Press release
Retirement Home Services Market Report, Size, Share, Growth, Trends, Forecast to 2033
Retirement Home Services Market
The new report published by The Business Research Company, titled Retirement Home Services Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the retirement home services market size has grown steadily in recent years. It will grow from $7.05 billion in 2023 to $7.39 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The retirement home services market size is expected to see steady growth in the next few years. It will grow to $8.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
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What Is Driving The Growth Of The Global Retirement Home Services Market?
Rising Life Expectancy Fuels Growth In The Retirement Home Services Market
The increasing life expectancy is expected to propel the growth of the retirement home services market going forward. Life expectancy is a statistical measure indicating the average number of years a person can expect to live based on their current age and mortality rates. The rising life expectancy is due to advancements in healthcare, improved living conditions, better access to medical services, and healthier lifestyles. Longer life expectancy increases the demand for retirement home services to manage chronic health conditions, provide daily living assistance, ensure safety, offer social and recreational activities, and support overall well-being for seniors. For instance, in November 2023, according to the Centers for Disease Control and Prevention (CDC), a US-based government agency, the U.S. life expectancy at birth increased by 1.1 years from 2021 to 2022, from 76.4 to 77.5 years. Males regained 1.3 years of their 2.8-year loss between 2019 and 2021, from 73.5 in 2021 to 74.8 in 2022, and females regained 0.9 years of their 2.1-year loss, from 79.3 in 2021 to 80.2 in 2022. Therefore, the increasing life expectancy is driving the growth of the retirement home services market.
What Is The Key Trend In The Global Retirement Home Services Market?
Innovative Non-Real Estate-Based Assisted Living Solutions Drive Competitive Advantage In Retirement Home Services Market
Major companies operating 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 in the market. Non-real estate-based assisted living refers to services that support elderly individuals in their own homes rather than requiring them to move into dedicated assisted living facilities. For instance, in November 2021, Alserv, an India-based hospital startup company, launched services specifically designed for the elderly, focusing on enhancing their quality of life. The initiative aims to provide various services that cater to the needs of senior citizens, including health monitoring, transportation, and companionship. This venture seeks to address the challenges faced by the aging population in accessing essential services and maintaining social connections.
How Is The Global Retirement Home Services Market Segmented?
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
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How Is The Competitive Landscape Of The Global Retirement Home Services Market?
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.
Contents Of The Global Retirement Home Services Market
1. Executive Summary
2. Retirement Home Services Market Report Structure
3. Retirement Home Services Market Trends And Strategies
4. Retirement Home Services Market - Macro Economic Scenario
5. Retirement Home Services Market Size And Growth
…..
27. Retirement Home Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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