Retirement Communities Market size to increase by USD 545.85 billion from 2022 to 2027, Analysis, size, current scenario, and future prospects with Affinity Living Communities, AlerisLife Inc., American Retirement Homes Inc., and more

NEW YORK, March 21, 2024 /PRNewswire/ -- The retirement communities market size is estimated to increase by USD 545.85 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 5.93% during the forecast period. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Affinity Living Communities, AlerisLife Inc., American Retirement Homes Inc., Brookdale Senior Living Inc., British United Provident Association Ltd., Enlivant Master Mgmt CO LLC, Erickson Senior Living Management LLC, Front Porch, Genesis Healthcare Inc., HC One Ltd., Honor Technology Inc., Interim HealthCare Inc., Korian, Life Care Companies LLC, Senior Lifestyle, Sienna Senior Living Inc., Sonida Senior Living Inc., Sunrise Senior Living LLC, Village Concepts, and Wickshire Senior Living are among some of the major market participants.

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•  Affinity Living Communities: The company offers retirement communities such as the Aurora Copperleaf community.
• AlerisLife Inc: The company offers retirement communities through its subsidiary Five Star Senior Living.
• American Retirement Homes Inc: The company offers retirement communities such as Essex House assisted living community.

The growth of the retirement communities market is driven by the aging baby boomer population. 

Baby boomers are referred to as people who are born between the years 1946 and 1964. Due to the aging of this baby boomer segment, there is an increasing demand for retirement options that offer a comfortable and secure lifestyle.  Some of the main facilities and services offered by retirement communities include independent living, assisted living, and memory care with several amenities such as fitness centers, social activities, and health services. Hence, these amenities are attracting the baby boomer segment to such retirement communities, which is positively impacting the market growth. Hence, such factors are expected to drive market growth during the forecast period. 

• Multi-generational living is an emerging trend in the global retirement communities market.
• Low savings of baby boomers is a challenge hindering the growth of the global retirement communities market. 

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Retirement Communities Market is segmented as below:

• Type 
• Assisted Living Facilities
• Continuing Care Retirement Communities
• Rest Homes
• Application 
• Elderly People
• Disabled People
• Geography 
• North America
• Europe
• APAC
• South America
• Middle East And Africa

The market share growth by the assisted living facilities segment will be significant for the market growth during the forecast period. Factors such as the rising number of seniors globally and the increasing demand for long-term care options significantly contributed to the growth of the segment. Assisted living facilities refer to a segment of the global retirement communities market that is preferred by seniors who needs some assistance with activities of daily living (ADLs) but do not require round-the-clock medical care. Some of the key facilities offered by assisted living facilities segment are meal preparation, housekeeping, medication management, and personal care assistance to enable residents to maintain their independence and quality of life. Hence, such facilities are expected to fuel the growth of this segment which, in turn, will drive the retirement communities market growth during the forecast period.

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Analyst Review

As the demographic landscape of India undergoes significant shifts, the retirement communities market emerges as a beacon of comfort and care for the country's burgeoning senior citizen population. With a focus on providing tailored solutions for senior living, developers and stakeholders are investing heavily in projects catering to varying needs and preferences across different segments.

Skilled and nursing care facilities are becoming increasingly prevalent within medium-end and high-end projects, offering specialized services to meet the diverse healthcare needs of senior residents. Antara Senior Care and Columbia Pacific Communities stand at the forefront of this revolution, setting new standards in senior living with their innovative approaches and dedication to enhancing quality of life.

According to recent research, the India senior living market is witnessing a steady expansion, fueled by factors such as the aging population, particularly in non-metro cities and Tier II locations. Government initiatives like the Atal Vayo Abhyuday Yojana (AVYAY) and integrated programs such as the Integrated Programme for Senior Citizens (IPSrC) and State Action Plan for Senior Citizens (SAPSrC) further underscore the growing recognition of the importance of providing shelter and healthcare for senior citizens.

In response to the rising demand, developers are focusing on creating retirement communities equipped with open spaces, healthcare facilities, and a range of services to cater to the evolving needs of senior residents. Regions such as the southern part of the country, including Bengaluru, Chennai, Kochi, and Coimbatore, are witnessing significant growth in retirement community developments, driven by connectivity, healthcare providers, and a conducive environment for retirement living.

Continuing care retirement communities, offering a spectrum of services from independent living to assisted living and specialized care for conditions like Alzheimer's disease and dementia, are gaining traction among retirees seeking comprehensive solutions for their later years.

As the retirement communities market continues to evolve, it presents lucrative opportunities for investors and stakeholders alike. With a focus on providing comfort, care, and community for India's senior population, the sector is poised for sustained growth and innovation in the years to come.

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Market Overview

In a comprehensive research endeavor exploring the Retirement Communities market, we delve into segments such as Skilled or Nursing Care, Medium-end, and High-end Projects. Our analysis spotlights key players including AntaraSeniorCare and Columbia Pacific Communities, offering a nuanced understanding of India's Senior Living Market Size. With a focus on market concentration and the impact of an aging population, this study provides valuable insights for stakeholders. Available under a Single User License, this research covers a defined Study Period, delivering essential data for strategic decision-making. Embrace the future of senior living with our detailed India Senior Living Market Analysis.

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Table of Contents

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market 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 market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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