In 2023, about 17.7 percent of the American population was 65 years old or over; an increase from the last few years and a figure which is expected to reach 22.8 percent by 2050. This is a significant increase from 1950, when only eight percent of the population was 65 or over. A rapidly aging population In recent years, the aging population of the United States has come into focus as a cause for concern, as the nature of work and retirement is expected to change to keep up. If a population is expected to live longer than the generations before, the economy will have to change as well to fulfill the needs of the citizens. In addition, the birth rate in the U.S. has been falling over the last 20 years, meaning that there are not as many young people to replace the individuals leaving the workforce. The future population It’s not only the American population that is aging -- the global population is, too. By 2025, the median age of the global workforce is expected to be 39.6 years, up from 33.8 years in 1990. Additionally, it is projected that there will be over three million people worldwide aged 100 years and over by 2050.

The number of Americans aged 65 and over with Alzheimer's disease is projected to more than double by 2060, reaching **** million. This significant increase highlights the growing challenge of caring for an aging population, particularly those affected by dementia. As the prevalence of Alzheimer's rises, it will have far-reaching impacts on healthcare, families, and society as a whole. Aging population trends The surge in Alzheimer's cases is closely tied to broader demographic shifts in the United States. By 2050, it's estimated that 22 percent of the American population will be 65 years or older, up from 17.3 percent in 2022. This rapid aging of the population is expected to strain healthcare systems and change the nature of work and retirement. Challenges of aging in place As the number of older adults with Alzheimer's increases, there is a growing desire among seniors to age in their own homes. A 2024 survey found that ************** of adults aged 50 and older strongly or somewhat agreed they would like to remain in their current residence for as long as possible. This preference is even stronger among those 65 and older, with ** percent expressing this desire. However, the ability to age in place may be compromised by declining physical capabilities, as only about *** in **** adults aged 72 and older reported being fully able to perform self-care and mobility activities in 2021.

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Senior Living Market Size 2025-2029

The senior living market size is forecast to increase by USD 130.9 billion, at a CAGR of 5.8% between 2024 and 2029.

Major Market Trends & Insights

North America dominated the market and accounted for a 44% growth during the forecast period.
By the Service - Assisted living segment was valued at USD 158.20 billion in 2023
By the Services - Healthcare Services segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 66.60 billion
Market Future Opportunities: USD 130.90 billion 
CAGR : 5.8%
North America: Largest market in 2023

Market Summary

The market is experiencing significant shifts as the global population ages, with the 60+ demographic projected to reach 1.4 billion by 2030. This demographic trend drives the demand for innovative solutions in long-term care, assisted living, and home health services. Technological advances are transforming senior care, with telehealth, mobile apps, and wearable devices enabling remote monitoring and improved care coordination. However, the sector faces challenges such as staffing shortages and workplace demands, with the US projected to have a shortage of 1.2 million healthcare workers by 2030.
Despite these challenges, the market's continuous evolution offers opportunities for growth, particularly in areas like technology integration, personalized care, and community-based services. The market's future lies in addressing the unique needs of an aging population while overcoming workforce challenges.

What will be the Size of the Senior Living Market during the forecast period?

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The market represents a significant and continually evolving sector within the broader healthcare industry. According to recent data, this market experiences a steady growth of approximately 2.5% annually. Furthermore, future projections indicate a continuous expansion, with a projected increase of around 3% per annum. Comparing key numerical data, the senior population aged 65 and above is projected to double by 2050, while the number of senior living facilities is anticipated to grow by nearly 30% between 2020 and 2030. This growth trend is driven by demographic shifts and increasing demand for specialized care and services catering to the elderly population.
In addition, the market encompasses a diverse range of offerings, including assisted living, memory care, and independent living communities. The demand for these services varies, with assisted living experiencing a higher growth rate compared to independent living. This disparity can be attributed to the increasing prevalence of age-related diseases and the need for additional care and support. Despite the growth, challenges remain, including regulatory compliance, risk management, and financial planning. Addressing these challenges requires a multifaceted approach, incorporating elements such as quality assurance, caregiver support, and community engagement. Ultimately, the market represents a dynamic and evolving landscape, presenting both opportunities and challenges for businesses and stakeholders alike.

How is this Senior Living Industry segmented?

The senior living industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Service

  Assisted living
  Independent living
  CCRC


Services

  Healthcare Services
  Lifestyle and Wellness Programs
  Dining Services


Technology Integration

  Smart Home Systems
  Health Monitoring Devices
  Safety and Security Systems


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Service Insights

The assisted living segment is estimated to witness significant growth during the forecast period.

The market encompasses a range of services and arrangements designed to cater to the unique needs of aging adults. One significant segment within this market is assisted living, which provides apartment-style dwellings for seniors who require assistance with activities of daily living (ADL), such as bathing, laundry, and medication management. This segment may include specialized memory care units for individuals with cognitive impairments, such as Alzheimer's disease or dementia. These units often feature increased security measures, like extra surveillance equipment and locked doors, due to safety concerns. The number of companies entering this segment is growing, contributing to its expanding presence and potential growth during the forecast period.

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Anti-Aging Key Statistics Worldwide

• According to Anti-aging Statistics, the number of people 60 years and older is expected to grow by 56% (963 million) to 1.4 billion by 2030.
• The global population of older people will more than double to 2.1 billion.
• The number of older people is growing faster than the number of people at younger ages.
• The number of persons 60 years and older will grow faster in developing countries.
• Between 2017 and 2050, the number of persons aged 60 and older in developing regions is expected to increase to 1.7 million.
• In 2017, 1 in 8 people worldwide were aged 60 and over.
• It is expected that in 2050, there will be 1 in 6 people aged 60 and over.

Globally, about 25 percent of the population is under 15 years of age and 10 percent is over 65 years of age. Africa has the youngest population worldwide. In Sub-Saharan Africa, more than 40 percent of the population is below 15 years, and only three percent are above 65, indicating the low life expectancy in several of the countries. In Europe, on the other hand, a higher share of the population is above 65 years than the population under 15 years. Fertility rates The high share of children and youth in Africa is connected to the high fertility rates on the continent. For instance, South Sudan and Niger have the highest population growth rates globally. However, about 50 percent of the world’s population live in countries with low fertility, where women have less than 2.1 children. Some countries in Europe, like Latvia and Lithuania, have experienced a population decline of one percent, and in the Cook Islands, it is even above two percent. In Europe, the majority of the population was previously working-aged adults with few dependents, but this trend is expected to reverse soon, and it is predicted that by 2050, the older population will outnumber the young in many developed countries. Growing global population As of 2025, there are 8.1 billion people living on the planet, and this is expected to reach more than nine billion before 2040. Moreover, the global population is expected to reach 10 billions around 2060, before slowing and then even falling slightly by 2100. As the population growth rates indicate, a significant share of the population increase will happen in Africa.

In 2024, Germany was the leading EU country in terms of population, with around 85 million inhabitants. In 2050, approximately 89.2 million people will live in Germany, according to the forecast. See the total EU population figures for more information. The global population The global population is rapidly increasing. Between 1990 and 2015, it increased by around 2 billion people. Furthermore, it is estimated that the global population will have increased by another 1 billion by 2030. Asia is the continent with the largest population, followed by Africa and Europe. In Asia,the two most populous nations worldwide are located, China and India. In 2014, the combined population in China and India alone amounted to more than 2.6 billion people. for comparison, the total population in the whole continent of Europe is at around 741 million people. As of 2014, about 60 percent of the global population was living in Asia, with only approximately 10 percent in Europe and even less in the United States. Europe is the continent with the second-highest life expectancy at birth in the world, only barely surpassed by Northern America. In 2013, the life expectancy at birth in Europe was around 78 years. Stable economies and developing and emerging markets in European countries provide for good living conditions. Seven of the top twenty countries in the world with the largest gross domestic product in 2015 are located in Europe.

In 1995, around *** million individuals in the United States had a chronic medical condition. By 2050, that figure is expected to increase to around *** million. The number of people with chronic conditions in the U.S. has been increasing gradually since 1995. This statistic illustrates the number of individuals with chronic medical conditions in the United States from 1995 to 2020 and projections for 2025 and 2050.

In the United States, around 39 percent of people with Alzheimer’s are 75 to 84 years old. Additionally, around 26 percent of those with Alzheimer’s are aged 65 to 74 years. Alzheimer’s disease is a form of dementia which impacts memory, behavior, and thinking and can lead to symptoms becoming so severe that those with the disease require support with basic daily tasks. Alzheimer’s remains a relevant problem around the world. Alzheimer’s disease deaths Alzheimer’s is currently the sixth leading cause of death in the United States, causing more deaths than diabetes and kidney disease. While advances in medicine and increased access to treatment and care have caused decreases in many major causes of death, deaths from Alzheimer’s have risen over the past couple of decades. For example, from 2000 to 2022, deaths from stroke in the U.S. declined by 1.4 percent, while deaths from Alzheimer’s increased 142 percent. Alzheimer’s disease worldwide Alzheimer’s is not only a problem in the United States but impacts every country around the globe. In 2018, there were an estimated 50 million people living with dementia worldwide. This figure is predicted to increase to some 152 million by the year 2050. Alzheimer’s does not only cause a significant amount of death but also has a significant economic impact. In 2018, cost estimates for Alzheimer’s care worldwide totaled around one trillion U.S. dollars, with this figure predicted to double by the year 2030.