How large is the senior living market, and what is its growth trajectory?
The senior living market size has grown strongly in recent years. It will grow from $1.89 $ billion in 2024 to $2.06 $ billion in 2025 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to the aging baby boomer generation, increasing life expectancy, growing demand for personalized care, rising 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 $2.85 $ billion in 2029 at a compound annual growth rate (CAGR) of 8.5%. The growth in 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, rising personalized and wellness-oriented living environments, and evolving preferences for multi-generational and age-inclusive communities. Major trends in the forecast period include integration of wellness and preventive health programs, focus on sustainability and eco-friendly living environments, expansion of virtual and remote care services, growth in luxury and customized senior living options, and enhanced emphasis on mental health and cognitive support services.
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What are the key forces behind the senior living market’s growth in recent years?
The rising aging population is expected to drive the senior living market going forward. The aging population refers to the increasing proportion of older individuals within a population due to longer life expectancy and declining birth rates. The aging population increases due to increased life expectancy and declining birth rates. Senior living helps the aging population by offering tailored housing and care options that support their evolving needs, enhance their quality of life, and provide access to essential services and social activities. For instance, in 2023, according to the United Nations (UN), a US-based intergovernmental organization, the number of people aged 65 and older is projected to more than double, expanding from 761 million in 2021 to 1.6 billion by 2050. Therefore, the rising aging population will drive the senior living market.
What are the major segments of the senior living market?
The senior livingmarket covered in this report is segmented –
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
Subsegments:
1) Assisted Living: Personal Care Services, Memory Care Services, Respite Care Services
2) Independent Living: Retirement Communities, Active Adult Communities, 55+ Communities
3) Continuing Care Retirement Community (CCRC): Type A (Life Care), Type B (Modified), Type C (Fee-for-Service)
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Which companies dominate the senior living market?
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
What major trends will shape the senior living market during the forecast period?
Major companies operating in the senior living market are focused on developing innovative technologies, such as proactive intelligence for senior living, to enhance their ability to proactively manage resident care, improve decision-making, and ensure better overall outcomes for residents and staff. Proactive intelligence for senior living is a cutting-edge real-time system engineered to deliver advanced care and operational intelligence specifically for senior living operators. For instance, in March 2024, August Health, a US-based digital healthcare technology company, launched August Health Insights, a real-time system designed to provide advanced care and operational intelligence for senior living operators, enabling them to proactively identify and address emerging risks and unmet resident care needs. It is a real-time system that enhances senior living operations by providing visibility into community care and operations. It identifies emerging risks, flags high-risk residents and incident clusters, and consolidates data into an actionable dashboard to improve care and operational efficiency.
What are the key regional dynamics of the senior living market, and which region leads in market share?
North America was the largest region in the senior living market in 2024. The regions covered in the senior living market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Senior Living Market Report 2025 Offer?
The senior living market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Senior living refers to residential communities designed specifically for older adults, offering various levels of care and support tailored to their needs. They are used to 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.
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