Latest News- Senior Living Market: Assisted living is expected to lead the Service segment during 2025-2029
The Senior Living Market is being driven by Aging baby boomer population
The Senior Living Market is expected to grow at a CAGR of 5.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 130.9 billion. The global senior living market is poised for significant expansion over the forecast period, fueled by technological advancements in long-term healthcare. Notably, the rise in Internet penetration has given birth to online platforms, mobile applications, and mHealth, which are increasingly being adopted for assisted services. These services include mobile applications, wearables, trackers, communication devices, and smart alarms, enabling caregivers and nurses to monitor, document, and interact with patients, as well as collaborate with doctors and healthcare professionals. Among these innovations, the implementation of patient data management using computers and mobile phones is gaining traction in long-term care facilities.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Service (Assisted living, Independent living, CCRC) Geography (North America, Europe, APAC, 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:
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Key Features in Senior Living Market Research Report
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The senior living market is experiencing significant growth due to the increasing aging population, with senior citizens seeking quality housing solutions that cater to their unique needs. Suburban areas are popular choices, offering amenities tailored to educated seniors and nuclear families. Medical needs are a key consideration, with senior living services prioritizing high-quality medical services, insurance coverage, and memory care facilities. The baby boomer generation, now reaching retirement age, seeks active lifestyles with access to fitness centers, recreational activities, and health and wellness programs. Urban areas offer convenience, while independent living, assisted living, and memory care facilities ensure personalized care for the elderly population, adults aged 65 and above.
The senior living market represents a significant growth opportunity, particularly in the context of an aging population and increasing life expectancy. Senior citizens, a demographic segment with unique housing and amenity requirements, are increasingly seeking specialized solutions. Suburban areas, with their proximity to medical facilities and educational institutions, are popular choices for nuclear families and educated seniors. NRIs and welfare state policies further expand the market scope. Senior citizen laws and non-metro cities present additional business opportunities. Diversified support services companies, offering commercial cleaning, dining and catering, equipment repair, industrial maintenance, auctioneering, storage and warehousing, transaction services, uniform rental, and other business support services, will capitalize on this trend, driven by the outsourcing of support functions by businesses and governments.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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