Global Retirement Communities Market Anticipated to Reach US$ 852.3 Billion by 2031

According to a recent market study published by Growth Market Reports, titled, “Global Retirement Communities Market by Community Type, By Age Group, By Services and By Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at US$ 548.3 Billion in 2022 and is anticipated to expand at a growth rate of 5.2% by 2031.

Retirement communities are a type of housing arrangement that usually have amenities such as tennis court, swimming pool, fitness center, golf course, or other clubs & interest groups. In-house spas, hair & beauty salons, daily dinners, and simple housekeeping & laundry services are some additional services that are provided.

Get Sample Report @ https://growthmarketreports.com/request-sample/5681

The majority of retirement communities provide amenities, activities, and services, even if residents live independently. There are also recreation centers or clubhouse available in the communities in order to engage with others and take part in group activities such as arts & crafts, holiday get-together, continuing education seminars, and movie nights.

The Global Retirement Communities Market has been segmented in terms of communities type, age group, services and region. In terms of communities type, the Global Retirement Communities Market is split into Continuing Care Retirement Communities, Independent Living, Assisted Living, and Others. On the basis of age group, the market is fragmented into Age 55 to 65, Age 65 to 75, and Age Over 75. On the basis of services, the Global Retirement Communities Market is split into Housing, Healthcare, Wellness Programs, and Others. Considering regions, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The COVID-19 pandemic has affected the retirement communities market significantly. The COVID-19 pandemic has ruined the health of older adults in the US and killed many people ages 75 and older. Skilled nursing facilities (SNF) that serve the frail elderly have been especially hard hit. In the first half of 2020, many properties instituted infection control policies, such as restricting visitors, halting communal dining and group activities, and cohorting residents and staff, to protect residents and reduce the spread of the virus. Senior housing continued to operate despite many challenges, even after the pandemic hit in early 2020. Operators prioritized protecting residents and controlling infections during the early stage of the pandemic, despite having limited information about transmission risks. Physical building layouts are described as communal and social environments by many operators, required swift adaptation to implement infection control protocols during the pandemic.

Key Takeaways from the Study:

• Players in the Global Retirement Communities Market include AlerisLife Inc, Atria Senior Living, Inc., Brookdale Senior Living Inc, Erickson Senior Living, Honor Technology, Inc., Sienna Senior Living, Sompo Holdings, Inc, Sonida Senior Living, Sunrise senior Living, and Trinity Health.

• Increasing Trend for Nuclear Families is expected to create opportunities in the coming years.

• Based on communities type, the market is segmented into Continuing Care Retirement Communities, Independent Living, Assisted Living, and Others. The Independent Living segment is expected to hold a considerable share of the market during the forecast period, owing to the significant rise in the number of retired old-age individuals globally. According to the World Health Organization, in 2020, the number of people aged 60 years and older outnumbered children younger than 5 years.

• Based on the age group, the market is segmented into age 55 to 65, age 65 to 75, and age over 75. The age over 75 segment is anticipated to expand at a significant CAGR during the forecast period. The age 65 to 75 segment is projected to expand at a significant CAGR during the forecast period, owing to the continuously rising number of people aged 65 years. According to data provided by the United Nations, the number of people aged 65 years or older globally is projected to more than double, rising from 761 million in 2021 to 1.6 billion in 2050.

• Based on the services, the market is segmented into housing, healthcare, wellness programs, and others. The housing segment is anticipated to expand at a significant CAGR during the forecast period. The wellness programs segment is projected to expand at a lucrative CAGR during the forecast period, owing to the growing need for the health and well-being of individuals residing in various retirement communities. The primary goal of a wellness program is to promote the health and well-being of residents, thus, helping them to maintain physical, mental, and emotional health as they age.

• Based on regions, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.  Europe accounted for a significant share of the market in 2022, due to rising life expectancy in the region.

• For instance, according to data from the National Library of Medicine, the life expectancy for women in Europe is expected to increase from 83.4 years in 2014 to 92.8 years in 2065, and for men, it is expected to also go up, from 78.3 to 90.5 years in 2065.

Report Scope:

Target Audience:

• Supply-side: Vendor, Manufacturer, Distributors, Supplier, Retailer.

• Regulatory Side: Concerned government authorities, and other approved regulatory bodies.