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The senior living market size is forecasts to increase by USD 127.37 billion, at a CAGR of 5.9% between 2023 and 2028. Market growth relies on several factors, including the aging baby boomer population, evolving lifestyles, and preferences among elders, and increasing life expectancy. These demographic shifts drive demand for products and services catering to elderly needs and preferences, such as healthcare, leisure, and retirement planning. As the aging population expands and longevity increases, industries must adapt to meet changing demands and expectations, presenting opportunities for innovation and growth in sectors tailored to the needs of older adults. Our market report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
The demographic outlook is promising in North America, and the region exhibits a high market potential that provides significant and recurring investment opportunities for market players. Countries such as the US will significantly require retirement housing, along with other retirement care services, during a prolonged period to meet the rising demand in the region, which is primarily attributed to the number of Baby Boomers going into retirement. Additionally, Affinity Living Communities company offers senior living solutions such as personalised senior care cafes and assisted living care home..Also, Belmont Village L.P. company offers senior living communities, namely, Copperleaf community, Colorado Springs, and Boise community.
Market Forecast 2024-2028
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The market is a crucial segment within the Consumer & Retail industry, offering various retirement living options for the aging population. With the aging population and increased retirement planning, there are potential opportunities for retirement communities and elderly housing providers. Key manufacturers cater to different applications such as assisted living and independent senior living, targeting individuals below 65 years old to those above 85 years old. Recent developments indicate a growing interest in senior care services and senior housing developments, reflecting the evolving senior lifestyle and the need for long-term care solutions. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
As the aging population seeks more active, engaging, and socially connected lifestyles, the demand for senior living options that cater to these evolving preferences has surged. Firstly, there's a notable shift towards active and healthy aging. Secondly, there's a growing desire for social engagement and community involvement among older adults. Thirdly, there's an increasing preference for lifestyle flexibility and customization due to this market players are doing the recent devlopments. As a result, senior living communities are offering a variety of housing options, ranging from independent apartments to assisted suites and memory care units.
Furthermore, there's a growing emphasis on convenience and amenities. Senior care services are seeking communities that offer convenience services such as dining options, housekeeping, transportation, and on-site healthcare services. They also value amenities like spas, salons, libraries, and entertainment facilities that enhance their quality of life and provide opportunities for leisure and recreation. Therefore, changing lifestyles and preferences will give potential opportunities to drive the growth of the market during the forecast period. Additionally, retirement living options and senior housing developments play a vital role in addressing the needs of the aging population.
Technological advances due to the growth in Internet penetration, which has led to the advent of online platforms, mobile applications, and mHealth. The demand for assisted services, such as mobile applications, wearables, trackers, communication devices, and smart alarms, is increasing. By using these services, caregivers and nurses can track, record, and observe patients and communicate with doctors and other healthcare professionals. Among these technologies, the adoption of patient data management using computers and mobile phones is increasing in long-term care facilities.
Additionally, mHealth and mobile-based healthcare applications that generate mobile health records (MHRs) and electronic health records (EHRs) are the major advances in technology. Other technologies, such as alarm integration techniques, are used to alert service providers and caregivers during emergencies. The adoption of smart homes is increasing in developed countries as they reduce the level of dependence on caregivers. Thus, these factors will drive the market during the forecast period.
The market faces the challenge of social stigma attached to old-age homes. The perception of old age homes as places where elderly people are sent away by their families when they are no longer useful or a burden to them is prevalent in many societies. This stigma can affect the demand for such services as people may feel ashamed or guilty about placing their loved ones in such facilities. Initially, old age homes were dwellings that provided food, shelter, healthcare, and certain basic amenities that assisted the poor.
Furthermore, traditional values and dominant cultural beliefs in certain developing economies, such as India, also contribute to the social stigma associated with old age homes. Most Baby Boomers have a mindset that is a solution for those who are ignored or abandoned by their families. In India, the elderly find it difficult to come to terms with services because they see aging institutions as a sign of rejection by their offspring or other family members. Therefore, the social stigma attached to old age homes is likely to impede market growth during the forecast period.
The assisted living segment will account for a major share of the market's growth during the forecast period.? The assisted arrangement typically comprises an apartment-style dwelling space. Based on the requirements, individual units may or may not be equipped with kitchens. This segment also offers communities specialized memory care units for individuals with cognitive impairment and often features increased security measures, such as extra surveillance equipment and locks on doors.
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The assisted living segment was valued at USD 150.81 billion in 2018. However, the assisted segment does not include skilled nursing care or intensive hands-on care for older adults with serious physical or mental ailments. Assisted facilities use a base rate system that includes utility and basic services, such as housekeeping and meals, in addition to the rent. As per the requirement, additional services come at additional costs. Aging citizens who require one-on-one or specialized care that is not included in their rental contract can hire professional in-home care personnel in addition to the services already covered. These factors will drive the growth of the segment of the market during the forecast period.
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North America is estimated to contribute 40% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Though the market potential is high in North America, the growth rate of the market in the region will be hindered by affordability issues as many retirees do not have enough retirement funds. Further, the market in the region is also influenced by the financial support provided by government agencies. In addition, the Senior Assisted Living Group Home Subsidy program provides access to assisted living in small group homes in Maryland. Such government support can accelerate the growth momentum of the market in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Brookdale Senior Living Inc., Covenant Living Communities and Services, Enterprise Retirement Living Ltd., Erickson Senior Living, Extendicare Canada Inc, Genesis Healthcare Inc., Golden Heights Personal Care Home, Grand world Elder Care, HC One Ltd., Lendlease Corp., Life Care Centers of America, New Max India Ltd., ProMedica, Senior Lifestyle, Sunrise Senior Living, Wickshire Senior Living, and AbsoluteCare
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market offers a range of services and accommodations tailored to meet the needs of elderly individuals. With options like elderly care amenities, active adult communities, and memory care facilities, this market addresses various aspects of senior wellness and lifestyle. Companies in this sector focus on providing senior housing affordability and innovative solutions for aging in place, ensuring that seniors can maintain their independence while receiving necessary support. The market presents a competitive landscape, with companies vying to introduce new products and services to meet the demands of an aging population.
The global senior living market encompasses a diverse range of services and accommodations tailored to meet the needs of aging populations worldwide. With a focus on senior wellness programs, retirement residences, and aging in place solutions, this market caters to the evolving needs of elderly individuals seeking comfort, care, and community. Companies entering this sector must navigate a competitive landscape, understanding the senior living market's competitive landscape and offering innovative senior living accommodations to stay ahead. As the demand for community living for seniors grows, the market presents opportunities for growth and expansion in meeting the needs of older adults globally.
Further, in the market, navigating the competitive landscape is crucial for companies considering entry. Understanding company descriptions, major business strategies, and sales figures is essential before making a decision. Evaluating company total revenue provides insights into market positioning and growth potential. Additionally, analyzing the senior living product introduction timeline helps gauge market readiness and competition. A comprehensive understanding of the complete market is vital, prompting businesses to enquire before purchasing this report for thorough insights and informed decisions. Retailing in this sector requires a strategic approach aligned with evolving senior living needs and market dynamics.
Market Scope |
|
Report Coverage |
Details |
Page number |
145 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.9% |
Market Growth 2024-2028 |
USD 127.37 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.32 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Affinity Living Communities, Belmont Village L.P., Brookdale Senior Living Inc., Covenant Living Communities and Services, Enterprise Retirement Living Ltd., Erickson Senior Living, Extendicare Canada Inc, Genesis Healthcare Inc., Golden Heights Personal Care Home, Grand world Elder Care, HC One Ltd., Lendlease Corp., Life Care Centers of America, Merrill Gardens, New Max India Ltd., ProMedica, Senior Lifestyle, Sunrise Senior Living, Wickshire Senior Living, and AbsoluteCare |
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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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