Strong Growth for Senior Care Facilities Worldwide
CHICAGO—The aging of American baby boomers should ensure that US growth in senior care facilities stays above the average for developed countries.
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Brian J. Rogal |
brianjrogal |
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Updated on July 27, 2016
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The recent opening of Clarendale in Mokena, IL, a seniors housing community near Chicago.CHICAGO—Global market research companyEuromonitor Internationalreleased yesterday a forecast that predicts strong growth for senior care facilities in both developed and emerging economies until at least 2021, with an annual growth rate of 2.1% and 3.4%, respectively.The aging of American baby boomers should ensure that US growth in senior care facilities stays above the average for developed countries. Officials from the Chicago-based firm tell GlobeSt.com that the number of US facilities will increase from 26,209 today to approximately 30,600 by 2021, an annual growth rate of 3.1%.That forecast is in line with other studies that show a steady but not spectacular growth in US senior care facilities, but only after developers finish a strong burst of construction this year.TheNational Investment Centersays that at the end of 2015, US developers had 48,903 units under construction, more than double the number under construction three years earlier.And other countries outside the US are seeing their populations continue to grow older just like in the US.“Due to accelerated ageing in Western Europe, Japan and China, the need for such facilities will increase over the forecast period, outpacing other government, education and healthcare channels,” saysMatthew Oster, senior analyst at Euromonitor International. “The number of residents will also continue increasing across regions, reflecting the need for senior care, especially as societies’ traditional family-based care structures continue to break down.”By 2021, there will be more than 789 million people over the age of 60 in emerging and developed countries, boosting demand for senior care facilities, according to the company. The top 10 countries for number of senior care establishments in 2021 will be:1. India2. China3. US4. Germany5. Japan6. United Kingdom7. France8. South Korea9. Italy10. BrazilIn 2016, Euromonitor International also expects hospitals to see strong global growth. “However, unlike senior care, growth will occur almost entirely in emerging markets, which will expect a 5% growth in 2016, compared to stagnant growth in developed economies.”“Sustained investments across the emerging market landscape will drive growth in this sector, especially in India. With more than 100,000 establishments, it has the highest number of hospitals worldwide,” Oster says.
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The recent opening of Clarendale in Mokena, IL, a seniors housing community near Chicago.
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