Report
Description
A recent market intelligence report that is published by Data
Insights Partner on Continuing Care Retirement Communities (CCRCS) Market makes an offering of in-depth analysis of segments and
sub-segments in the regional and international. The research study also
emphasizes on the impact of restraints, drivers, and macro indicators on the regional
and world Continuing Care Retirement Communities (CCRCS) Market over the short as well as long period of time. A
detailed presentation of forecast, trends, and dollar values of international Continuing
Care Retirement Communities (CCRCS) Market is offered.
Market
Insights:
In accordance with the report, the Continuing Care
Retirement Communities (CCRCS) Market is projected to expand at a CAGR of 4.8% over the period of forecast. The global Continuing Care Retirement
Communities (CCRCS) Market was valued at USD 102.33 Mn in 2022 and is expected
to reach USD 228.5 Mn in 2031, growing with a significant CAGR rate during the
forecast period.
Continuing Care Retirement Communities (CCRCs), also
known as Life Plan Communities, are residential facilities that offer a
continuum of care for older adults. These communities provide a range of living
options, from independent living to assisted living and skilled nursing care,
all within a single campus or facility. The goal of CCRCs is to provide seniors
with a supportive and accommodating environment as their care needs change over
time. The CCRC market is growing as the aging population seeks options that can
provide a continuum of care and address their changing health and lifestyle
needs. As seniors and their families look for ways to ensure that they will be
well taken care of in their later years, CCRCs have gained popularity. However,
the CCRC market can vary significantly based on factors like location,
amenities, quality of care, and pricing. Regulatory and legal aspects also play
a crucial role in shaping the market. It's important for individuals
considering CCRCs to thoroughly research and visit potential communities,
understand the financial implications, and ensure that the chosen facility
aligns with their preferences and needs.
Regional
Insights:
North America, particularly in the U.S. has a mature and well-developed CCRC market due
to its large aging population. Various states have a significant number of
CCRCs, with Florida, California, and Texas being prominent. These communities
cater to retirees seeking a mix of independence and on-site care services.
Canadian CCRC market is also growing, particularly in provinces like Ontario
and British Columbia. Demand is driven by the aging population and the desire for
comprehensive senior living options. The U.S. has a
well-established CCRC market due to its aging population and the desire for
comprehensive care options. Examples of CCRCs in the U.S. include: Sun City
Hilton Head (South Carolina): A large-scale active adult community that offers
independent living, assisted living, and skilled nursing care. Additionally, Vi at Aventura (Florida):
Located in a desirable retirement destination, it provides a continuum of care
along with luxurious amenities. There is no denying that North America, and
particularly the United States, will continue to play a significant role. The
development trend of Continuing Care Retirement Communities (CCRCs) could be
impacted by any US reforms. Over the course of the projected period, the North
American market is anticipated to expand significantly. Due to the widespread
use of cutting-edge technology and the presence of major competitors in this
area, the market is projected to have plenty of room for expansion.
In Europe, UK has appreciated a rise in retirement
communities, including CCRCs. With an emphasis on luxury living and wellness,
many developments provide a range of care services in addition to independent
living options. Further, Germany has a strong tradition of senior care, and
CCRCs are well-established. These communities often offer a mix of independent
living, assisted living, and nursing care services. Audley Retirement Villages, one of the UK based company
is offering luxury retirement villages across the UK with independent living,
health and wellness facilities, and care services.
The aging population in Japan has led to the growth of
senior living options, including CCRCs. These communities offer a blend of
modern amenities and traditional cultural elements, catering to the preferences
of older adults. As China's population ages, there's an increasing interest in
CCRCs. The market is still evolving, but luxury and high-end communities are
gaining traction. With a focus on active lifestyles and well-being, Australian
CCRCs offer various care levels alongside recreational activities. Demand is
driven by a growing aging population and a desire for retirement living
options. This factor is expected to bolster the market growth during the
forecast period.
The UAE has seen a rise in retirement and senior living
communities, including CCRCs. These communities often cater to expatriates and
locals seeking a comfortable retirement. While CCRCs are not as prevalent,
there's potential for growth as the population ages. Retirement villages with
various levels of care are emerging, particularly in urban areas.
.
Continuing Care
Retirement Communities (CCRCS) Market News:
·
Jul 2023: Leading
care home operator HC-One held an official turf cutting ceremony for its new
state-of-the-art luxury care home in Milton Keynes. The new home, due to be
completed late 2024, will be located on Wolverton Road, adjacent to a large
orchard and wildflower garden, and is set to offer the kind care that HC-One
prides itself on to elderly members of the community. The 78 bedroom, three-storey home will offer
luxurious communal facilities for Residents and their families or friends to
enjoy including scenic gardens, spacious lounges and dining areas, bar bistro,
hair and beauty salon, cinema, library and a private dining area for family celebrations.
·
Jul 2022, Sunrise
Senior Living announced that it has opened their second and newest community on
Staten Island, Sunrise of New Dorp. Sunrise of New Dorp will continue our
tradition of providing high-quality senior living services as we welcome our
first residents onsite. The nearly 85,000 square foot, four-story property by
Moseley Architects will provide occupancy for nearly 130 residents and offer
assisted living as well as memory care options for individuals living with
dementia.
Driving Factors
of Continuing Care Retirement Communities (CCRCS) Market Growth:
·
Aging Population: The global
population is aging, with a significant portion of the population entering
retirement age. As people age, their healthcare needs tend to become more
complex, making the concept of a continuum of care offered by CCRCs appealing.
This in turn is expected to boost the market growth in coming years.
·
Desire for Comprehensive Care: Seniors and their families are increasingly seeking
options that provide a seamless transition between independent living, assisted
living, and skilled nursing care. CCRCs offer the convenience of having various
levels of care available in one location.
·
Security and Peace of Mind: CCRCs often require an upfront entrance fee along with
monthly fees, which can help provide financial security and predictability for
seniors. This predictable cost structure can be reassuring, as it helps
individuals plan for their future care needs without the worry of unexpected
expenses.
·
Social Engagement: Many CCRCs offer a robust array of social and recreational
activities that promote an active and engaged lifestyle among residents.
Seniors are drawn to the sense of community and opportunities for interaction
that CCRCs provide.
·
Healthcare Access: As
individuals age, their healthcare needs may become more frequent and urgent.
CCRCs offer on-site healthcare services, which can be particularly beneficial
for seniors who want to have medical care readily available without the need to
travel to external healthcare providers.
Key Segments:
Continuing Care Retirement Communities (CCRCS) Market research report includes an in-depth coverage of the
industry with estimates & forecast from 2023 to 2031, for the following
segments:
Continuing Care
Retirement Communities (CCRCS) Market, By Types, 2023-2031 (USD Million)
·
For-Profit
·
Nonprofit
Continuing Care
Retirement Communities (CCRCS) Market, By Age Group, 2023-2031 (USD Million)
·
More than Age
55-70 Years
·
Age 71- 80
Years
·
More than Age
80 Years
Companies
Profiled:
To enhance their position in the global
market, key suppliers/manufacturers are concentrating on business expansion and
product innovation. Manufacturers/producers are also working on boosting their
manufacturing capacity and product quality to gain a competitive advantage. The
following are some of the prominent manufacturers in the worldwide Continuing
Care Retirement Communities (CCRCS) Market:
·
ApnaCare
Latin America
·
Benesse Style
Care
·
Brookdale
Senior Living
·
Brookdale
Senior Living Inc.
·
Care
well-Service
·
Econ
Healthcare Group
·
Five Star
Senior Living
·
Genesis
HealthCare
·
Golden Care
Group
·
HC-One Ltd.
·
Holiday
Retirement
·
Kindred
Healthcare
·
Manor Care
·
Sunrise
Senior Living
Research
Methodology:
To compile
the detailed study of the global Continuing Care
Retirement Communities (CCRCS) Market, a robust research methodology has been adopted
that aids in determining the key insights and also evaluates the growth
prospects of the Continuing Care Retirement Communities
(CCRCS) Market. Comprehensive and iterative research methodology
focused on minimizing deviance in order to provide the most accurate estimates
and forecast possible. The company utilizes a combination of bottom-up and
top-down approaches for segmenting and estimating quantitative aspects of the
market. Our research methodology implements a mix of primary as well as
secondary research. Our projects are initiated with secondary research, where
we refer to a variety of sources including trade databases; government published
documents, investor presentations, company annual reports, Industrial papers,
and paid databases. To carry out secondary research, the analysts have
collected the information through company annual reports, journals, company
press releases, and paid databases that were referred to gain and identify
better opportunities in the Continuing Care
Retirement Communities (CCRCS) Market.
Report
Highlights:
The prime objective of the Continuing Care
Retirement Communities (CCRCS) Market report is to help the user understand the market in
terms of its definition, segmentation, market potential, influential trends,
and the challenges that the market is facing with different major regions and more
than 30 major countries across the globe. During the report's production,
extensive research and analysis were conducted. This research will assist
readers in gaining a thorough understanding of the market.
Continuing Care
Retirement Communities (CCRCS) Market, By Region, 2023-2031 (USD Million)
·
North America (
United States, Canada, Mexico)
·
Europe
(Germany, UK, France, Italy, Russia, Spain, and Rest of Europe)
·
South Asia (
India, Pakistan and Bangladesh)
·
East Asia
(China, Japan and South Korea)
·
South East Asia
(Indonesia, Thailand, Singapore, Malaysia, Rest of SE Asia)
·
Middle East
(Turkey, Saudi Arabia, Iran, UAE, Israel, Iraq, Qatar, Rest of MEA)
·
Africa
(Nigeria, South Africa, Egypt, Algeria, Rest of Africa)
·
South America
(Brazil, Argentina, Colombia, Chile, and Rest of SA)
·
Oceania
(Australia and New Zealand)
Continuing
Care Retirement Communities (CCRCS) Market Report Highlights:
·
Detailed
analysis of the parent market
·
Key players'
strategies and products supplied in the competitive landscape
·
Market
segmentation in depth analysis
·
Market size
in terms of volume and value, past, present, and future scenario
·
Potential and
specialty areas, as well as geographical regions with promising growth
prospects
·
Market
players use this information to maintain and expand their market presence, thus
it's important to have an unbiased perspective on market performance.
·
Recent
advancements and technological trends in the industry
