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Senior Living Market Share, Size, Growth Analysis, Trends And Forecast To 2033
Senior Living Market Share
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According to The Business Research Company's, The senior living market size has grown strongly in recent years. It will grow from $1.74 billion in 2023 to $1.89 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to the aging baby boomer generation, increasing life expectancy, growing demand for personalized care, rising awareness of senior health and wellness, and changes in family structures and dynamics.
The senior living market size is expected to see strong growth in the next few years. It will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to the expanding senior population, increasing demand for integrated and community-based care, growth in disposable income among retirees, rising personalized and wellness-oriented living environments, and evolving preferences for multi-generational and age-inclusive communities. Major trends in the forecast period include integration of wellness and preventive health programs, focus on sustainability and eco-friendly living environments, expansion of virtual and remote care services, growth in luxury and customized senior living options, and enhanced emphasis on mental health and cognitive support services.
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Market Drivers and Trends:
The rising aging population is expected to drive the senior living market going forward. The aging population refers to the increasing proportion of older individuals within a population due to longer life expectancy and declining birth rates. The aging population increases due to increased life expectancy and declining birth rates. Senior living helps the aging population by offering tailored housing and care options that support their evolving needs, enhance their quality of life, and provide access to essential services and social activities. For instance, in 2023, according to the United Nations (UN), a US-based intergovernmental organization, the number of people aged 65 and older is projected to more than double, expanding from 761 million in 2021 to 1.6 billion by 2050. Therefore, the rising aging population will drive the senior living market.
Major companies operating in the senior living market are focused on developing innovative technologies, such as proactive intelligence for senior living, to enhance their ability to proactively manage resident care, improve decision-making, and ensure better overall outcomes for residents and staff. Proactive intelligence for senior living is a cutting-edge real-time system engineered to deliver advanced care and operational intelligence specifically for senior living operators. For instance, in March 2024, August Health, a US-based digital healthcare technology company, launched August Health Insights, a real-time system designed to provide advanced care and operational intelligence for senior living operators, enabling them to proactively identify and address emerging risks and unmet resident care needs. It is a real-time system that enhances senior living operations by providing visibility into community care and operations. It identifies emerging risks, flags high-risk residents and incident clusters, and consolidates data into an actionable dashboard to improve care and operational efficiency.
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Major Key Players of the Market:
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
Senior Living Market 2024 Key Insights:
• The senior living market size is expected to see strong growth in the next few years. It will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Growing Aging Population To Propel Expansion In Senior Living Market
• Enhancing Senior Living With Advanced Real-Time Operational Intelligence
• North America was the largest region in the senior living market in 2023
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