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Rising Demand For Personalized Senior Care Fuels The Assisted Living Facility And Neurorehabilitation Market Growth: Pivotal Factor Influencing Assisted Living Facility And Neurorehabilitation Market Growth in 2025
Assisted Living Facility And Neurorehabilitation
Assisted Living Facility And Neurorehabilitation Market Size Growth Forecast: What to Expect by 2025?
The market size of neurorehabilitation and assisted living facilities has expanded significantly in the past years. The growth is expected to continue, with projections seeing it increase from $47.63 billion in 2024 to $51.55 billion in 2025 at a compound annual growth rate (CAGR) of 8.2%. This substantial growth during the historical period is primarily attributed to the rising needs of an aging population, the growing demand for neurorehabilitation centers, the burgeoning popularity of continuing-care retirement communities, and the increasing number of survivors from traumatic brain injury (TBI).
How Will the Assisted Living Facility And Neurorehabilitation Market Size Evolve and Grow by 2029?
The market size for assisted living facilities and neurorehabilitation is set to experience significant growth in the coming few years, swelling to $69.74 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. This growth, projected for the forecast period, can be linked to the increasing demand for neurorehabilitation devices, increased occurrence and prevalence of neurological disorders, more earnings from the elderly population, and a preference for residing in senior housing communities for improved healthcare. Key trends predicted for this same period are improvements in healthcare and technology, the use of computer-assisted and electronic robotic devices, rapid adoption of innovative treatments, and technological advancements.
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What Drivers Are Propelling the Growth of Assisted Living Facility And Neurorehabilitation Market Forward?
The surge in the need for customized care services for the elderly is anticipated to stimulate the expansion of the assisted living and neurorehabilitation market. Customized senior care services encompass a broad spectrum of services that aid older adults in their daily lives. The escalating need for these services is attributed to the rising older population, their specific requirements, and their quest for high-quality care. Incorporating assisted living and neurorehabilitation into personalized senior care provides a holistic approach, merging daily living support with specialized therapeutic strategies adapted to individual neurological conditions. For example, the Australian Institute of Health and Welfare, a government agency in Australia, reported in March 2023 that the government's expenditure on aged care for 2021-22 reached $24.8 billion. As the population continues aging, this figure is forecasted to grow from 1.1% of GDP in 2021-22 to 2.5% by 2062-63. Consequently, the accelerated demand for customized senior care services is propelling the growth of the assisted living and neurorehabilitation market.
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Which Emerging Trends Are Transforming the Assisted Living Facility And Neurorehabilitation Market in 2025?
Major players in the assisted living facilities and neurorehabilitation market, such as MindMaze, a digital therapeutics company based in Switzerland, are utilizing technological advancements like smart peripheral devices to gain an advantage over their competitors. A smart peripheral device is an ultra-sensitive controller designed to record the subtle forces and wrist movements involved in daily activities. This is beneficial for even the most physically impaired patients as it can detect forces exerted by fingers and hands at a sub-newton level. MindMaze, in February 2023, released Izar, an innovative, FDA-listed, and CE-marked smart peripheral device specifically for patients suffering from impaired hand motor function. Izar's goal is to address a significant need in neurological care- the enhancement of hand strength and dexterity. It can be used to treat a variety of conditions, including stroke, Parkinson's disease, Alzheimer's disease, and traumatic brain injuries.
What Are the Key Segments in the Assisted Living Facility And Neurorehabilitation Market?
The assisted living facility and neurorehabilitation market covered in this report is segmented -
1) By Type: Women, Men
2) By Age: Less Than 65, 65-74, 75-84, More Than 85
3) By Application: Hospitals, Clinics, Personal Care, Other Applications
Subsegments:
1) By Women: Elderly Women, Women With Cognitive Disorders, Women With Physical Disabilities
2) By Men: Elderly Men, Men With Cognitive Disorders, Men With Physical Disabilities
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Who Are the Key Players Shaping the Assisted Living Facility And Neurorehabilitation Market's Competitive Landscape?
Major companies operating in the assisted living facility and neurorehabilitation market are 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
What Geographic Markets Are Powering Growth in the Assisted Living Facility And Neurorehabilitation Market?
North America was the largest region in the assisted living facility and neurorehabilitation market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the assisted living facility and neurorehabilitation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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