What Has Been the Growth of the Senior Living Market So Far?
The senior living market has seen considerable growth due to a variety of factors.
• Over the past few years, there has been a significant expansion in the senior living market. It is projected to increase from $1.89 billion in 2024 to $2.06 billion in 2025, witnessing a compound annual growth rate (CAGR) of 8.9%.
Factors contributing to this growth in the historical timeframe include the aging baby boomer generation, extended lifespans, an escalating requirement for personalized care, heightened consciousness of elder health and wellness, along with shifts in family composition and interactions.
How Will the Senior Living Market?
The senior living market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of senior living is predicted to experience substantial growth in the coming years. It's estimated to expand to $2.85 billion by 2029, with a compound annual growth rate (CAGR) of 8.5%.
The anticipated growth during this forecast period can be credited to factors such as the growing senior population, the surging demand for integrated care within communities, a rise in disposable income among the retired population, an increase in personalized and wellness-oriented living arrangements, as well as a shift towards multi-generational and age-inclusive communities. Major trends predicted for this period include the incorporation of wellness and preventive health programs, a focus on sustainable and eco-friendly living environments, the proliferation of virtual and remote care services, an increase in luxury and customized senior living facilities, and a heightened focus on mental health and cognitive support services.
Which Factors Are Boosting Growth In The Senior Living Market?
The senior living market is poised for growth owing to the burgeoning older demographic. This growing segment of population known as the "aging population", is defined by the swelling ratio of elderly individuals resulting from increased life expectancy and declining fertility rates. The expansion of this segment is propelled by increased longevity and falling birth rates. To cater to the shifting requirements of this population, senior living provides custom housing and support solutions that elevate their standard of living and ensure accessibility to necessary services and community activities. For example, a forecast from the United Nations (UN), an intergovernmental organization based in the US, predicts a significant surge in the population of those aged 65 and above. Their numbers are expected to more than double, surging from 761 million in 2021 to an estimated 1.6 billion by 2050. With this upswing in the aging populace, the senior living market is anticipated to prosper.
What Key Areas Define The Segmentation Of The Global Senior Living Market?
The senior livingmarket covered in this report is segmented –
1) By Service: Assisted living, Independent living, Continuing Care Retirement Community (CCRC)
2) By Facility Type: Adult Family Home, Community-Based Residential Facility (CBRF), Residential Care Apartment Complex (RCAC)
3) By Application: Below 65 Years Old, 65 To 75 Years Old, 76 To 85 Years Old, Above 85 Years Old
Subsegments:
1) Assisted Living: Personal Care Services, Memory Care Services, Respite Care Services
2) Independent Living: Retirement Communities, Active Adult Communities, 55+ Communities
3) Continuing Care Retirement Community (CCRC): Type A (Life Care), Type B (Modified), Type C (Fee-for-Service)
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What New Trends Are Influencing The Senior Living Market?
Top businesses active in the senior living sector are channeling their focus towards developing state-of-the-art technologies like proactive intelligence for senior living. Their goal is to reinforce their proactive resident care management, improve their decision-making processes, and ensure that the residents and personnel receive improved overall results. This real-time system called proactive intelligence for senior living is a technologically advanced invention engineered to dispense advanced care and operational intelligence predominantly intended for senior living operators. For instance, in March 2024, the American digital healthcare tech company, August Health, introduced "August Health Insights". This system is engineered to provide advanced care and operational intelligence for senior living operators, allowing them to swiftly spot and tackle growing risks and overlooked resident care needs. Equipped with a real-time system, it enhances senior living management by offering transparency into community care and operations. It plays a pivotal role in spotting growing risks, marking high-risk residents and incident clusters, and merging information into a practical dashboard to enhance care and operational productivity.
Who Are the Key Players In The Senior Living Market?
Major companies operating in the senior living market are:
• Genesis Healthcare Inc.
• Sunrise Senior Living
• Brookdale Senior Living
• Amedisys Inc.
• BrightStar Care
• Holiday Retirement
• Senior Lifestyle Corporation
• Five Star Senior Living
• Enlivant
• Atria Senior Living
• Watermark Retirement Communities
• The Arbor Company
• Integral Senior Living
• Comfort Keepers
• The Kensington
• Cadence Living
• Merrill Gardens
• Erickson Senior Living
• Life Care Services
• Cedarhurst Senior Living
• Sage Life
• Belmont Village Senior Living
• Visiting Angels
• Right at Home
• Solstice Senior Living
What Is The Most Dominant Region In The Senior Living Market?
North America was the largest region in the senior living market in 2024. The regions covered in the senior living market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
