Senior Living Global Market Report 2024

Description

Senior living refers to residential communities specifically designed for older adults, offering various levels of care and support tailored to their individual needs. These communities provide a range of services, including independent living, assisted living, and memory care, to enhance the quality of life and ensure the safety and well-being of seniors.

The primary services in senior living include assisted living, independent living, and continuing care retirement communities (CCRC). Assisted living offers housing and support for seniors who require assistance with daily activities but do not need intensive medical care. Residents typically live in private apartments or rooms and receive help with tasks such as bathing, dressing, and medication management. The different facility types include adult family homes, community-based residential facilities (CBRF), and residential care apartment complexes (RCAC). The various age groups served include those below 65 years old, 65 to 75 years old, 76 to 85 years old, and above 85 years old.

The senior living market research report is one of a series of new reports from The Business Research Company that provides senior living market statistics, including senior living industry global market size, regional shares, competitors with a senior living market share, detailed senior living market segments, market trends, and opportunities, and any further data you may need to thrive in the senior living industry. This senior living research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The senior living market size has grown strongly in recent years. It will grow from $1.74 billion in 2023 to $1.89 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth during the historic period can be attributed to the aging baby boomer generation, increased life expectancy, rising demand for personalized care, greater awareness of senior health and wellness, and changes in family structures and dynamics.

The senior living market size is expected to see strong growth in the next few years. It will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth during the forecast period can be attributed to the expanding senior population, increasing demand for integrated and community-based care, growth in disposable income among retirees, a rise in personalized and wellness-oriented living environments, and evolving preferences for multi-generational and age-inclusive communities. Key trends expected during this period include the integration of wellness and preventive health programs, a focus on sustainability and eco-friendly living environments, the expansion of virtual and remote care services, growth in luxury and customized senior living options, and an enhanced emphasis on mental health and cognitive support services.

The growing aging population is anticipated to drive the senior living market in the future. This demographic trend refers to the increasing proportion of older individuals within a population, attributed to longer life expectancy and declining birth rates. The rise in the aging population is a result of extended life expectancy and lower birth rates. Senior living solutions cater to this demographic by providing customized housing and care options that meet their changing needs, enhance their quality of life, and offer access to essential services and social activities. For instance, in 2023, the United Nations (UN), a US-based intergovernmental organization, projected that the number of people aged 65 and older would more than double, growing from 761 million in 2021 to 1.6 billion by 2050. Thus, the expanding aging population will drive growth in the senior living market.

Leading companies in the senior living market are focusing on developing advanced technologies, such as proactive intelligence systems, to improve their ability to manage resident care, enhance decision-making, and achieve better outcomes for residents and staff. Proactive intelligence for senior living is an advanced real-time system designed to provide specialized care and operational insights for senior living operators. For example, in March 2024, August Health, a US-based digital healthcare technology company, introduced August Health Insights, a real-time system offering advanced care and operational intelligence for senior living operators. This system allows operators to proactively identify and address emerging risks and unmet care needs. It enhances senior living operations by providing visibility into community care and operations, identifying emerging risks, flagging high-risk residents and incident clusters, and consolidating data into an actionable dashboard to improve care and operational efficiency.

In October 2023, Friendship Retirement Community, a US-based non-profit organization, acquired Richfield Living for $62 million. This acquisition aims to expand Friendship Retirement Community's service offerings and extend its reach in the senior living sector by integrating Richfield Living's resources and expertise. Richfield Living is a US-based senior living community offering a range of services, including independent living, assisted living, and skilled nursing care.

Major companies operating in the senior living market are Genesis Healthcare Inc., Sunrise Senior Living, Brookdale Senior Living, Amedisys Inc., BrightStar Care, Holiday Retirement, Senior Lifestyle Corporation, Five Star Senior Living, Enlivant, Atria Senior Living, Watermark Retirement Communities, The Arbor Company, Integral Senior Living, Comfort Keepers, The Kensington, Cadence Living, Merrill Gardens, Erickson Senior Living, Life Care Services, Cedarhurst Senior Living, Sage Life, Belmont Village Senior Living, Visiting Angels, Right at Home, Solstice Senior Living

North America was the largest region in the senior living market in 2023. The regions covered in the senior living market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the senior living market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The senior living market includes revenues earned by entities that provide services such as memory care, skilled nursing care, respite care, rehabilitation services, and social and recreational activities. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Senior Living Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on senior living market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for senior living ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The senior living market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Service: Assisted living; Independent living; Continuing Care Retirement Community (CCRC)
2) By Facility Type: Adult Family Home; Community-Based Residential Facility (CBRF); Residential Care Apartment Complex (RCAC)
3) By Application: Below 65 Years Old; 65 To 75 Years Old; 76 To 85 Years Old; Above 85 Years Old
Companies Mentioned: Genesis Healthcare Inc.; Sunrise Senior Living; Brookdale Senior Living; Amedisys Inc.; BrightStar Care
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r20848

1. Executive Summary

2. Senior Living Market Characteristics

3. Senior Living Market Trends And Strategies

4. Senior Living Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Senior Living Market Size and Growth

5.1. Global Senior Living Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Senior Living Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Senior Living Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Senior Living Market Segmentation

6.1. Global Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Assisted Living
Independent Living
Continuing Care Retirement Community (CCRC)
6.2. Global Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Adult Family Home
Community-Based Residential Facility (CBRF)
Residential Care Apartment Complex (RCAC)
6.3. Global Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Below 65 Years Old
65 To 75 Years Old
76 To 85 Years Old
Above 85 Years Old

7. Senior Living Market Regional And Country Analysis

7.1. Global Senior Living Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Senior Living Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Senior Living Market

8.1. Asia-Pacific Senior Living Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Senior Living Market

9.1. China Senior Living Market Overview
9.2. China Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Senior Living Market

10.1. India Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Senior Living Market

11.1. Japan Senior Living Market Overview
11.2. Japan Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Senior Living Market

12.1. Australia Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Senior Living Market

13.1. Indonesia Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Senior Living Market

14.1. South Korea Senior Living Market Overview
14.2. South Korea Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Senior Living Market

15.1. Western Europe Senior Living Market Overview
15.2. Western Europe Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Senior Living Market

16.1. UK Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Senior Living Market

17.1. Germany Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Senior Living Market

18.1. France Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Senior Living Market

19.1. Italy Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Senior Living Market

20.1. Spain Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Senior Living Market

21.1. Eastern Europe Senior Living Market Overview
21.2. Eastern Europe Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Senior Living Market

22.1. Russia Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Senior Living Market

23.1. North America Senior Living Market Overview
23.2. North America Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Senior Living Market

24.1. USA Senior Living Market Overview
24.2. USA Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Senior Living Market

25.1. Canada Senior Living Market Overview
25.2. Canada Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Senior Living Market

26.1. South America Senior Living Market Overview
26.2. South America Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Senior Living Market

27.1. Brazil Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Senior Living Market

28.1. Middle East Senior Living Market Overview
28.2. Middle East Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Senior Living Market

29.1. Africa Senior Living Market Overview
29.2. Africa Senior Living Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Senior Living Market, Segmentation By Facility Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Senior Living Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Senior Living Market Competitive Landscape And Company Profiles

30.1. Senior Living Market Competitive Landscape
30.2. Senior Living Market Company Profiles
- 30.2.1. Genesis Healthcare Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Sunrise Senior Living
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Brookdale Senior Living
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Amedisys Inc.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. BrightStar Care
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Senior Living Market Other Major And Innovative Companies

31.1. Holiday Retirement
31.2. Senior Lifestyle Corporation
31.3. Five Star Senior Living
31.4. Enlivant
31.5. Atria Senior Living
31.6. Watermark Retirement Communities
31.7. The Arbor Company
31.8. Integral Senior Living
31.9. Comfort Keepers
31.10. The Kensington
31.11. Cadence Living
31.12. Merrill Gardens
31.13. Erickson Senior Living
31.14. Life Care Services
31.15. Cedarhurst Senior Living

32. Global Senior Living Market Competitive Benchmarking

33. Global Senior Living Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Senior Living Market

35. Senior Living Market Future Outlook and Potential Analysis

35.1 Senior Living Market In 2028 - Countries Offering Most New Opportunities
35.2 Senior Living Market In 2028 - Segments Offering Most New Opportunities
35.3 Senior Living Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer