Retirement Home Services Market Report 2024

This Retirement Home Services market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The retirement home services market size has grown steadily in recent years. It will grow from $7.05 billion in 2023 to $7.39 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth during the historic period can be attributed to rising healthcare costs, the need to maintain a high quality of life in retirement, an increase in memory care services due to an aging population, the demand for skilled nursing and care services, changing demographics with an older population, and a rising number of senior citizens seeking comfortable and assisted living solutions.

The retirement home services market size is expected to see steady growth in the next few years. It will grow to $8.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth in the forecast period can be attributed to the diverse needs of an aging population, increasing life expectancy, a growing demand for senior care options, a desire for active and independent aging, and popular housing alternatives for retirees. Major trends expected during this period include technological advancements in services, expansion of senior living services in emerging markets, increased demand for assisted services such as mobile applications, integration of technology for remote monitoring and care, and the use of alarm integration techniques to alert service providers.

The growing life expectancy is projected to drive the expansion of the retirement home services market in the future. Life expectancy measures the average number of years a person is expected to live based on current age and mortality rates. The increase in life expectancy is linked to advancements in healthcare, better living conditions, improved access to medical services, and healthier lifestyles. As people live longer, the demand for retirement home services rises to manage chronic health conditions, provide daily living support, ensure safety, offer social and recreational activities, and support overall well-being for seniors. For example, in November 2023, the Centers for Disease Control and Prevention (CDC), a US-based government agency, reported that U.S. life expectancy at birth increased by 1.1 years from 2021 to 2022, rising from 76.4 to 77.5 years. Males recovered 1.3 years of their 2.8-year loss between 2019 and 2021, moving from 73.5 in 2021 to 74.8 in 2022. Females recovered 0.9 years of their 2.1-year loss, increasing from 79.3 in 2021 to 80.2 in 2022. Thus, the rising life expectancy is fueling the growth of the retirement home services market.

Companies in the retirement home services market are focusing on developing innovative solutions, such as non-real estate-based assisted living, to gain a competitive advantage. Non-real estate-based assisted living refers to services that support elderly individuals in their own homes rather than requiring them to move into specialized assisted living facilities. For instance, in November 2021, Alserv, an India-based hospital startup, introduced services tailored for the elderly, aiming to enhance their quality of life. This initiative provides a range of services for senior citizens, including health monitoring, transportation, and companionship, addressing challenges in accessing essential services and maintaining social connections.

In September 2021, LHC Group Inc., a US-based provider of in-home healthcare services, acquired Brookdale Senior Living Inc. for $146 million. This acquisition is set to drive significant growth and innovation for LHC Group in the home healthcare sector, helping it meet the evolving needs of patients and the healthcare system. Brookdale Senior Living Inc., based in the US, specializes in retirement home services and healthcare support.

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.

North America was the largest region in the retirement home services market in 2023. The regions covered in the retirement home services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the retirement home services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Retirement home services encompass a range of amenities and support provided to residents in retirement communities or homes. These services are designed to meet the needs and preferences of older adults, ensuring a comfortable, safe, and engaging living environment. They typically include help with daily activities, healthcare services, social and recreational activities, and maintenance of living spaces, all aimed at improving the quality of life for seniors.

The main types of retirement home services are assisted living, independent living, and other specialized services. Assisted living involves providing rooms or apartments that are regularly cleaned and maintained for residents. The services cater to both men and women, across age groups including 55 to 64, 65 to 74, and 75 and above. These services address the needs of elderly and disabled individuals.

The retirement home services market research report is one of a series of new reports that provides retirement home services market statistics, including retirement home services industry global market size, regional shares, competitors with an retirement home services market share, detailed retirement home services market segments, market trends, and opportunities, and any further data you may need to thrive in the retirement home services industry. This retirement home services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The retirement home services market includes revenues earned by entities by providing services such as accommodation, healthcare services, dining services, and dining services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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