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Assisted Living and Neurorehabilitation Market Report 2024: Global Industry Overview
assisted living facility and neurorehabilitation market
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According to The Business Research Company's, The assisted living facility and neurorehabilitation market size has grown strongly in recent years. It will grow from $44.19 billion in 2023 to $47.63 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to growing geriatric population demands, demand for neurorehabilitation centers, gaining traction of continuing-care retirement communities, and increasing number of traumatic brain injury (TBI) survivors.
The assisted living facility and neurorehabilitation market size is expected to see strong growth in the next few years. It will grow to $64.73 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The growth in the forecast period can be attributed to the need for neurorehabilitation devices, rising incidence and prevalence of neurological disorders, growing income from the senior population, and the desire to live in senior housing communities for better healthcare. Major trends in the forecast period include advancements in medicine and technology, the adoption of computer-aided and electronic robotic devices, adoption of newer treatments at a fast rate, and technological advancements.
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Market Drivers and Trends:
Major companies operating in assisted living facilities and neurorehabilitation market are focusing on technological advancements, such as smart peripheral devices, to gain a competitive edge in the market. Smart peripheral device is a hyper-sensitive controller that captures the fine grasp forces and wrist movements required for daily activities. It can detect sub-newton-level finger and hand forces, enabling treatment for even the most impaired patients. For instance, in February 2023, MindMaze, a Switzerland-based digital therapeutics company, launched Izar, a first-of-its-kind FDA-listed and CE-marked smart peripheral device for patients with impaired hand motor function. Izar is designed to fill a critical gap in neurological care and aims to be the most effective treatment for improving hand dexterity and strength in a wide range of conditions, including stroke, Parkinson's disease, Alzheimer's disease, and traumatic brain injury.
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Major Key Players of the Market:
Community Health Systems Inc., Sevita Health, Encompass Health Corporation, Kindred Healthcare LLC, Brookdale Senior Living, Atria Senior Living Inc., SCA Health, Belmont VillAge L.P., Aegis Living, Craig Hospital, NeuroRestorative, Centre For Neuro Skills, Bioness Inc., Texas NeuroRehab Center, Catholic Eldercare, Moody Neurorehabilitation Institute, ResCare Inc., Sukino Healthcare Solutions Pvt. Ltd., TeamHealth, Mary Lee Foundation, Sanctus Rehabilitation Care Foundation
Assisted Living Facility And Neurorehabilitation Market 2024 Key Insights:
• The assisted living facility and neurorehabilitation market size is expected to see strong growth in the next few years. It will grow to $64.73 billion in 2028 at a compound annual growth rate (CAGR) of 8%.
• Rising Demand For Personalized Senior Care Fuels The Assisted Living Facility And Neurorehabilitation Market Growth
• Technological Advancements In Assisted Living And Neurorehabilitation
• North America was the largest region in the assisted living facility and neurorehabilitation market in 2023
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