Senior Living Market Report 2024 (Global Edition)

Global Senior Living Market Report 2024 Market Size Split by Service Type (Assisted Living, Independent Senior Living, CCRC), by Age Group (85 or older, 75 to 84, 65 to 74, 60 to 64)

Senior Living Market Report Description

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Competitive Landscape of the Senior Living Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge Senior Living healthcare centers, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Senior Living Industry News

In March 2023 AbsoluteCare, a company focused on providing innovative value-based healthcare that goes beyond medicine™, will bring our unique approach to care to Cleveland and Columbus, Ohio, in partnership with CareSource. “Our mission at CareSource is to make a lasting modification in our members' lives by improving their health and well-being."

(Source:https://www.absolutecare.com/absolutecare-joins-caresource-in-pursuit-of-health-equity/)

In October 2023, HC-One announced the acquisition of Ideal Carehomes from Warwick Capital Partners and LNT Group. The acquisition includes 36 care homes in England, with a further care home expected to open in Cheltenham in September 2024.

(Source:https://www.hc-one.co.uk/our-news/corporate-news/hc-one-acquires-ideal-carehomes?costcode)

Top Companies Market Share in Senior Living Industry: (In no particular order of Rank)

• AbsoluteCare Inc.
• Affinity Living Communities
• Brookdale Senior Living Inc.
• Golden Heights Personal Care Home
• Grand World Elder Care
• HC One Ltd.
• Lendlease Corp.
• Life Care Centers of America Inc.
• Merrill Gardens
• ProMedica Health System Inc.
• Covenant Living Communities and Services
• Enterprise Retirement Living Ltd.
• Erickson Senior Living Management LLC
• Extendicare Canada Inc.
• Genesis Healthcare Inc.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional analysis of the Senior Living Market

Which region will dominate the Senior Living market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 30% of the global revenue. Due to the increasing number of baby boomers entering retirement, countries like the US will experience a substantial need for retirement housing and related care services over an extended period. This heightened demand in the region underscores the necessity to address the evolving needs of aging populations.

which is Expanding at the Fastest CAGR?

The Asia Pacific region is witnessing an aging baby boomer population increase—the rising life expectancy, urbanization, and increasing healthcare infrastructure fuel demand for senior living options. Innovative technologies and personalized care services are reshaping the landscape of senior living communities across the Asia-Pacific region. As governments and private sectors invest in aged care facilities, the APAC senior living market is poised for significant expansion in the coming years.

The current report Scope analyzes Senior Living Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!

North America Senior Living Market

According to Cognitive Market Research, the global Senior Living market size was estimated at USD XX Million, out of which North America held the major market of more than 30% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031. The senior living market is dominant in North America due to the diverse range of housing, care, and services tailored to the needs of older adults across the United States and Canada. The region's Demographic shifts, economic factors, and evolving consumer preferences influence market dynamics and contribute to the market's growth. The assisted living segment in North America is intricately tied to the expanding Senior Living market. It includes facilities that offer a balance of independence and support, including help with bathing, dressing, and medication management, further fostering substantial market growth.

Country Analysis

• According to Cognitive Market Research, the US had a major share in the senior living market with a market size of USD XX million in 2024, and it is projected to grow at a CAGR of 8.2% during the forecast period. The nation's demographic trends and evolving consumer preferences amplify the demand, propelling consistent growth. 
• The Canadian senior Living market had a market share of USD XX million in 2024 and is projected to grow at a CAGR of 9.2% during the forecast period. Canada's increasing emphasis on holistic care, innovative amenities, and active lifestyles for seniors contributes to increased usage of Senior Living. 
• The Mexico Senior Living market is projected to witness growth at a CAGR of 8.9% during the forecast period, with a market size of USD XX million in 2024.

 

Europe Senior Living Market

According to Cognitive Market Research, with a market value of USD XX million in 2024, it is projected to expand at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031. Europe accounted for over 25% of the global market size of USD XX million. In Europe, there is a growing emphasis on providing person-centered care and creating age-friendly environments that promote well-being and social engagement for seniors. The surge in independent senior living across Europe is closely linked to the growing Senior Living market as older adults seek residential options that offer autonomy and a maintenance-free lifestyle. Further, his segment is experiencing growth as aging populations seek alternatives to traditional care settings driven by privacy, social engagement, and convenience preferences.

• The United Kingdom Senior Living market had a share of USD XX million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. Senior Living sales increased in the UK due to the nation's demographic trends and skilled nursing facilities. 
• The France Senior Living market is projected to witness growth at a CAGR of 7.9% during the forecast period, with a market size of USD XX million in 2024.
• According to Cognitive Market Research, the Germany Senior Living market size was valued at USD XX million in 2024 and is projected to grow at a CAGR of 8.9% during the forecast period. Senior Living centers surged in Germany due to consumer preferences for holistic care and vibrant communities. 
• The Italy Senior Living market is projected to witness growth at a CAGR of 8.1% during the forecast period, with a market size of USD XX million in 2024.
• The Russian Senior Living market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD XX million in 2024.
• The Spain Senior Living market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD XX million in 2024.
• The Luxembourg Senior Living market is projected to witness growth at a CAGR of 8.8% during the forecast period, with a market size of USD XX million in 2024.
• The Portugal Senior Living market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD XX million in 2024.
• The Greece Senior Living market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD XX million in 2024.
• The Rest of Europe's Senior Living market is projected to grow at a CAGR of 7.4% during the forecast period, with a market size of USD XX million in 2024.

 

Asia Pacific Senior Living Market

According to Cognitive Market Research, the global Senior Living market size was estimated at USD XX Million, out of which Asia Pacific held the market of around 36% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031. The Asia Pacific region is experiencing growth due to its growing emphasis on providing personalized care and creating vibrant communities that promote active and engaged lifestyles for seniors. There is a growing demand for specialized housing, healthcare services, and amenities tailored to their requirements among the 85 or older age group. Further, advancements in healthcare infrastructure and rising disposable incomes are contributing to the growth of this segment within the senior living market.

• According to Cognitive Market Research, the China Senior Living market size was valued at USD XX million in 2024 and is projected to grow at a CAGR of 11.7% during the forecast period—Senior Living sales surge in China due to the nation's aging population and a variety of housing options.
• The Japan Senior Living market is projected to witness growth at a CAGR of 10.7% during the forecast period, with a market size of USD XX million in 2024.
• The India Senior Living market had a market share of USD XX million in 2024 and is projected to grow at a CAGR of 14.0% during the forecast period. The demand is augmented by India's demographic trends and increasing urbanization.
• The South Korean Senior Living market is projected to witness growth at a CAGR of 11.3% during the forecast period, with a market size of USD 1XX million in 2024.
• The Australia Senior Living market is projected to witness growth at a CAGR of 11.9% during the forecast period with a market size of USD XX million in 2024.
• The South East Asia Senior Living market is projected to witness growth at a CAGR of 13.2% during the forecast period with a market size of USD XX million in 2024.
• The Rest of the Asia Pacific Senior Living market is projected to witness growth at a CAGR of 12.0% during the forecast period, with a market size of USD XX million in 2024.

South America Senior Living Market

According to Cognitive Market Research, the global Senior Living market size was estimated at USD XX Million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD XX million in 2024. It will grow at a compound annual growth rate (CAGR) of 9.6% from 2024 to 2031. Senior Living centers in Latin America are experiencing growth due to the region's diverse housing options and care services tailored to older adults that drive the demand. The upswing in assisted living category products across Latin America is closely tied to the expanding Senior Living market. Demographic trends and changing family structures contribute to the demand for assisted living facilities, driving expansion within this segment across Latin America.

• According to Cognitive Market Research, the Brazil Senior Living market size was valued at USD XX million in 2024 and is projected to grow at a CAGR of 10.2% during the forecast period. Senior Living sales flourish in Brazil due to the nation's housing options and care services tailored to older adults.
• The Argentina Senior Living market had a market share of USD XX million in 2024 and is projected to grow at a CAGR of 10.5% during the forecast period. The demand is augmented by Argentina's demographic shifts, increasing urbanization, and aging population.
• The Colombia Senior Living market is projected to witness growth at a CAGR of 9.4% during the forecast period, with a market size of USD XX million in 2024.
• The Peru Senior Living market is projected to witness growth at a CAGR of 9.8% during the forecast period, with a market size of USD XX million in 2024.
• The Chile Senior Living market is projected to witness growth at a CAGR of 9.9% during the forecast period, with a market size of USD XX million in 2024.
• The Rest of the Latin America Senior Living market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD XX million in 2024.

 

Middle East and Africa Senior Living Market

According to Cognitive Market Research, the global Senior Living market size was estimated at USD XX Million, out of which the Middle East and Africa held the major market of around 4.00% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031. MEA experiences an upswing in the Senior Living market driven by increasing urbanization and advancements in healthcare infrastructure. The rise of independent senior living centers in the MEA region serves as a vital service type, providing senior living communities with wellness programs, cultural activities, and access to healthcare services.

• According to Cognitive Market Research, the GCC Countries Senior Living market size was valued at USD XX million in 2024 and is projected to grow at a CAGR of 10.7% during the forecast period. Senior Living sales flourish in the GCC Countries due to the region's demographic trends and increasing urbanization.
• The Egypt Senior Living market is projected to witness growth at a CAGR of 10.2% during the forecast period, with a market size of USD XX million in 2024.
• The South Africa Senior Living market is projected to witness growth at a CAGR of 10.9% during the forecast period, with a market size of USD XX million in 2024. Senior Living sales flourish in South Africa due to the region's advancements in healthcare infrastructure.
• The Turkey Senior Living market is projected to witness growth at a CAGR of 9.4% during the forecast period, with a market size of USD XX million in 2024.
• The Nigeria Senior Living market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD XX million in 2024.
• The Rest of the MEA Senior Living market is projected to witness growth at a CAGR of 8.9% during the forecast period, with a market size of USD XX million in 2024.

 

Senior Living Market Analysis

Senior Living Market Service Type Segment Analysis

According to Cognitive Market Research, the assisted living segment held the major market share over the forecast period. This is primarily due to the increasing need for support with daily activities and healthcare services among older adults who may no longer be able to live independently but do not require the intensive medical care provided in skilled nursing facilities, which offer a balance between independence and assistance, making them a popular choice for seniors seeking a supportive living environment, thus marking it as a determined category over the forecast period.

Independent senior living is the fastest-growing category over the forecast period. As the baby boomer generation ages, a growing cohort of active and healthy seniors prefer to maintain their independence while enjoying a vibrant community and access to amenities. Further, the desire for a maintenance-free lifestyle, social engagement opportunities, and a sense of security provided by independent senior living communities attract more seniors to this segment.

• Assisted Living
• Independent Senior Living
• CCRC

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Senior Living Market Age Group Segment Analysis

According to Cognitive Market Research, the 85 or older category held a prominent market share. The aging process brings about various needs and challenges for individuals aged 85 years and above, including common health issues, cognitive changes, and social adjustments. Furthermore, their visual and auditory abilities tend to decline faster. These factors underscore the increasing necessity for assisted living or senior living facilities among this demographic, contributing to the expansion of this particular segment.

However, 75 to 84 is the fastest-growing category over the forecast period. This is due to individuals advancing in age who may begin to experience similar health and lifestyle changes that necessitate considering senior living options. As people live longer due to advancements in healthcare and improved quality of life, the 75 to 84 age group represents a significant portion of the senior population, thus driving the growth of this particular age segment in the senior living market.

• 85 or older
• 75 to 84
• 65 to 74
• 60 to 64

The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Senior Living market report 2024 Edition by contacting our team.

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

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