U.S. Assisted Living Facility Market Is Projected To Grow Robustly
U.S. Assisted Living Facility Industry The market size of assisted living facilities (ALFs) in the United States was valued at USD 91.8 billion in 2022. It is projected to grow at a compound annual growth rate (CAGR) of 5.53% during the period from 2023 to 2030. One of the primary factors contributing to this market growth is the increasing elderly population who are seeking companionship, safety, and help with daily living tasks, and are therefore choosing to reside in assisted living facilities. The continuous increase in the number of older adults, largely due to rising life expectancy, is anticipated to drive substantial growth in the near future. According to the National Institute on Aging (NIA), approximately 8.5% of the global population is currently aged 65 years and older. Furthermore, data published by the Population Reference Bureau indicates that the population of Americans aged 65 and above is expected to grow from 52 million in 2018 to 95 million by the year 2060. ...