The Demand For Assisted Living Homes
The demand for Assisted living Homes is on the rise, with an aging population and a growing need for Alzheimer’s and dementia care responsible for much of the industry’ s growth. Alzheimer’s and dementia care is provided to individuals with memory impairment, which can include medical and social assistance with the activities of daily living, including bathing, eating and dressing.
The percentage of the population aged 65 and older is growing, driving up demand for these services. As a result, IBISWorld estimates that industry revenue has grown at an annualized rate of 3.7% to more than $61.9 billion in the five years to 2015, including a projected 5. 0% increase in 2015. Retirement communities provide a number of options for these seniors to assist them with the activities of daily living. Over the five years to 2015, growth in the population of adults aged 65 and older has facilitated rising demand for industry services.
IBISWorld estimates that the number of individuals aged 65 and older has increased at an average annual rate of 3.4% to 47.8 million people over the past five years. The average assisted living resident’s age is 87 years old, according to the Assisted Living Federation of America, an organization that serves the interests of senior living communities.
The population aged 85 and older is expected to grow at about three times the national population growth rate through 2015 due to advances in medical care that have increased the average life span. https://specialtouchliving.com