NEW
YORK, June 19, 2024 /PRNewswire/ -- The
global retirement home services market size is
estimated to grow by USD
4.36 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of over 2.6%
during the forecast period. Rising life
expectancy is driving market growth, with a trend
towards technological advances. However, poor reputation
of retirement homes poses a challenge. Key market players
include 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 Inc., Sunrise Senior Living LLC, and
Wickshire Senior Living.
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report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Service (Independent
living, Nursing, and Assisted living), Application (Elderly people
and Disabled people), and Geography (North America, Europe, APAC,
South America, and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
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 Inc., Sunrise
Senior Living LLC, and Wickshire Senior Living
|
Key Market Trends Fueling Growth
The retirement home services market is experiencing significant
growth due to technological advances in long-term healthcare.
Internet penetration has led to the development of online
platforms, mobile applications, and mHealth, increasing demand for
assisted services like mobile applications, wearables, and
trackers. Patient data management using computers and mobile
phones, particularly mHealth and mobile-based healthcare
applications, is a major advancement. Applications like AliveCor,
approved by the FDA, enable care providers to record and analyze
patient data, such as weight, diet, exercise, BP, blood sugar, and
cholesterol. Alarm integration techniques are used to alert service
providers during emergencies, while the adoption of smart homes
reduces dependence on caregivers. These technologically advanced
solutions are driving market growth.
The retirement homes market is experiencing significant growth
with a rising number of senior citizens seeking comfortable and
assisted living solutions. Homes are being designed with nursing
homes and assisted living facilities integrated, offering a range
of services such as care, facilities, and activities. Nursing homes
provide round-the-clock medical care, while assisted living
facilities offer support with daily activities. Living facilities
are being equipped with modern amenities like memory care units,
physical therapy, and recreational areas. The demand for dementia
care and memory care services is increasing due to the aging
population. The use of technology, such as telehealth and remote
monitoring, is also becoming more prevalent in retirement homes to
ensure the safety and well-being of residents. The trend is towards
personalized care and creating a home-like environment for
seniors.
Research report provides comprehensive data on impact of trend.
For more details- Download a Sample Report
Market Challenges
- The retirement home services market presents opportunities for
businesses that prioritize quality and privacy for senior
residents. While some old age homes face challenges in providing
adequate infrastructure and services, retirement homes have evolved
to offer superior living conditions. By focusing on individual
needs and ensuring freedom and safety, retirement homes distinguish
themselves from ill-reputed old age homes. Investments in this
sector continue to grow, driving improvements in service quality
and addressing the evolving demands of an aging population.
- The retirement home services market faces several challenges in
providing comprehensive care and housing solutions for the elderly.
These include the need for proficient nursing and care services,
memory care for those with Alzheimer's or dementia, and providing a
secure and comfortable environment. Additionally, affordability is
a significant concern for many seniors, making it essential to
offer various pricing options. Furthermore, location is a critical
factor, with many seeking proximity to hospitals and urban areas
for easy access to medical services. Lastly, meeting the diverse
needs of an aging population requires a flexible and adaptive
approach, incorporating technology and innovative solutions.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This retirement home services market report extensively covers
market segmentation by
- Service
- 1.1 Independent living
- 1.2 Nursing
- 1.3 Assisted living
- Application
- 2.1 Elderly people
- 2.2 Disabled people
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Independent living- The retirement home
services market caters to senior citizens seeking age-appropriate
living with reduced housework. Vendors like Brookdale Senior
Living, Erickson Living Management, and Five Star Senior Living
provide independent living services. Housing arrangements range
from apartment-style communities to cooperatives. Residents enjoy
private residences and common area access. Amenities include
laundry, housekeeping, security, dining, and activities. Government
organizations, such as the US Department of Housing and Urban
Development, offer subsidies, fostering market growth.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Retirement Home Services Market caters to the unique needs
of the aging population and disabled people, offering a range of
solutions from Independent Living Services to Skilled Nursing
Services. These services include personal care, nursing,
transportation facilitation, meal delivery, housekeeping,
companionship, remote monitoring solutions, and Memory Care
Services. The market encompasses both For-Profit and Non-Profit
Retirement Homes, addressing the diverse requirements of elderly
individuals during their retirement years. With an increasing
geriatric demographic and growing life expectancy, the demand for
senior-focused services continues to rise. These services aim to
enhance the quality of life for seniors, providing skilled medical
assistance, in-home caregiving, and a sense of community through
Retirement Communities. Alzheimer's and other age-related health
conditions further emphasize the importance of these services in
ensuring the well-being of our elderly population.
Market Research Overview
The Retirement Home Services market caters to the growing
population of elderly individuals seeking comfortable and
supportive living environments. These homes offer a range of
services including healthcare, social activities, and daily living
assistance. Nursing homes provide round-the-clock medical care for
those with complex health needs, while assisted living facilities
offer less intensive care for those who require assistance with
daily tasks. Memory care facilities specialize in caring for
individuals with Alzheimer's disease and other forms of dementia.
Senior care services also include home health care and hospice care
for those who prefer to age in place. Living options vary from
independent living to skilled nursing care, depending on the level
of care required. Long-term care insurance and government programs
help fund these services for eligible individuals. Caregiver
services and respite care are also available to support family
caregivers. The market is expected to grow due to the increasing
aging population and rising awareness of the benefits of retirement
homes.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Service
-
- Independent Living
- Nursing
- Assisted Living
- Application
-
- Elderly People
- Disabled People
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio