Retirement Home Services: A Leading Driver Behind Rising Life Expectancy Fuels Growth In The Retirement Home Services Market Market Expansion in 2025

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What Will the Retirement Home Services Industry Market Size Be by 2025?_x000D_
The market size for retirement home services has experienced a stable growth in recent times. It's projected to expand from a figure of $7.39 billion in 2024 to approximately $7.72 billion in 2025 at a compound annual growth rate (CAGR) of 4.5%. This upward trend during the historical period is linked to escalating healthcare expenses, the essentiality of preserving a high standard of living during retirement age, an increased demand for memory care services due to growing elderly demographics, the requirement for accomplished nursing and caregiving services, and an increasingly aging population looking for comfortable and assisted housing solutions._x000D_
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What's the Long-Term Growth Forecast for the Retirement Home Services Market Size Through 2029?_x000D_
The market for services in retirement homes is anticipated to experience consistent expansion in the coming years. The projection suggests a rise to $9.28 billion in 2029, with a compound annual growth rate (CAGR) of 4.7%. The expected growth during the forecast period can be linked to the varied requirements of an increasingly aging population, improved life expectancy, escalating demand for elderly care options, preference for vigorous and autonomous aging, and the rising popularity of alternative housing options for retirees. Key trends within the forecast period encompass advancements in technology within the services, growing senior living services in emerging markets, a hike in demand for support services like mobile apps, the use of technology for distant monitoring and care, and the techniques to integrate alarms used to notify service providers._x000D_
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What Are the Key Growth Drivers Fueling the Retirement Home Services Market Expansion?_x000D_
The upward trend in life expectancy is set to augment the expansion of the market for retirement home services. Life expectancy is a statistical figure that indicates the average lifespan of an individual based on their current age and death rates. Health advancements, improved living standards, greater access to medical services, and healthier life choices are contributing to a rise in life expectancy. As people live longer, the need for retirement home services increases. These services help manage chronic illnesses, provide assistance with daily tasks, ensure safety, provide social and recreational activities, and overall support the well-being of the elderly. For example, data from the Centers for Disease Control and Prevention (CDC), a United States government agency, revealed that in November 2023, the average life expectancy at birth in the U.S. increased by 1.1 years from 2021 to 2022, going from 76.4 to 77.5 years. Men saw a recovery of 1.3 years of the 2.8 years they lost between 2019 and 2021, from 73.5 in 2021 to 74.8 in 2022. Women saw 0.9 years recouped from their 2.1-year loss, from 79.3 in 2021 to 80.2 in 2022. Given these statistics, it's clear that the increasing life expectancy is boosting the growth of the retirement home services market._x000D_
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What Are the Key Trends Driving Retirement Home Services Market Growth?_x000D_
Leading companies within the retirement home services market are strategically focusing on the creation of cutting-edge solutions such as non-real estate-based assisted living in order to establish a strong market position. Non-real estate-based assisted living pertains to services that assist elderly individuals within their own homes, as opposed to compelling them to relocate to specific assisted living facilities. For example, in April 2024, Indian hospital startup Mindrot Technologies introduced their CarePilot platform. This innovative tech solution is designed to bolster services for providers within the senior living sector, particularly those in assisted care and hospice services. Initial design for this platform focussed on home healthcare, but it has since developed to feature elements such as patient and room management, inventory control, caregiving, financial modules for billing and reconciliation, and analytic support. The platform prioritises the enhancement of operational efficiency for service providers, while it also seeks to empower families to make more informed care decisions, creating a more connected ecosystem._x000D_
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How Is the Retirement Home Services Market Segmented?_x000D_
The retirement home servicesmarket covered in this report is segmented -_x000D_
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1) By Type: Assisted Living, Independent Living, Other Types_x000D_
2) By Gender: Women, Men_x000D_
3) By Age Group: 55 To 64, 65 To 74, 75 And Above_x000D_
4) By Application: Elderly People, Disabled People_x000D_
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Subsegments:_x000D_
1) By Assisted Living: Personal Care Services, Medication Management, 24/7 Support And Supervision, Specialized Memory Care_x000D_
2) By Independent Living: Independent Living Communities, Retirement Communities, Age-Restricted Housing_x000D_
3) By Other Types: Skilled Nursing Facilities (SNF), Continuing Care Retirement Communities (CCRC), Respite Care Services, Hospice Care_x000D_
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Which Companies Are Leading the Charge in Retirement Home Services Market Innovation?_x000D_
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._x000D_
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Which Regions Are Leading the Global Retirement Home Services Market in Revenue?_x000D_
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._x000D_
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