DUBLIN–(BUSINESS WIRE)–April 19, 2022–
The retirement communities market reached a value of nearly $189.3 billion in 2020, having grown at a compound annual growth rate (CAGR) of 0.1% since 2015. The market is expected to grow from 189, $3 billion in 2020 to $285.1 billion in 2025 at a rate of 8.5%. The market is then expected to grow at a CAGR of 5.6% from 2025 and reach $374.7 billion in 2030.
Growth over the historical period has resulted from the aging of the population, the growth of emerging markets, changes in social patterns, life expectancy and health insurance reforms.
Going forward, the rise of chronic diseases and disabilities, an aging population, improved access to healthcare, economic growth and technology will drive growth. Factors that may hinder the growth of the retirement communities market in the future include bankruptcy, shortage of skilled human resources, and insufficient government health insurance coverage.
The retirement residences market is segmented by type of community into assisted living facilities with nursing care, assisted living facilities, nursing homes for the elderly, and nursing homes. The continuing care retirement community market was the largest segment of the retirement community market segmented by community type, accounting for 47.7% of the total in 2020. Going forward, the assisted living residence market is expected to be the fastest growing segment in retirement communities. market segmented by community type, at a CAGR of 10.54% during the period 2020-2025.
Western Europe was the largest region in the retirement community market, accounting for 42.4% of the total in 2020. It was followed by North America, followed by other regions. Going forward, the fastest growing regions in the retirement community market will be Asia Pacific and Africa, where growth will be at CAGRs of 11.2% and 10.5% respectively. This is followed by the Middle East and Western Europe, where the markets are expected to grow at CAGRs of 8.4% and 8.3% respectively.
COVID-19 is of particular concern for older adults with underlying health conditions, regardless of their living situation. The most fragile people are generally more at risk. The virus also spreads rapidly in dense communities with regular activities, meals and/or communal gatherings and therefore these underlying factors present a major health risk in communities of the elderly where many residents have a fragile immune system.
The virus has placed enormous strain on operators due to operational pressures and challenges in managing anxiety, stress, number of furloughed employees self-isolating or shielding, burnout staff professionalism, staffing shortages, managing expectations, lack of availability of PPE and efforts to protect health and well-being.
The global retirement community market is highly fragmented, with a large number of small players. The top ten market players account for only 6.48% of the market in 2020. However, this is expected to change over the forecast period as the majority of the players are trying to grow inorganically by acquiring smaller companies for expand their geographic reach.
The major opportunities in the retirement communities market segmented by community type will arise in the continuing care retirement communities segment, which will earn $32.0 billion in global annual sales by 2025. retirement communities will earn the most in the United States with $17.7 billion.
To take advantage of opportunities, the editor recommends businesses in retirement communities focus on adopting technology to serve the elderly population, expand into countries with large geriatric populations, focus on expanding through collaborations, competitive pricing, leverage social media to maximize reach, gain visibility through a strong website and ensure staff quality.
1. Executive Summary of Retirement Communities Market
6.1. Segmentation by geography
6.2. Segmentation by type of community
7. Characteristics of the retirement community market
7.2. Segmentation by type of community
7.2.1. Continuing Care Retirement Communities
7.2.3. Service flats
7.2.4. Assisted living with nursing care
8. Retirement Communities Market, Supply Chain Analysis
8.2. retirement communities
8.3. Other Service Providers
9. Retirement Community Market Customer Information
9.1. Decrease in the workforce of assisted living providers
9.2. Staff engagement in the independent seniors community
9.3. Low confidence in ability to provide long-term care
9.4. Affordability is the key factor when choosing a location for aged care accommodation in the UK
9.5. Living in retirement villages is an attractive proposition for older people in the UK
9.6. Inadequate care planning observed in assisted living facilities
9.7. High client satisfaction with nursing care provided to elderly parents
9.8. A convenient location is the top priority when choosing a retirement community
9.9. Large gap between supply and demand for UK retirement homes
9.10. Residents of assisted living facilities are satisfied with their quality of life in retirement communities
10. Retirement Communities Market Trends and Strategies
10.1. Adoption of advanced technologies
10.2. Adoption of Big Data Analytics in Retirement Communities
10.3. Telehealth to improve health care for the elderly
10.4. Personalized Service Plans
10.5. Green alternatives for retirement communities
10.6. Implementing smart and inclusive layouts
10.7. Adoption of smart home technology
10.8. Adoption of Electronic Health Records (EHR)
10.9. Increase in mergers and acquisitions
11. Assessment of retirement community market opportunities, PESTEL analysis
11.1.1. Government initiatives and grants
11.1.2. Government intervention and bureaucracy
11.2.2. Low long-term interest rates
11.3.1. Global population aging
11.3.2. Change social behavior
11.3.3. disposable income
11.4.2. IoT and wearable technology
11.4.3. Social media and internet penetration
11.5.1. Natural disasters
11.5.2. Disease outbreaks
11.6.1. Labor laws and regulations
12. Impact of COVID-19 on the Retirement Communities Market
12.2. Increase in infections and deaths in retirement communities
12.3. Impact on retirement home operations
12.4. Business impact
- Brookdale Senior Living Inc.
- Sunrise Senior Living
- Atria Senior Living Group
- Life Care Centers of America
- Erickson’s life
- holiday retreat
- Senior Lifestyle Corp.
- Affinity Life Group
- HC-One Ltd.
- Covenant Retire Communities Inc.
Laura Wood, Senior Press Officer
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INDUSTRY KEYWORD: MANAGED CARE SENIORS HEALTH CONSUMER
SOURCE: Research and Markets
Copyright BusinessWire 2022.
PUBLISHED: 04/19/2022 16:42 / DISK: 04/19/2022 16:42
Copyright BusinessWire 2022.