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Rising Life Expectancy Fuels Growth In The Retirement Home Services Market: A Key Driver Powering Retirement Home Services Market Growth In 2025
Retirement Home Services
What Is the Current Retirement Home Services Market Size and Its Estimated Growth Rate?
The retirement home services market, with a value of $7.39 billion in 2024, is expected to rise to $7.77 billion in 2025 at a CAGR of 5.1%. Growth drivers include rising healthcare costs, the demand for quality retirement living, expansion of memory care services, increasing need for skilled care, and aging population trends.
The retirement home services market is expected to grow steadily, reaching $9.38 billion by 2029 at a CAGR of 4.8%. Growth is driven by the diverse needs of an aging population, increasing life expectancy, demand for senior care options, a desire for active and independent aging, and housing alternatives for the retired. Key trends include technological advances in services, expanding senior living services in emerging markets, demand for mobile-assisted services, integration of technology for remote monitoring, and alarm systems to alert service providers.
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How Are Emerging Segments Shaping the Retirement Home Services Market Landscape?
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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Which Growth Factors Are Influencing Retirement Home Services Market Expansion?
Increasing life expectancy is expected to advance the retirement home services market. Life expectancy reflects average lifespan and is rising due to improved healthcare and living conditions. As people live longer, the need for supportive senior care increases. The CDC noted in November 2023 that U.S. life expectancy rose from 76.4 years in 2021 to 77.5 in 2022, with males and females regaining lost years from prior declines. This drives demand in the retirement home services market.
Who Are the Dominant Players Across Different Retirement Home Services Market Segments?
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.
What Trends Are Expected to Dominate the Retirement Home Services Market in the Next 5 Years?
Companies in the retirement home services market are focusing on non-real estate-based assisted living solutions to provide elderly individuals with services in their own homes. For example, in April 2024, Mindrot Technologies, an India-based hospital startup, launched CarePilot, a platform that supports assisted care and hospice services for senior living. This comprehensive technology solution is designed to improve operational efficiency, enhance caregiving, and enable families to participate in care decisions.
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Which Geographic Regions Are Expected to Dominate the Retirement Home Services Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Retirement Home Services Market?
2. What is the CAGR expected in the Retirement Home Services Market?
3. What Are the Key Innovations Transforming the Retirement Home Services Industry?
4. Which Region Is Leading the Retirement Home Services Market?
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