Dublin, Feb. 14, 2020 (GLOBE NEWSWIRE) — The “Retirement Communities Global Market Opportunities And Strategies To 2023” report has been added to ResearchAndMarkets.com’s offering.
Where is the largest and fastest-growing market for the retirement community market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report describes and evaluates the global retirement community market. It covers two five-year periods, 2015 to 2019, termed the historic period, and 2019 through 2023, the forecast period.
The global retirement communities market reached a value of nearly $218.6 billion in 2019, having grown at a compound annual growth rate (CAGR) of 8.6% since 2015, and is expected to grow at a CAGR of 9.8% to nearly $317.4 billion by 2023.
Growth in the historic period resulted from the aging populations in developed and developing countries and rapid economic growth in emerging markets driving the increase in disposable income. Factors that negatively affected growth in the historic period were low access to retirement communities in emerging economies, select medical insurance coverage in the USA limiting the potential end-users of retirement communities, and weak wage growth in developed economies.
Going forward, the aging global population, increasing healthcare access especially in developing countries and global economic growth will drive growth. Factors that could hinder the growth of the retirement communities market in the future include an expected increase in bankruptcy cases among retirement communities mainly in developed markets, shortages of skilled human resources such as nurses and other healthcare workers and insufficient public health insurance coverage, particularly in developing countries.
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 community market was the largest segment of the retirement community market, accounting for $106.5 billion or 48.7% of the total in 2019. The assisted living facilities market is expected to be the fastest-growing segment going forward at a CAGR of 12.2%.
Western Europe was the largest region in the retirement communities market, accounting for 41.6% of the global market in 2019. It was followed by North America, Asia-Pacific and then the other regions. Going forward, the fastest growing regions in the retirement communities market will be the Middle East and Africa, where growth will be at CAGRs of 17.3% and 16.1% respectively. These will be followed by Asia-Pacific and South America, where the markets are expected to grow at CAGRs of 15.6% and 12.9% respectively.
The global retirement community market is highly fragmented, with a large number of small players. The top ten players of the market constitute only 6.6% of the market. However, this is expected to change during the forecast period as the majority of the players are trying to grow inorganically by acquiring smaller companies to expand their geographical outreach. Major players in the market include HC-One Ltd., Brookdale Senior Living Inc., Five Star Senior Living, Holiday Retirement, Sunrise Senior Living and others.
The global home health care and residential nursing care services market, of which the retirement communities market is a segment, reached a value of nearly $1,010 billion in 2019, having grown at 4.2% since 2015. It will grow at a compound annual growth rate (CAGR) of 6.5% to nearly $1,299.3 billion by 2023. The retirement community market was the third-largest segment in the global home health care and residential nursing care services market, accounting for 21.6% of the total in 2019. The nursing care facilities market was the largest segment of the home health care and residential nursing care services market, accounting for 44% of the total of $444.2 billion globally and has grown at a CAGR of 2.5% during the historic period.
The top opportunities in the global retirement communities market will arise in the continuing care retirement communities segment which will gain $34.6 billion of global annual sales by 2023. The retirement communities’ market size will gain the most in the USA at $11.82 billion.
- Market-trend-based strategies for the retirement community market include investing in wearable technologies and communication systems, developing customized services to provide individualized care to residents, implementing barrier-free designs in retirement communities and adopting smart home technology.
- Player-adopted strategies in the retirement communities industry include expanding operations and improving service offerings through mergers and acquisitions, expanding the business by launching new care homes and improving performance through restructured plans.
To take advantage of the opportunities, it is recommended that retirement community developers focus on expanding in countries with large geriatric population, consider collaborating with the IT companies and high-end medical devices companies to offer quality services to the retirement communities, focus on adopting latest technologies to improve quality of life of retirement communities and increase visibility through a high-performance website.
- Affordability is the Key Factor When Choosing a Location for Senior Housing in the UK
- Living in Retirement Villages is an Attractive Proposition for Seniors in the UK
- Assisted Living Facilities Observed Inadequate Care Planning
- Convenient Location is the Top Priority for Choosing a Retirement Community
- Large Demand-Supply Gap in Retirement Housing in the UK
- Assisted Living Residents are Satisfied With Their Quality of Life at Retirement Communities
- Older People are More Likely to Adopt Sensors Than Younger Generations
- Chinese Seniors are Willing to Spend More on Upmarket Nursing Homes
- Provision of Special Services in Residential Care Communities
Trends & Strategies
- Advanced Technology Adoption
- Big Data Analytics Adoption in Retirement Communities
- Individualized Service Plans
- Telehealth to Improve Senior Health Care
- Eco-Friendly Alternatives for Retirement Communities
- Implementation of Smart and Inclusive Layouts
- Adoption of Smart Home Technology
- Adoption of Electronic Health Records (EHR)
- Absolute Care LLC
- Activelife, Ltd.
- Amica Retirement Homes
- Ashiana Housing
- Beit Avot
- Bloom Senior Living LLC
- Brookdale Hutchinson Community
- Brookdale Senior Living
- Cathedral Village
- Churches Of Christ
- Collins Residential
- Covai Property Centre (I) Private Limited
- Delmanor Seniors’ Communities
- Diur Mugan
- Eden Retirement Living
- Emeritus Corporation
- Faircape Retirement Holdings
- Five Star Senior Living
- Golden Heights
- HC-One Ltd.
- Holiday Retirement
- Housing 21
- Indiana Senior Home
- Legend Senior Living
- Lendlease Corp.
- Methodist Homes
- Nikkyou Create Ltd.
- Oak Tree
- Premier California Senior Living Group
- Presbyterian Senior Living
- Residencia Lourdes
- Rossetti Care
- Senior Living Communities LLC
- Serena Senior Care
- Sugarland Gardens Retirement Village
- Sun City Hilton Head and Sun City Huntley
- Texas Senior Housing Communities
- The Blackburn Home
- The Ensign Group
- The Smiles Foundation
- Wildewood Downs
- Yuryo Rojin Home
For more information about this report visit https://www.researchandmarkets.com/r/gmq6ms
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900