Retirement Home Services Global Market 2024 To Reach $8.96 Billion By 2028 At Rate Of 4.9%
Retirement Home Services Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON , UNITED KINGDOM, October 11, 2024 /EINPresswire.com/ -- The retirement home services market has seen steady growth, projected to expand from $7.05 billion in 2023 to $7.39 billion in 2024 at a CAGR of 4.8%. This growth can be attributed to rising healthcare costs, the necessity of maintaining a high quality of life in retirement, an increase in memory care services due to an aging population, and the growing number of seniors seeking comfortable and assisted living solutions.
What Is The Estimated Market Size Of The Global Retirement Home Services Market And Its Annual Growth Rate?
The retirement home services market is forecasted to see steady growth, expanding to $8.96 billion by 2028 with a CAGR of 4.9%. The growth in this sector is driven by the diverse needs of an aging population, increased life expectancy, rising demand for senior care options, the desire for active and independent aging, and appealing housing alternatives for retirees. Key trends in the coming years include advancements in technology for services, the expansion of senior living services in emerging markets, increased demand for assisted services like mobile applications, the integration of technology for remote monitoring and care, and alarm integration techniques to alert service providers.
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Growth Driver of The Retirement Home Services Market2
The rising life expectancy is likely to enhance the growth of the retirement home services market moving forward. Life expectancy refers to the average number of years a person can expect to live, based on current age and mortality rates. Factors contributing to the increasing life expectancy include advancements in healthcare, improved living conditions, better access to medical services, and healthier lifestyles. A longer life expectancy leads to higher demand for retirement home services to manage chronic health issues, provide daily living support, ensure safety, and offer social and recreational activities that promote seniors' overall well-being.
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Which Market Players Are Driving The Retirement Home Services Market Growth?
Major companies operating in the retirement home services 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.
What Are The Emerging Trends Shaping The Retirement Home Services Market Size?
Companies in the retirement home services market are shifting towards non-real estate-based assisted living models to enhance market competitiveness. These services support elderly individuals within their own homes, promoting independence while offering essential care and assistance, providing an attractive alternative to traditional assisted living facilities.
How Is The Global Retirement Home Services Market Segmented?3
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
Geographical Insights: North America Leading The Retirement Home Services Market
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.
Retirement Home Services Market Definition
Retirement home services encompass a variety of amenities and support for residents in retirement communities or homes. These services are designed to meet the needs of older adults, ensuring a comfortable, safe, and engaging living environment. They typically include assistance with daily activities, healthcare services, social and recreational activities, and maintenance, all aimed at enhancing seniors' quality of life.
Retirement Home Services Global Market Report 2024 from The Business Research Company1 covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global retirement home services market report covering trends, opportunities, strategies, and more
The Retirement Home Services Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on retirement home services market size, drivers and trends, retirement home services market major players, competitors' revenues, market positioning, and market growth across geographies. The market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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