Retirement Home Services Market size is set to grow by USD 4.36 billion from 2024-2028, rising life expectancy to boost the market growth, Technavio

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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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. 

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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.

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Segment Overview 

This retirement home services market report extensively covers market segmentation by

1. Service 
• 1.1 Independent living
• 1.2 Nursing
• 1.3 Assisted living
2. Application 
• 2.1 Elderly people
• 2.2 Disabled people
3. 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.

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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.

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SOURCE Technavio