Global Retirement Communities Markets, Analysis & Forecasts, 2015-2020, 2025F, 2030F with COVID-19 Impact Insights
Global Retirement Communities Market
Dublin, April 22, 2022 (GLOBE NEWSWIRE) -- The "Retirement Communities Global Market Opportunities And Strategies To 2030, By Community Type" report has been added to ResearchAndMarkets.com's offering.
The retirement communities market reached a value of nearly $189.3 billion in 2020, having increased 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 in the historic period resulted from aging population, emerging markets growth, changes in social patterns, life expectancy and health insurance reforms.
Going forward, increase in chronic diseases and disabilities, aging populations, increasing healthcare access, economic growth and technology will drive the growth. Factors that could hinder the growth of the retirement communities market in the future include bankruptcy, shortages of skilled human resources and insufficient public health insurance coverage
The retirement communities market is segmented by community type into assisted living facilities with nursing care, assisted living facilities, continuing care retirement communities and rest homes. The continuing care retirement communities market was the largest segment of the retirement communities market segmented by community type, accounting for 47.7% of the total in 2020. Going forward, the assisted living facilities market is expected to be the fastest growing segment in the retirement communities market segmented by community type, at a CAGR of 10.54% during 2020-2025.
Western Europe was the largest region in the retirement communities market, accounting for 42.4% of the total in 2020. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the retirement communities market will be Asia Pacific, and, Africa where growth will be at CAGRs of 11.2% and 10.5% respectively. These will be followed by Middle East, and Western Europe, where the markets are expected to grow at CAGRs of 8.4% and 8.3% respectively.
COVID-19 is particularly concerning for older persons with underlying health conditions, regardless of their living situation. Those with greater frailty are generally at greater risk. The virus also spreads quickly in dense communities with regular activities, communal meals and/or gatherings and thus these underlying factors presents a major health risk in senior communities where there are numerous residents with fragile immune systems.
The virus has exerted a huge strain on operators relating to operational pressures and challenges in managing anxiety, stress, numbers of staff off work self-isolating or shielding, staff burnout, staff shortages, managing expectations, lack of availability of PPE, and striving to protect health and well-being.
The global retirement community market is highly fragmented, with large number of small players. The top ten players of the market constitute to only 6.48% of the market in 2020. However, this is expected to change during the forecast period as majority of the players are trying to grow inorganically by acquiring smaller companies to expand their geographical outreach.
The top opportunities in the retirement communities market segmented by community type will arise in the continuing care retirement communities segment, which will gain $32.0 billion of global annual sales by 2025. The retirement communities market size will gain the most in the USA at $17.7 billion.
To take advantage of the opportunities, the publisher recommends the retirement communities' companies to focus on adoption of technology to serve the older population, expanding in countries with large geriatric population, focus on expanding through collaborations, competitive pricing, leverage social media to maximize reach, increase visibility through a high-performance website and assuring the quality of the staff.
Key Topics Covered:
1. Retirement Communities Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6.1. Segmentation By Geography
6.2. Segmentation By Community Type
7. Retirement Communities Market Characteristics
7.1. Market Definition
7.2. Segmentation By Community Type
7.2.1. Continuing Care Retirement Communities
7.2.2. Rest Homes
7.2.3. Assisted Living Facilities
7.2.4. Assisted Living Facilities With Nursing Care
8. Retirement Communities Market, Supply Chain Analysis
8.2. Retirement Communities
8.3. Other Service Providers
9. Retirement Communities Market Customer Information
9.1. Decline in Assisted Living Providers Workforce
9.2. Staff Engagement In Independent Senior Living Community
9.3. Low Confidence In The Ability To Afford Long Term Care
9.4. Affordability Is The Key Factor When Choosing A Location For Senior Housing In The UK
9.5. Living In Retirement Villages Is An Attractive Proposition For Seniors In The UK
9.6. Assisted Living Facilities Observed Inadequate Care Planning
9.7. High Customer Satisfaction With Nursing Care Provided To Elderly Parents
9.8. Convenient Location Is The Top Priority For Choosing A Retirement Community
9.9. Large Demand-Supply Gap In Retirement Housing In The UK
9.10. Assisted Living Residents Are Satisfied With Their Quality Of Life At Retirement Communities
10. Retirement Communities Market Trends And Strategies
10.1. Advanced Technology Adoption
10.2. Big Data Analytics Adoption In Retirement Communities
10.3. Telehealth To Improve Senior Health Care
10.4. Individualized Service Plans
10.5. Eco-Friendly Alternatives For Retirement Communities
10.6. Implementation Of Smart And Inclusive Layouts
10.7. Adoption Of Smart Home Technology
10.8. Adoption Of Electronic Health Records (EHR)
10.9. Increasing Mergers And Acquisitions
11. Retirement Communities Market Opportunity Assessment, PESTEL Analysis
11.1.1. Government Initiatives And Subsidies
11.1.2. Government Intervention And Bureaucracy
11.2.1. Emerging Markets
11.2.2. Low Long-Term Interest Rates
11.3.1. Aging Global Population
11.3.2. Changing 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. Workforce Laws And Regulations
11.6.2. Tax Exemptions
12. Impact Of COVID-19 On The Retirement Communities Market
12.2. Increase In Infections And Deaths In Retirement Communities
12.3. Impact On Operations Of Retirement Homes
12.4. Impact On Companies
12.5. Government Relief
12.6. Future Outlook
Brookdale Senior Living Inc.
Sunrise Senior Living
Atria Senior Living Group
Life Care Centers of America
Senior Lifestyle Corp.
Affinity Living Group
Covenant Retire Communities Inc.
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