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Rising Life Expectancy Fuels Growth In The Retirement Home Services Market: Major Factor in the Transformation of the Retirement Home Services Market in 2025
Retirement Home Services Market Segments
The market size for retirement home services has seen significant growth recently. It is predicted to amplify from $7.39 billion in 2024 to $7.77 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. This development during the historical timeframe can be credited to the escalation in healthcare expenses, the imperative to ensure a heightened quality of life post-retirement, an increase in memory care needs courtesy of an aging populace, the demand for adept nursing and care provisions, the demographics of an aging populace, and a rising cluster of elderly individuals seeking accommodative and supportive living facilities.
The market size of retirement home services is anticipated to sustain gradual growth in the ensuing years, reaching an estimated $9.38 billion in 2029 with a compound annual growth rate (CAGR) of 4.8%. This growth during the forecast period will likely be fueled by factors such as the varied requirements of an aging demographic, enhanced average lifespan, rising need for elder care alternatives, preference for an active and self-dependent aging phase, and the appeal of different living options for those who have retired. Some of the major trends expected during the forecast period include the progression of technology in services, growth of senior living amenities in developing markets, the increased requirement for supportive services like mobile applications, application of technology for distant monitoring and care, and the use of alarm systems to notify service providers.
What Factors Are Fueling Growth in the Retirement Home Services Market?
The retirement home services market is anticipated to grow owing to the rise in life expectancy. Life expectancy, a statistical metric that illustrates the average lifespan of an individual based on their age and mortality ratio, is increasing because of advancements in healthcare, improved living conditions, easy access to medical facilities, and healthier lifestyle choices. This extended lifespan escalates the need for retirement homes to manage chronic health issues, assist in daily life, ensure security, propose social and recreational activities, and aid the overall well-being of the elderly. In November 2023, the U.S. life expectancy at birth, as reported by the CDC, a governmental body, increased by 1.1 years from 2021 to 2022, rising from 76.4 to 77.5 years. Men regained 1.3 years of their 2.8-year losses from 2019 to 2021, increasing from 73.5 in 2021 to 74.8 in 2022. Women saw a gain of 0.9 years from their 2.1-year loss, moving from 79.3 in 2021 to 80.2 in 2022. Thus, the progressing life expectancy is fueling the expansion of the retirement home services market.
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Who Are the Major Industry Players Fueling Retirement Home Services Market Expansion?
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.
Which Key Developments Are Influencing the Retirement Home Services Market?
Companies that are dominating the retirement home service market are concentrating on creating innovative solutions such as non-property-based assisted living in order to edge out competitors. This type of living arrangement pertains to assistance provided to seniors within their personal residences, eliminating the need for them to transfer to specialized assisted living facilities. Take for example Mindrot Technologies, a fledgling hospital organization in India. They unveiled their CarePilot platform in April 2024, a comprehensive tech-driven solution intended to elevate services for providers in the elderly living sector, with an emphasis on assisted care and hospice services. Originally designed for domestic healthcare, the platform has broadened to incorporate features such as patient and room organization, supply management, caregiving, financial modules for invoicing and reconciliations, and analytical assistance. This platform's goal is to improve process efficiency for service providers and enable families to have a significant input in care choices, thereby establishing a cohesive ecosystem.
How Is the Segmentation of the Retirement Home Services Market Defined?
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
Subsegments:
1) By Assisted Living: Personal Care Services, Medication Management, 24/7 Support And Supervision, Specialized Memory Care
2) By Independent Living: Independent Living Communities, Retirement Communities, Age-Restricted Housing
3) By Other Types: Skilled Nursing Facilities (SNF), Continuing Care Retirement Communities (CCRC), Respite Care Services, Hospice Care
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What Is the Leading Region in the Retirement Home Services Market?
North America was the largest region in the retirement home services market in 2024. The regions covered in the retirement home services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Retirement Home Services Global Market Report?
- Market Size Analysis: Analyze the Retirement Home Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Retirement Home Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Retirement Home Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Retirement Home Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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