NEW YORK, Feb. 16, 2024 /PRNewswire/ — The senior living market size is expected to grow by USD 91.37 billion between 2022 and 2027. The growth momentum of the market will progress at a CAGR of 5.65% during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample
Technavio has announced its latest market research report titled Global Senior Living Market 2023-2027
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Report Coverage |
Details |
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Page number |
152 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.65% |
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Market growth 2023-2027 |
USD 91.37 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.13 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 39% |
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Key countries |
US, Canada, China, France, and Germany |
The market is segmented by age group (85 or older, 75 to 84, 65 to 74, and 60 to 64), Service (Assisted living, Independent living, and CCRC) and Geography (North America, Europe, APAC, South America, and Middle East and Africa). The market is driven by the aging baby boomer population. The number of people aged 65 years and above is increasing across the world. The obesity rate among the aged population is also on the rise, which is increasing the risk of disability and chronic diseases, such as hypertension and diabetes. This is increasing the demand for nursing care to ensure comfortable and healthy living, which is driving the growth.
Key Highlights:
The report recognizes the following as some of the key players: AbsoluteCare Inc., Affinity Living Communities, Antara Assisted Service Ltd., Brookdale Senior Living Inc., Covenant Living Communities and Services, Enterprise Retirement Living Ltd., Erickson Senior Living Management LLC, Extendicare Canada Inc., Genesis Healthcare Inc., Golden Heights Personal Care Home, Grand world Elder Care, HC One Ltd., Lendlease Corp., Life Care Centers of America Inc., Merrill Gardens, ProMedica Health System Inc., Senior Lifestyle, Sunrise Senior Living LLC, Utsav Care Homes, and Wickshire Senior Living
Industry is fragmented in nature.
Observation of 5.13% YOY growth in 2023.
Technological advances are identified as one of the major trends. Low life savings by baby boomers is identified as one of the key challenges. The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report
Keg Segments:
The 85 years or older segment will be significant during the forecast period. People aged 85 years and above need more services due to aging, common diseases, as well as cognitive, psychiatric, and social changes. Also, their visual acuity and hearing ability deteriorate more quickly. This makes assistive living more necessary for people aged 85 years and older, which is driving the growth of the segment. Get a glance at the contribution of the segments, Request a FREE Sample
The Senior Living Market is experiencing exponential growth due to shifting demographics, notably the increasing Age Dependency Ratio and rising Life Expectancy. Organizations like Columbia Pacific Communities are revolutionizing the sector with innovative approaches to Senior care services and Wellness. This industry caters to diverse needs, from Homecare services to Medical care, ensuring comprehensive support for Nuclear families and seniors alike. Moreover, it fosters Social bonding opportunities and addresses Mobility challenges, enabling active engagement within Bespoke senior living communities. As the demand surges, there’s a parallel rise in Career opportunities and changing perceptions toward this valuable asset class, underscored by the involvement of entities such as UNFPA (United Nations Population Fund). Ultimately, the industry is a vital component of adapting to the evolving needs of our Overall population.
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ToC:
Executive Summary
Landscape
Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Age Group
Segmentation by Service
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 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 insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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SOURCE Technavio
