The growth of the global retirement home service market is driven by the growing geriatric population, increase in life expectancy rate, and growing popularity of retirement homes.
PORTLAND, Ore., Nov. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Retirement Home Service Market by Type (Independent living, Assisted living, and Others), Age Group (55 to 64, 65 to 74, and 75 and above), and Gender (Men and Women): Global Opportunity Analysis And Industry Forecast, 2022-2032". According to the report, the global retirement home service industry generated $9.5 billion in 2022, and is anticipated to generate $14.2 billion by 2032, witnessing a CAGR of 4.2% from 2023 to 2032.
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Retirement home service typically include meals, accommodation, housekeeping, social activities, and more. It offers an array of benefits including safety & security, social engagement, healthcare practices, nutritious meals etc.
Prime determinants of growth
The growth of the global retirement home service market is driven by a growing geriatric population, an increase in life expectancy rate, and the growing popularity of retirement homes. However, the high cost of retirement home services and the negative reputation of retirement homes hamper the growth of the market. On the contrary, technological advancements opted for retirement home services to have a comfortable living option is expected to offer remunerative opportunities for the expansion of the retirement home service market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $9,464.1 billion |
Market Size in 2031 | $14,242.4 billion |
CAGR | 4.2 % |
No. of Pages in Report | 271 |
Segments covered | Type, Age Group, Gender, and Region. |
Drivers | Growing geriatric population Increase in Life Expectancy Rate Growing popularity of retirement home |
Opportunities | Technological advancements |
Restraints | High cost of retirement home services Negative reputation of retirement homes |
The independent living segment to maintain its leadership status throughout the forecast period
Based on type, the independent living segment held the highest market share in 2022, accounting for nearly two-fifths of the global retirement home service market revenue and is estimated to maintain its leadership status throughout the forecast period, as the development of independent living services is impacted by a number of socioeconomic, cultural, sociological, and economic variables. The same segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032, individuals are prepared to accept this lifestyle as a feasible alternative for senior living, which will spur the market demand, as seniors and their families have a favorable image of independent living communities.
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The women segment to maintain its leadership during the forecast period
Based on gender, the women segment accounted for the largest share in 2022, contributing to more than half of the global retirement home service market revenue and is projected to maintain its lead position during the forecast period, because women low have mortality rates as compared to men. The men segment is expected to portray the highest CAGR of 4.4% from 2023 to 2032, owing to the increase in demand for services provided by retirement homes for males in recent years.
The 75 and above age group segment to maintain its leadership throughout the forecast period
Based on age group, the 75 and above age group segment held the highest market share in 2022, accounting for more than half of the global retirement home service market revenue and is estimated to maintain its leadership status throughout the forecast period, as people in this group experience a range of physical, mental, and health-related difficulties that could have an influence on their daily life and need more assistance and care. However, the 65 to 74 age group segment is projected to manifest the highest CAGR of 4.8% from 2023 to 2032, as depending on their housing and health circumstances, some people in this age group may think about downsizing, moving to retirement communities, or investing in assisted living facilities or nursing homes.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global retirement home service market revenue, owing to the high per capita income along with the rise in interest of the geriatric population for such services. Moreover, the retired population is looking for lifestyle alternatives that provide comfort, companionship, and a variety of facilities. Thus, the need for specialized retirement home services has surged as a result. However, Asia-Pacific is expected to witness the fastest CAGR of 4.9% from 2023 to 2032, as the majority of the Asia-Pacific region's nations have seen an increase in both, the healthy and overall life expectancy rates Since 2000. People are expected to need more long-term care as a result of the fact that they will live longer but also experience disabilities for a longer length of time.
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Leading Market Players: -
- ABM INDUSTRIES INCORPORATED
- AlerisLife
- American Retirement Homes
- British United Provident Association Ltd.
- Brookdale Senior Living Inc.
- Columbia Pacific Management
- Erickson Senior Living, LLC.
- Genesis HealthCare
- Senior Lifestyle
- Life Care Services.
The report provides a detailed analysis of these key players of the global retirement home service market. These players have adopted different strategies such as acquisitions, technological developments, investment in R&D, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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