The global retirement communities market is expected to hit US$374.7 billion in 2030, up from US$188.2 billion in 2015 and US$189.3 billion in 2020.
In a new report from Research and Markets, the retirement sector worldwide is forecast to grow at a 4.7% compound annual growth rate (CAGR) over the next eight years, hitting US$285.1 billion in 2025. The Asia-Pacific region is expected to grow even more quickly, at a CAGR of 11.2%.
“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 report’s authors said.
When segmented by community type, continuing care retirement communities represent the largest portion of the market at 47.7% in 2020; they are expected to gain US$32.0 billion of global annual sales by 2025, while assisted living facilities are tipped to be the fastest growing segment, at a 10.54% CAGR to 2025.
As of last year, New Zealand was seeing strong growth in “continuum of care” villages, which now house 14% of the Over 75 population.
