PUBLISHER: The Business Research Company | PRODUCT CODE: 1706262
PUBLISHER: The Business Research Company | PRODUCT CODE: 1706262
Retirement home services encompass a range of amenities and support provided to residents in retirement communities or homes. These services are designed to meet the needs and preferences of older adults, ensuring a comfortable, safe, and engaging living environment. They typically include help with daily activities, healthcare services, social and recreational activities, and maintenance of living spaces, all aimed at improving the quality of life for seniors.
The main types of retirement home services are assisted living, independent living, and other specialized services. Assisted living involves providing rooms or apartments that are regularly cleaned and maintained for residents. The services cater to both men and women, across age groups including 55 to 64, 65 to 74, and 75 and above. These services address the needs of elderly and disabled individuals.
The retirement home services market research report is one of a series of new reports from The Business Research Company that provides retirement home services market statistics, including retirement home services industry global market size, regional shares, competitors with an retirement home services market share, detailed retirement home services market segments, market trends, and opportunities, and any further data you may need to thrive in the retirement home services industry. This retirement home services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The retirement home services market size has grown strongly in recent years. It will grow from $7.39 billion in 2024 to $7.77 billion in 2025 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to rising healthcare costs, the necessity of maintaining a high quality of life in retirement, memory care services increasing due to the aging population, the need for proficient nursing and care services, aging population demographics, rising number of senior citizens seeking comfortable and assisted living solutions.
The retirement home services market size is expected to see steady growth in the next few years. It will grow to $9.38 billion in 2029 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to the diverse needs of an aging population, increasing life expectancy, growing demand for senior care options, desire for active and independent aging, and popular housing alternatives for the retired population. Major trends in the forecast period include technological advances in services, expansion of senior living services in emerging markets, increasing demand for assisted services such as mobile applications, integration of technology for remote monitoring and care, and alarm integration techniques used to alert service providers.
The growing life expectancy is projected to drive the expansion of the retirement home services market in the future. Life expectancy measures the average number of years a person is expected to live based on current age and mortality rates. The increase in life expectancy is linked to advancements in healthcare, better living conditions, improved access to medical services, and healthier lifestyles. As people live longer, the demand for retirement home services rises to manage chronic health conditions, provide daily living support, ensure safety, offer social and recreational activities, and support overall well-being for seniors. For example, in November 2023, the Centers for Disease Control and Prevention (CDC), a US-based government agency, reported that U.S. life expectancy at birth increased by 1.1 years from 2021 to 2022, rising from 76.4 to 77.5 years. Males recovered 1.3 years of their 2.8-year loss between 2019 and 2021, moving from 73.5 in 2021 to 74.8 in 2022. Females recovered 0.9 years of their 2.1-year loss, increasing from 79.3 in 2021 to 80.2 in 2022. Thus, the rising life expectancy is fueling the growth of the retirement home services market.
Leading companies in the retirement home services market are concentrating on developing innovative solutions, such as non-real estate-based assisted living, to gain a competitive advantage. Non-real estate-based assisted living refers to services that help elderly individuals remain in their own homes, instead of moving into specialized assisted living facilities. For example, in April 2024, Mindrot Technologies, an India-based hospital startup, launched its CarePilot platform, a comprehensive technology solution aimed at improving services for providers in the senior living sector, with a particular focus on assisted care and hospice services. Initially designed for home healthcare, the platform has expanded to include features like patient and room management, inventory control, caregiving, financial modules for billing and reconciliation, and analytical support. The platform is designed to enhance operational efficiency for service providers and enable families to actively engage in care decisions, fostering a connected ecosystem.
In August 2024, National Healthcare Corporation (NHC), a US-based healthcare company, acquired White Oak Senior Living for an undisclosed amount. This acquisition marks an expansion of NHC's operations into a new state and represents a strategic move to advance its growth within its existing operational areas. White Oak Senior Living, a US-based senior care services provider, specializes in offering senior living and healthcare services, including independent living, assisted living, and memory care.
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.
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.
The countries covered in the retirement home services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The retirement home services market includes revenues earned by entities by providing services such as accommodation, healthcare services, dining services, and dining services. 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.
Retirement Home Services Global Market Report 2025 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 retirement home services 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.
Where is the largest and fastest growing market for retirement home services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The retirement home services 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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.