2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!

What External and Internal Drivers Are Contributing to the Growth of theRetirement Home Services Market?

The increasing life expectancy is driving the growth of the retirement home services market, as more individuals require assistance with chronic conditions and daily care. For instance, in November 2023, the CDC reported a rise in U.S. life expectancy from 76.4 in 2021 to 77.5 in 2022, with gains of 1.3 years for males and 0.9 years for females.

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How Has the Retirement Home Services Market Evolved in Recent Years, and What are the Growth Projections for the Forecast Period?

The retirement home services market has experienced robust growth in recent years. It will increase from $7.39 billion in 2024 to $7.77 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.1%. This expansion is driven by higher healthcare costs, the need for maintaining quality of life in retirement, increasing demand for memory care services due to an aging population, the requirement for skilled nursing and care services, and a growing senior citizen demographic seeking assisted living solutions.

The retirement home services market is projected to reach $9.38 billion by 2029, growing at a CAGR of 4.8%. Factors contributing to this growth include an aging population, longer life expectancy, greater demand for senior care options, and a desire for active, independent aging. Trends include technological advancements, expanding senior living services in emerging markets, mobile applications for assisted services, and remote monitoring.

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Which Upcoming Market Trends and Innovations Are Set to Influence theRetirement Home Services Market’s Path Forward?

Major companies in the retirement home services market are developing non-real estate-based assisted living solutions to improve market competitiveness. Non-real estate-based assisted living allows elderly individuals to receive care in their own homes rather than moving to facilities. For example, in April 2024, Mindrot Technologies, an India-based healthcare startup, launched its CarePilot platform, a technology solution designed to improve senior living services, including assisted care and hospice. The platform integrates features such as patient management, inventory control, and financial modules, aiming to enhance efficiency and facilitate family involvement in care decisions.

Who Are the Dominant Market Players Pushing the Boundaries of theRetirement Home Services Market?

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.

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What Are the Core Segments of the Retirement Home Services Market, and How Do They Contribute to Growth?

The retirement home services market covered in this report is segmented –

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

Subsegments:

1) By Assisted Living: Personal Care Services, Medication Management, 24/7 Support And Supervision, Specialized Memory Care

2) By Independent Living: Independent Living Communities, Retirement Communities, Age-Restricted Housing

3) By Other Types: Skilled Nursing Facilities (SNF), Continuing Care Retirement Communities (CCRC), Respite Care Services, Hospice Care

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What Regions Are Dominating the Retirement Home Services Market Growth?

North America was the largest region in the retirement home services market in 2024. The regions covered in the retirement home services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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