Life Plan Communities Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (undefined)

Life Plan Communities Market Trends

• Integration of Smart Technology and Sustainability Features: CCRCs are increasingly integrating smart home technologies and sustainability features in the design of their communities to provide convenience, safety, comfort, and energy efficiency for residents. Motion sensors, home automation, voice assistants, remote monitoring systems, electronic access controls are being incorporated along with features like solar panels, EV charging stations, recycling, stormwater conservation etc. Tech-enabled sustainability features help in building operations while also providing comfort to eco-conscious seniors.
• Partnerships between Providers for Development: Developing CCRCs requires significant investments. More providers are entering partnerships with real estate investment firms, private equity firms, and other healthcare companies to jointly develop communities and share risks and resources. Partnerships allow leveraging each other’s expertise. For example, Discovery Senior Living partnered with real estate firm Batson-Cook Development Co. to develop a CCRC in Georgia in 2022. Such partnerships are enabling faster expansion.
• On-Demand Services and Personalized Amenities: On-demand services and personalized amenities tailored as per individual resident preferences are a top trend in CCRCs currently. On-demand transportation, housekeeping, dining, maintenance allow maximum flexibility. Personalized fitness plans, dietician-curated meals, preferred social/recreational activities are being facilitated leveraging technology. Customizable spaces with modular layouts are being designed. The personalized model of service delivery enhances satisfaction.
• Integration of Sophisticated Health Technologies: Advanced health technologies are being integrated by CCRCs to deliver top-quality care onsite and attract seniors looking for access to the latest medical services. For example, The Buckner Retirement Services' Robison Retirement Community based in Texas provides remote patient monitoring, online medical consultations and an onsite clinic with advanced diagnostic tools. Cutting-edge medical devices and services enable CCRCs to minimize resident hospital transfers and trips.

Life Plan Communities Market Regional Insights:

• North America is expected to be the largest market for Life Plan Communities Market during the forecast period, accounting for over 40% of the market share in 2023. The growth of the market in North America is attributed to the rising aging population and increasing prevalence of chronic diseases in the region.
• The Europe market is expected to be the second-largest market for Life Plan Communities Market, accounting for over 28% of the market share in 2023. The growth of the market in is attributed to the growing demand for assisted living and long-term care services for the elderly in European countries.
• The Asia Pacific market is expected to be the fastest-growing market for Life Plan Communities Market. The growth of the market in Asia Pacific is attributed to the improving healthcare infrastructure and increasing healthcare expenditure in the region.

Figure 1. Global Life Plan Communities Market Share (%), by Region, 2023