Senior Living Market Report 2024

This Senior Living 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 senior living market size has grown strongly in recent years. It will grow from $1.74 billion in 2023 to $1.89 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth during the historic period can be attributed to the aging baby boomer generation, increased life expectancy, rising demand for personalized care, greater awareness of senior health and wellness, and changes in family structures and dynamics.

The senior living market size is expected to see strong growth in the next few years. It will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth during the forecast period can be attributed to the expanding senior population, increasing demand for integrated and community-based care, growth in disposable income among retirees, a rise in personalized and wellness-oriented living environments, and evolving preferences for multi-generational and age-inclusive communities. Key trends expected during this period include the integration of wellness and preventive health programs, a focus on sustainability and eco-friendly living environments, the expansion of virtual and remote care services, growth in luxury and customized senior living options, and an enhanced emphasis on mental health and cognitive support services.

The growing aging population is anticipated to drive the senior living market in the future. This demographic trend refers to the increasing proportion of older individuals within a population, attributed to longer life expectancy and declining birth rates. The rise in the aging population is a result of extended life expectancy and lower birth rates. Senior living solutions cater to this demographic by providing customized housing and care options that meet their changing needs, enhance their quality of life, and offer access to essential services and social activities. For instance, in 2023, the United Nations (UN), a US-based intergovernmental organization, projected that the number of people aged 65 and older would more than double, growing from 761 million in 2021 to 1.6 billion by 2050. Thus, the expanding aging population will drive growth in the senior living market.

Leading companies in the senior living market are focusing on developing advanced technologies, such as proactive intelligence systems, to improve their ability to manage resident care, enhance decision-making, and achieve better outcomes for residents and staff. Proactive intelligence for senior living is an advanced real-time system designed to provide specialized care and operational insights for senior living operators. For example, in March 2024, August Health, a US-based digital healthcare technology company, introduced August Health Insights, a real-time system offering advanced care and operational intelligence for senior living operators. This system allows operators to proactively identify and address emerging risks and unmet care needs. It enhances senior living operations by providing visibility into community care and operations, identifying emerging risks, flagging high-risk residents and incident clusters, and consolidating data into an actionable dashboard to improve care and operational efficiency.

In October 2023, Friendship Retirement Community, a US-based non-profit organization, acquired Richfield Living for $62 million. This acquisition aims to expand Friendship Retirement Community’s service offerings and extend its reach in the senior living sector by integrating Richfield Living’s resources and expertise. Richfield Living is a US-based senior living community offering a range of services, including independent living, assisted living, and skilled nursing care.

Major companies operating in the senior living market are Genesis Healthcare Inc., Sunrise Senior Living, Brookdale Senior Living, Amedisys Inc., BrightStar Care, Holiday Retirement, Senior Lifestyle Corporation, Five Star Senior Living, Enlivant, Atria Senior Living, Watermark Retirement Communities, The Arbor Company, Integral Senior Living, Comfort Keepers, The Kensington, Cadence Living, Merrill Gardens, Erickson Senior Living, Life Care Services, Cedarhurst Senior Living, Sage Life, Belmont Village Senior Living, Visiting Angels, Right at Home, Solstice Senior Living.

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

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

Senior living refers to residential communities specifically designed for older adults, offering various levels of care and support tailored to their individual needs. These communities provide a range of services, including independent living, assisted living, and memory care, to enhance the quality of life and ensure the safety and well-being of seniors.

The primary services in senior living include assisted living, independent living, and continuing care retirement communities (CCRC). Assisted living offers housing and support for seniors who require assistance with daily activities but do not need intensive medical care. Residents typically live in private apartments or rooms and receive help with tasks such as bathing, dressing, and medication management. The different facility types include adult family homes, community-based residential facilities (CBRF), and residential care apartment complexes (RCAC). The various age groups served include those below 65 years old, 65 to 75 years old, 76 to 85 years old, and above 85 years old.

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

The senior living market includes revenues earned by entities that provide services such as memory care, skilled nursing care, respite care, rehabilitation services, and social and recreational activities. 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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