According to Fortune Business Insights, the global assisted living market was valued at USD 157.28 billion in 2023 and is expected to grow significantly, reaching USD 271.50 billion by 2032. This growth will occur at a compound annual growth rate (CAGR) of 5.94% during the forecast period. North America dominated the assisted living market with a market share of 35.19% in 2023.
Rising demand is driven by the increasing elderly population, longer life expectancy, and the growing need for personalized long-term care solutions. Assisted living facilities offer seniors and individuals with disabilities supportive housing and care services that promote independence while addressing daily activity assistance. The market expansion is further supported by advancements in healthcare technologies and the rising prevalence of chronic conditions among aging populations worldwide. This robust market growth underscores the evolving landscape of senior care and the increasing preference for assisted living as a vital care alternative globally.
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Technology Integration Driving Market Expansion
The assisted living market in North America grew from USD 51.79 billion in 2022 to USD 55.34 billion in 2023, propelled by the widespread adoption of advanced technologies aimed at enhancing resident care and safety. Facilities are increasingly implementing telemedicine solutions, enabling residents to access healthcare services remotely and minimizing the need for frequent in-person visits.
In addition, the deployment of wearable fall detectors, pressure-sensitive floor mats, and emergency response systems ensures rapid intervention during emergencies, significantly improving safety outcomes. Virtual reality (VR) is also gaining traction within assisted living environments, offering therapeutic applications such as cognitive stimulation, virtual travel experiences, and memory enhancement exercises. This ongoing technological transformation is creating new growth opportunities and strengthening the appeal of technologically advanced assisted living facilities.