Long-Term Care & Senior Living
Operators of assisted living, skilled nursing, memory care, independent living, and adult day service facilities for older adults.
- 6
- Segments
- 23
- Verticals
Overview
Long-Term Care & Senior Living covers the housing-and-care continuum for seniors — skilled nursing facilities, assisted living, continuing-care retirement communities, memory care, independent and active-adult living, and adult day services. It sits at the intersection of healthcare and real estate, with operations and property often owned separately (frequently by REITs).
The sector faces a powerful long-term tailwind — the aging of the population and the coming surge in the 80-plus cohort — but was battered by the pandemic, which crashed occupancy and accelerated labor costs. Skilled nursing is the most distressed and Medicaid-dependent corner; private-pay assisted living and memory care are better positioned as occupancy recovers ahead of the demographic inflection.
Market snapshot
- Market size
- ~$224B
- Growth
- ~3.2%CAGR (2017–22, nominal)
- Companies
- ~51,000
U.S. Census Bureau 2022 CBP/Economic Census, NAICS 623110 (SNF) + 623311 (CCRC) + 623312/623990 (assisted living & other residential care); 2017–22 growth muted by pandemic occupancy losses.
Business model & economics
- Revenue model
- Private-pay, Medicaid, and Medicare per-resident/per-diem revenue
- Recurring revenue
- High — recurring resident occupancy
- EBITDA margin
- Thin — occupancy- and labor-sensitive
- Capex intensity
- High
- Intersection of healthcare and real estate (often REIT-owned).
- Powerful aging-demographic tailwind ahead.
- Pandemic crashed occupancy and raised labor costs.
M&A deal context
Who’s acquiring
What’s driving deals
- Occupancy recovery ahead of the demographic surge.
- Operations/real-estate restructuring and REIT activity.
- Distress in skilled nursing reshaping ownership.
Segment classifications
Find Long-Term Care & Senior Living acquisition targets
Search Acquisera’s index for companies classified under Long-Term Care & Senior Living (4.7) and build a targeted deal pipeline.
Search companies