Latest News- Retirement Home Services Market: Independent living is expected to lead the Service segment during 2024-2028

The Retirement Home Services Market is being driven by Rising life expectancy

The Retirement Home Services Market is expected to grow at a CAGR of 2.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4367.4 million. The Retirement Home Services Market is poised for significant expansion due to the rapid advancement of technology in long-term healthcare. The increasing Internet penetration has given rise to online platforms, mobile applications, and mHealth, fueling the demand for assisted services such as mobile applications, wearables, and trackers. These technologies enable caregivers and nurses to monitor, document, and communicate patient information to doctors and healthcare professionals in real-time. Notably, the adoption of patient data management using computers and mobile phones is gaining traction in long-term care. mHealth and mobile-based healthcare applications that generate Mobile Health Records (MHRs) and Electronic Health Records (EHRs) represent major technological innovations in this sector. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Service
  • Independent living
  • Nursing
  • Assisted living
• Application
  • Elderly people
  • Disabled people
• Gender
  • Women
  • Men
• Geography
  • North America
    • US
    • Canada
  • Europe
    • France
    • Germany
  • APAC
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising life expectancy
• Aging baby boomer population
• Benefits offered by retirement homes

However, the market also witnesses some limitations, which are as follows:

• Poor reputation of retirement homes
• Low savings of baby boomers
• Social stigma attached to old age homes

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Market Scope in Retirement Home Services Market Research Report

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Research Analysis Overview

The retirement home services market caters to the unique needs of the geriatric demographic, including elderly individuals, senior citizens, disabled people, and those requiring memory care due to Alzheimer's or other health conditions. This market includes both non-profit and for-profit retirement homes, offering various services such as independent living, assisted living, and skilled nursing. Independent living services provide seniors with housing options and amenities, while assisted living facilities offer additional support with activities of daily living, meal delivery, housekeeping, and transportation facilitation. Skilled nursing services and memory care services cater to those requiring medical assistance and specialized care. Life expectancy continues to increase, leading to an ageing population that requires more senior-focused services. Remote monitoring solutions, companionship, and in-home caregiving are also essential services that help elderly individuals maintain their independence and quality of life during their retirement years. Nurses and personal care providers offer nursing services, personal care, and skilled medical assistance to ensure the health and well-being of residents. In summary, the retirement home services market encompasses a range of services tailored to meet the diverse needs of the elderly population, including Alzheimer's care, assisted living, independent living, skilled nursing, and memory care services. These services aim to enhance the quality of life for seniors during their retirement years.

Market Research Overview

The specialized consumer services market, as part of the larger global consumer services industry, encompasses the earnings generated by providers offering various services such as residential, home security, legal, personal, renovation and interior design, consumer auction, wedding, and funeral services. According to Technavio's market analysis, the market size is determined by the revenues accrued from these specialized service sectors, excluding those categorized under casino and gaming, hotels, resorts, and cruise lines; leisure facilities; restaurants; and education services. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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