NEW
YORK, June 28, 2024 /PRNewswire/ -- The global
retirement communities market size is estimated to grow by
USD 394.5 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 4.25% during the forecast period. Rising life expectancy
is driving market growth, with a trend towards favorable business
opportunities for real estate developers. However, offering proper
healthcare solutions poses a challenge. Key market players include
Affinity Living Communities, AlerisLife Inc., American
Retirement Homes Inc., British United Provident Association Ltd.,
Brookdale Senior Living Inc., Enlivant Master Mgmt CO LLC, Erickson
Senior Living Management LLC, Front Porch, Genesis Healthcare Inc.,
HC One Ltd., Honor Technology Inc., Interim HealthCare Inc.,
Korian, Life Care Companies LLC, Senior Lifestyle, Sienna Senior
Living Inc., Sonida Senior Living Inc., Sunrise Senior Living LLC,
Village Concepts, and Wickshire Senior Living.
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Retirement
Communities Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.25%
|
Market growth
2024-2028
|
USD 394.5
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.08
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
32%
|
Key
countries
|
US, Germany, China, UK,
and France
|
Key companies
profiled
|
Affinity Living
Communities, AlerisLife Inc., American Retirement Homes Inc.,
British United Provident Association Ltd., Brookdale Senior Living
Inc., Enlivant Master Mgmt CO LLC, Erickson Senior Living
Management LLC, Front Porch, Genesis Healthcare Inc., HC One Ltd.,
Honor Technology Inc., Interim HealthCare Inc., Korian, Life Care
Companies LLC, Senior Lifestyle, Sienna Senior Living Inc., Sonida
Senior Living Inc., Sunrise Senior Living LLC, Village Concepts,
and Wickshire Senior Living
|
Market Driver
The retirement communities market presents significant
opportunities for real estate developers, particularly in the
outskirts of urban areas. Buyers prefer peaceful environments with
open spaces, leading to strong demand for projects in suburban
locations. Developers benefit from lower land costs and reduced
construction expenses due to smaller home sizes. This trend is
expected to increase investments in retirement communities,
boosting demand for related services.
The retirement community market is experiencing significant
growth, with a focus on providing facilities for active seniors.
Living facilities, such as homes and apartments, are in high
demand. Residences come with various amenities like pools, fitness
centers, and social spaces. Markets also offer care services for
those with health concerns. Communities are designed to meet
different needs, from independent living to assisted living and
memory care. Older adults prefer communities that offer activities,
such as clubs and classes, to keep them engaged. Technology is a
key trend, with communities implementing smart home systems and
telehealth services. Communities are also becoming more
eco-friendly, with sustainable features and energy-efficient
designs. Overall, retirement communities are becoming more
comprehensive, catering to seniors' physical, social, and emotional
needs.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- Retirement communities face the challenge of providing
healthcare services that cater to the unique needs of their aging
population. To meet this demand, communities can partner with
healthcare providers for on-site medical professionals and
services. Access to specialists like geriatricians, neurologists,
and cardiologists is crucial. Encouraging healthy lifestyles
through exercise programs, healthy food options, and wellness
activities also helps prevent and manage chronic conditions. A
collaborative effort between healthcare providers, retirement
communities, and policymakers is essential to ensure high-quality
healthcare for older adults.
- Retirement communities are becoming increasingly popular as
seniors seek comfortable living arrangements in their golden years.
However, the market faces several challenges. One major issue is
the rising cost of facilities and services, which can be a
significant burden for retirees on fixed incomes. Another challenge
is the need to cater to diverse needs and preferences of different
age groups and health conditions. Additionally, the competition
among retirement communities is fierce, making it essential to
offer unique features and amenities to attract residents.
Furthermore, the ongoing pandemic has introduced new challenges,
such as safety protocols and social distancing measures, which must
be addressed to maintain the health and well-being of residents.
Overall, the retirement community market requires innovative
solutions to meet the evolving needs and expectations of seniors
while ensuring affordability and quality.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This retirement communities market report extensively covers
market segmentation by
- Type
- 1.1 Assisted living facilities
- 1.2 Continuing care retirement communities
- 1.3 Rest homes
- Application
- 2.1 Elderly people
- 2.2 Disabled people
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Assisted living facilities- Retirement
communities provide senior living solutions, catering to the unique
needs of older adults. These communities offer housing options,
amenities, and services designed for ease and comfort. They foster
social engagement and independence, allowing seniors to enjoy their
golden years. Businesses play a crucial role in this market,
providing essential services and products to these communities.
From healthcare to recreational activities, businesses help enhance
the quality of life for retirees. The retirement communities market
continues to grow, driven by the increasing population of older
adults and their desire for age-appropriate living solutions.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
In the rapidly evolving landscape of housing solutions, the
Retirement Communities Market has emerged as a significant sector,
catering to the unique needs of an aging population. Senior
citizens, whether in major cities or suburbs, increasingly require
specialized living facilities due to escalating medical needs. The
demand for such communities is not limited to metropolitan areas
but also extends to non-metro cities. Attractive financing options
have made these Senior Living Facilities an increasingly popular
choice for retirees, offering Active Adult Housing that caters to
their lifestyle preferences. Security is a paramount concern, and
these communities prioritize it to ensure peace of mind for parents
of businessmen and other seniors. Old Age Homes, with their focus
on providing a comfortable and secure environment, have become an
essential consideration for those entering their golden years.
Market Research Overview
The Retirement Communities market encompasses a variety of
housing options designed for senior citizens, including independent
living, assisted living, memory care, and continuing care
retirement communities. These communities offer amenities such as
social activities, healthcare services, and transportation,
catering to the unique needs of older adults. The market is driven
by demographic trends, including the aging population and
increasing life expectancy. Additionally, technological
advancements and government initiatives are shaping the retirement
communities landscape. The sector is expected to grow significantly
in the coming years, providing new opportunities for investors and
service providers.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Assisted Living Facilities
- Continuing Care Retirement Communities
- Rest Homes
- 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio