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How has the senior living market grown in recent years?

The senior living market has experienced strong growth and is anticipated to expand from $1.89 billion in 2024 to $2.06 billion in 2025 at a CAGR of 8.9%. Historical growth was driven by an aging baby boomer population, longer life expectancy, higher demand for personalized care, awareness of senior health and wellness, and changing family dynamics.

How is the senior living market size expected to evolve during the forecast period?

The senior living market is expected to see substantial growth, reaching $2.85 billion by 2029 at a CAGR of 8.5%. Growth is attributed to an expanding senior population, increasing demand for integrated care, rising disposable income among retirees, growing preference for wellness-oriented living, and evolving interest in multi-generational communities. Key trends include the integration of wellness programs, sustainability-focused living spaces, expansion of virtual care, luxury senior living developments, and a heightened focus on mental and cognitive health support.

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Which key drivers are propelling the senior living market’s growth?

The aging population is expected to drive the senior living market. The number of individuals aged 65 and older is increasing due to longer life expectancy and declining birth rates. Senior living options provide tailored housing and care to support the aging population. For instance, the UN projects that the number of people aged 65 and older will more than double, from 761 million in 2021 to 1.6 billion by 2050. As the aging population grows, the senior living market is set to expand.

What are the market segments in the senior living industry?

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 leading companies are shaping the growth of 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 key trends are currently impacting the senior living market’s development?

Key corporations in the senior living sector are investing in the creation of novel technologies, such as proactive intelligence for senior living. These innovations are aimed at improving their ability to foresee and deliver resident care, make more informed decisions, and ensure enhanced results for both residents and staff members. Proactive intelligence for senior living is an advanced, real-time system tailored to provide superior care and operational intel specifically for those operating in the senior living sector. For example, August Health, a digital healthcare technology firm based in the US, launched August Health Insights in March 2024. This real-time system is conceived to provide advanced care and operational intel to senior living operators, allowing them to predict and tackle emerging risks and neglected resident care requirements. The system grants visibility into community care and operations and identifies potential risks, highlighting high-risk residents and incident clusters. It also compiles data into a user-friendly dashboard designed to enhance care and operational efficiency.

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Which geographic areas are influencing the growth of the senior living market?

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.

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