Press release
Global Retirement Home Services Market Projected to Surpass $9.38 Billion by 2029 with 4.83% Annual Growth
Retirement Home Services
Rising life expectancy is expected to stimulate the growth of the retirement home services market. Advances in healthcare, improved living standards, and healthier lifestyles have led to longer life expectancies. This shift increases the need for retirement home services to support seniors in managing chronic health issues, daily living, and overall well-being. The CDC reported in November 2023 that U.S. life expectancy increased by 1.1 years from 2021 to 2022. The increase in life expectancy is fueling the growth of the retirement home services market.
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What is the future CAGR of the retirement home services market, and how will it impact industry expansion?
The retirement home services market has seen strong growth in recent years. It will grow from $7.39 billion in 2024 to $7.77 billion in 2025 at a CAGR of 5.1%. This growth is driven by rising healthcare costs, increasing demand for memory care services, the aging population, and the need for quality nursing and assisted living solutions.
The retirement home services market is projected to grow to $9.38 billion by 2029 at a CAGR of 4.8%. Growth is attributed to the aging population, increased life expectancy, and rising demand for senior care services. Key trends include technological advances in services, expansion of senior living options, mobile-assisted services, remote care monitoring, and alarm integration techniques.
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What are the most significant trends transforming the retirement home services market today?
Companies in the retirement home services market are focusing on non-real estate-based assisted living solutions to gain a competitive edge. This type of assisted living allows elderly individuals to receive care in their own homes rather than in dedicated facilities. For example, in April 2024, Mindrot Technologies, an India-based startup, launched its CarePilot platform, a technology solution designed to improve services for senior care providers. It includes features for patient management, caregiving, billing, and analytics, aiming to enhance operational efficiency and empower families to participate in care decisions.
Which key market segments comprise the retirement home services market and drive its revenue growth?
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 regions are at the forefront of retirement home services market expansion?
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.
Who are the leading players fueling growth in the 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.
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What Is Covered In The Retirement Home Services Global Market Report?
•Market Size Forecast: Examine the retirement home services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the retirement home services market for a structured understanding.
•Key Players Overview: Analyze major players in the retirement home services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the retirement home services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the retirement home services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the retirement home services market.
•Industry Challenges: Identify potential risks and obstacles affecting the retirement home services market.
•Competitive Landscape: Review strategic developments in the retirement home services market, including expansions, agreements, and new product launches.
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