The retirement home services global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Retirement Home Services Market, 2024 The retirement home services global market report 2024
Market Size –
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 in the historic period can be attributed to rising healthcare costs, the necessity of maintaining a high quality of life in retirement, memory care services increasing due to the aging population, the need for proficient nursing and care services, aging population demographics, 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 growth in the forecast period can be attributed to the diverse needs of an aging population, increasing life expectancy, growing demand for senior care options, desire for active and independent aging, and popular housing alternatives for the retired population. Major trends in the forecast period include technological advances in services, expansion of senior living services in emerging markets, increasing demand for assisted services such as mobile applications, integration of technology for remote monitoring and care, and alarm integration techniques used to alert service providers.
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Scope Of Retirement Home Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Retirement Home Services Market Overview
Market Drivers –
The increasing life expectancy is projected to contribute to the growth of the retirement home services market in the future. Life expectancy is a statistical measure that indicates the average number of years a person can expect to live based on current age and mortality rates. The rise in life expectancy can be attributed to advancements in healthcare, improved living conditions, enhanced access to medical services, and healthier lifestyles. As life expectancy increases, the demand for retirement home services also rises, as these services are essential for managing chronic health conditions, providing daily living assistance, ensuring safety, and offering social and recreational activities to support the overall well-being of seniors. For instance, 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, from 76.4 to 77.5 years. Males regained 1.3 years of their 2.8-year loss between 2019 and 2021, rising from 73.5 in 2021 to 74.8 in 2022, while females regained 0.9 years of their 2.1-year loss, increasing from 79.3 in 2021 to 80.2 in 2022. Therefore, the increasing life expectancy is driving the growth of the retirement home services market.
Market Trends –
Major companies operating in the retirement home services market are focusing on developing advanced solutions, such as non-real estate-based assisted living, to gain a competitive edge in the market. Non-real estate-based assisted living refers to services that support elderly individuals in their own homes rather than requiring them to move into dedicated assisted living facilities. For instance, in November 2021, Alserv, an India-based hospital startup company, launched services specifically designed for the elderly, focusing on enhancing their quality of life. The initiative aims to provide various services that cater to the needs of senior citizens, including health monitoring, transportation, and companionship. This venture seeks to address the challenges faced by the aging population in accessing essential services and maintaining social connections.
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
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Regional Insights –
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.
Key Companies –
Major companies in the 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.
Table of Contents
- Executive Summary
- Retirement Home Services Market Report Structure
- Retirement Home Services Market Trends And Strategies
- Retirement Home Services Market – Macro Economic Scenario
- Retirement Home Services Market Size And Growth
…..
- Retirement Home Services Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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