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How has the retirement home services market evolved, and where is it heading next?
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.
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Retirement Home Services Market Report 2025
What are the key drivers behind the rapid expansion of the retirement home services market?
The increasing life expectancy is expected to propel the growth of the retirement home services market going forward. Life expectancy is a statistical measure indicating the average number of years a person can expect to live based on their current age and mortality rates. The rising life expectancy is due to advancements in healthcare, improved living conditions, better access to medical services, and healthier lifestyles. Longer life expectancy increases the demand for retirement home services to manage chronic health conditions, provide daily living assistance, ensure safety, offer social and recreational activities, and support overall well-being for seniors. For instance, in November 2023, according to the Centers for Disease Control and Prevention (CDC), a US-based government agency, the U.S. life expectancy at birth increased by 1.1 years from 2021 to 2022, from 76.4 to 77.5 years. Males regained 1.3 years of their 2.8-year loss between 2019 and 2021, from 73.5 in 2021 to 74.8 in 2022, and females regained 0.9 years of their 2.1-year loss, from 79.3 in 2021 to 80.2 in 2022. Therefore, the increasing life expectancy is driving the growth of the retirement home services market.
What is the segmentation for the retirement home services market?
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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Retirement Home Services Market Report 2025
Who are the most influential companies in the retirement 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.
What are the most influential trends expected to drive the retirement home services market forward?
Major companies operating in the retirement home services market are focusing on developing advanced solutions, such as non-real estate-based assisted living, to gain a competitive edge in the market. Non-real estate-based assisted living refers to services that support elderly individuals in their own homes rather than requiring them to move into dedicated assisted living facilities. For instance, in April 2024, Mindrot Technologies, an India-based hospital startup company, launched its CarePilot platform, a comprehensive technology solution designed to improve services for providers in the senior living sector, with a focus on assisted care and hospice services. Initially developed for home healthcare, the platform has been expanded to include features such as patient and room management, inventory control, caregiving, financial modules for billing and reconciliations, and analytical support. The platform aims to enhance operational efficiency for service providers and empower families to actively participate in care decisions, creating a connected ecosystem.
What are the major regional insights for the retirement home services market, and which region holds the top position?
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.
What Does The Retirement Home Services Market Report 2025 Offer?
The retirement home services market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Retirement home services refer to a range of amenities and support provided to residents of retirement communities or homes. These services are designed to cater to the needs and preferences of older adults, ensuring a comfortable, safe, and engaging living environment. They typically include assistance with daily activities, healthcare services, social and recreational activities, and maintenance of the living space, aimed at enhancing the quality of life for seniors.
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Retirement Home Services Market Report 2025
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