Retirement Home Services Market to grow by USD 5,556.39 million from 2022 to 2027|Rising life expectancy to boost the growth in consumer discretionary industry- Technavio
NEW YORK, July 11, 2023 /PRNewswire/ -- The global retirement home services market is estimated to increase by USD 5,556.39 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 3.34% during the forecast period. The increasing life expectancy across the world is a major factor driving the global retirement home services market growth. The low mortality rates of cardiovascular and infectious diseases, it has led to increasing life expectancy among the population. Some of the key health conditions which majorly contributed to deaths include ischemic heart disease, chronic obstructive pulmonary disease (COPD), and stroke. Hence, the declining low mortality rate is a significant result of the improved healthcare sector. Factors such as the increasing standards of living, better nutrition, improved education, and changes in lifestyles have significantly contributed to the increased life expectancy. Hence such factors are expected to drive market growth during the forecast period. Discover some insights on the market size historic period (2017 to 2021) and Forecast 2023-2027 before buying the full report -Request a sample report
Key Trends- The advancements in technology drive the retirement home services market growth. The emergence of technological advancement, such as growing internet penetration, has led to the innovation of online platforms, mobile applications, and mHealth. As a result, there is an increasing demand for related services, including mobile applications, wearables and trackers, communication devices, and smart alarms. The main benefit of these devices is that the nurses are able to track, record, and observe patients and communicate with doctors and healthcare professionals. Furthermore, there is rising adoption of patient data management using computers and mobile phones due to its several benefits. Hence, such factors are expected to drive market growth during the forecast period.
Major challenges- The poor reputation of retirement homes is a significant threat to the global retirement home services market growth. Drivers, Trends and challenges have an impact on market dynamics, for drivers and challenges insights download sample report!
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Vendor Offerings -
Retirement home services market ? Vendor Analysis Vendor Landscape - The global retirement home services market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer retirement home services in the market are ABM Industries Inc., AlerisLife Inc., American Retirement Homes Inc., Ashiana Housing Ltd., British United Provident Association Ltd., Brookdale Senior Living Inc., Columbia Pacific Management, Covai Property Centre (I) Pvt. Ltd., Enlivant Master Mgmt CO LLC, Erickson Senior Living Management LLC, Genesis Healthcare Inc., Home Instead Inc., Korian, Life Care Companies, LLC, Senior Lifestyle, Sienna Senior Living Inc., Sompo Holdings Inc., Sonida Senior Living Corp., Sunrise Senior Living LLC, and Wickshire Senior Living and others.
AlerisLife Inc: The company offers retirement home services such as agility rehab, fitness, bridge to rediscovery for dementia patients, five-star culinary, home health, and Lifestyle 360 activities program.
American Retirement Homes Inc: The company offers retirement home services such as nutritious home-cooked meals, medication aide, social activity programs, and on-call help.
British United Provident Association Ltd: The company offers retirement home services such as dementia care, musical therapy, and social activities.
Retirement Home Services Market - Segmentation Assessment
Segment Overview This market research report extensively covers market segmentation by service (independent living, nursing, and assisted living), application (elderly people and disabled people), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
The market share growth by the independent living segment will be significant for market growth during the forecast period. This segment in retirement homes provides a special lifestyle choice in terms of age-appropriate living in combination with minimal routine housework for retired persons. Some of the main users of independent living in retirement homes are individuals who are healthy and are able to cover the majority of the maintenance costs by themselves. Brookdale Senior Living, Erickson Living Management, and Five Star Senior Living are some of the key vendors which offer the independent living segment. This segment comprises of a variety of housing arrangements such as apartment-style communities as well as housing cooperatives. Hence, such offerings are expected to drive market growth during the forecast period.
Geography Overview By geography, the global retirement home services market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global retirement home services market.
North Americawill contribute 40% to the growth of the global retirement home services market during the forecast period. North America is one of the key regions in terms of demographics that is best for significant and recurring investment opportunities. For instance, there is a rising demand in countries such as the US, which requires a significant number of retirement housing facilities, along with other retirement care services. One of the key factors for this increasing demand can be attributed to the high number of baby boomers in the region. Hence such factors are expected to drive market growth during the forecast period.
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What are the key data covered in this Retirement Home Services Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the retirement home services market between 2023 and 2027
Precise estimation of the retirement home services market size and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the retirement home services market across North America, Europe, APAC, South America, and the Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of retirement home services market vendors
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The retirement communities market size is estimated to grow at a CAGR of 5.93% between 2022 and 2027 and the size of the market is forecast to increase by USD 545.85 billion. This report extensively covers market segmentation by type (assisted living facilities, continuing care retirement communities, and rest homes), application (elderly people and disabled people), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The aging baby boomer population is the key factor driving the growth of the global retirement communities market.
The senior living market is estimated to grow at a CAGR of 5.65% between 2022 and 2027. The size of the market is forecast to increase by USD 91.37 billion. This senior living market report extensively covers market segmentation by age group (85 or older, 75 to 84, 65 to 74, and 60 to 64), service (assisted living, independent living, and CCRC), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The aging baby boomer population is notably driving the market growth, although factors such as the low life savings of baby boomers may impede the market growth.
Retirement Home Services Market Scope
Report Coverage
Details
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 3.34%
Market growth 2023-2027
USD 5,556.39 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
2.38
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 40%
Key countries
US, Canada, Japan, Germany, and France
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
ABM Industries Inc., AlerisLife Inc., American Retirement Homes Inc., Ashiana Housing Ltd., British United Provident Association Ltd., Brookdale Senior Living Inc., Columbia Pacific Management, Covai Property Centre (I) Pvt. Ltd., Enlivant Master Mgmt CO LLC, Erickson Senior Living Management LLC, Genesis Healthcare Inc., Home Instead Inc., Korian, Life Care Companies, LLC, Senior Lifestyle, Sienna Senior Living Inc., Sompo Holdings Inc., Sonida Senior Living Corp., Sunrise Senior Living LLC, and Wickshire Senior Living
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Service
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Application
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global retirement home services market 2017 - 2021
Exhibit 18: Historic Market Size ? Data Table on Global retirement home services market 2017 - 2021 ($ million)
4.2 By service Segment Analysis 2017 - 2021
Exhibit 19: Historic Market Size ? By service Segment 2017 - 2021 ($ million)
Exhibit 133: Enlivant Master Mgmt CO LLC - Overview
Exhibit 134: Enlivant Master Mgmt CO LLC - Product / Service
Exhibit 135: Enlivant Master Mgmt CO LLC - Key offerings
12.10 Erickson Senior Living Management LLC
Exhibit 136: Erickson Senior Living Management LLC - Overview
Exhibit 137: Erickson Senior Living Management LLC - Product / Service
Exhibit 138: Erickson Senior Living Management LLC - Key offerings
12.11 Genesis Healthcare Inc.
Exhibit 139: Genesis Healthcare Inc. - Overview
Exhibit 140: Genesis Healthcare Inc. - Business segments
Exhibit 141: Genesis Healthcare Inc. - Key news
Exhibit 142: Genesis Healthcare Inc. - Key offerings
Exhibit 143: Genesis Healthcare Inc. - Segment focus
12.12 Home Instead Inc.
Exhibit 144: Home Instead Inc. - Overview
Exhibit 145: Home Instead Inc. - Product / Service
Exhibit 146: Home Instead Inc. - Key offerings
12.13 Korian
Exhibit 147: Korian - Overview
Exhibit 148: Korian - Product / Service
Exhibit 149: Korian - Key offerings
12.14 Life Care Companies, LLC
Exhibit 150: Life Care Companies, LLC - Overview
Exhibit 151: Life Care Companies, LLC - Product / Service
Exhibit 152: Life Care Companies, LLC - Key offerings
12.15 Senior Lifestyle
Exhibit 153: Senior Lifestyle - Overview
Exhibit 154: Senior Lifestyle - Product / Service
Exhibit 155: Senior Lifestyle - Key offerings
12.16 Sonida Senior Living Corp.
Exhibit 156: Sonida Senior Living Corp. - Overview
Exhibit 157: Sonida Senior Living Corp. - Product / Service
Exhibit 158: Sonida Senior Living Corp. - Key offerings
12.17 Wickshire Senior Living
Exhibit 159: Wickshire Senior Living - Overview
Exhibit 160: Wickshire Senior Living - Product / Service
Exhibit 161: Wickshire Senior Living - Key offerings
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 162: Inclusions checklist
Exhibit 163: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 164: Currency conversion rates for US$
13.4 Research methodology
Exhibit 165: Research methodology
Exhibit 166: Validation techniques employed for market sizing
Exhibit 167: Information sources
13.5 List of abbreviations
Exhibit 168: List of abbreviations
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