receiving Medicaid coverage for services in licensed assisted living settings increased 9.2% between 2007 and 2009, and 43.7% between 2002 and 2009; this trend is expected to continue. In support of this, the initial findings from the first nationally representative survey of assisted living/residential care facilities in 2010, under the aegis of the National Center for Health Statistics, found that 19% of residents received Medicaid funding.
Through the report's forecast period, this funding crunch is likely to continue, making this a critical time for the assisted living market – not only a time of growth but also of increasing concern, as ongoing cost containment continues to pressure not just the assisted living segment but the entire long term care industry.
As part of its coverage of the assisted living industry, Assisted Living: Market Analysis profiles the following market leaders:
- Atria Senior Living
- Brookdale Senior Living
- Emeritus Corporation
- Extendicare, Inc.
- Genesis Healthcare
- Golden Living
- HCR Manor Care, Inc.
- Merrill Gardens
- Sunrise Senior Living, Inc.
The report can be found at KI: http://www.kaloramainformation.com/Assisted-Living-8644341/.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog at www.kaloramainformation.com.
SOURCE Kalorama Information