The retirement home services market size has shown steady growth in recent years, projected to increase from $7.05 billion in 2023 to $7.39 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth during the historic period can be attributed to factors such as rising healthcare costs, the necessity of maintaining a high quality of life in retirement, an increasing demand for memory care services driven by an aging population, and the growing need for proficient nursing and care services, along with a rise in the number of senior citizens seeking comfortable and assisted living solutions. In the coming years, the retirement home services market size is expected to grow further, reaching $8.96 billion in 2028 at a CAGR of 4.9%. This forecasted growth is driven by diverse needs within an aging population, increasing life expectancy, growing demand for senior care options, a desire for active and independent aging, and popular housing alternatives for the retired population. Key trends anticipated include technological advancements in services, the expansion of senior living services in emerging markets, a rising demand for assisted services like mobile applications, and the integration of technology for remote monitoring and care alongside alarm integration techniques for service alerts.
Major Driver In The Retirement Home Services Market
The increasing life expectancy is projected to contribute to the growth of the retirement home services market in the future. Life expectancy serves as a statistical measure indicating the average number of years a person can expect to live based on current age and mortality rates. The rise in life expectancy is attributed to advancements in healthcare, improved living conditions, better access to medical services, and healthier lifestyles. As life expectancy increases, so does the demand for retirement home services, which are crucial for managing chronic health conditions, providing daily living assistance, ensuring safety, and offering social and recreational activities to support the overall well-being of seniors. For instance, in November 2023, the Centers for Disease Control and Prevention (CDC) reported that U.S. life expectancy at birth increased by 1.1 years from 2021 to 2022, rising from 76.4 to 77.5 years. Males regained 1.3 years of their 2.8-year loss between 2019 and 2021, climbing from 73.5 in 2021 to 74.8 in 2022, while females regained 0.9 years of their 2.1-year loss, increasing from 79.3 in 2021 to 80.2 in 2022. Therefore, the rising life expectancy is driving the growth of the retirement home services market.
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Retirement Home Services Market Competitive Landscape
Major companies operating in the retirement home services market are Sompo Holdings Inc., British United Provident Association Ltd., ABM Industries Inc., Genesis HealthCare Inc., Sunrise Senior Living Inc., Erickson Senior Living Management LLC, Avalon Health Care Group, National HealthCare Corporation, Senior Lifestyle, AlerisLife Inc., Enlivant, Sienna Senior Living Inc., Sonida Senior Living Inc., Bonaventure Senior Living, ProMedica Senior Care, Wickshire Senior Living, Ashiana Housing Ltd., Life Care Companies LLC, Home Instead Inc., Covai Property Centre (I) Pvt. Ltd., American Retirement Homes Inc.
Key Retirement Home Services Market Trend
Major companies in the retirement home services market are focusing on developing advanced solutions, such as non-real estate-based assisted living, to gain a competitive edge. Non-real estate-based assisted living refers to services that support elderly individuals in their homes instead of requiring them to move into dedicated assisted living facilities. For instance, in November 2021, Alserv, an India-based hospital startup, launched services tailored for the elderly, aimed at improving their quality of life. This initiative offers a range of services addressing the needs of senior citizens, including health monitoring, transportation, and companionship, seeking to tackle the challenges faced by the aging population in accessing essential services and maintaining social connections.
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Global Retirement Home Services Market Segmentation
The retirement home services market covered in this report is segmented –
1) By Type: Assisted Living, Independent Living, Other Types
2) By Gender: Women, Men
3) By Age Group: 55 To 64, 65 To 74, 75 And Above
4) By Application: Elderly People, Disabled People
By Geography:The regions covered in the retirement home services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the retirement home services market in 2023.
The Retirement Home Services Global Market Report 2024 furnishes information about the global retirement home services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
