LONDON, Sept. 02, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s retirement communities industry report, telehealth technology is extensively being used by nursing care providers in retirement communities to improve the quality of care being offered to the residents. Telehealth is the use of digital and communication technologies to remotely access healthcare services. It provides a wide range of diagnostic, therapeutic, care management services, and supporting tools for the caregivers such as assisted living personnel and retirement communities’ on-site doctors and nurses.
It includes other technologies and services such as virtual visits conducted over live video, email services, remote patient monitoring, and activity monitoring depending on individual needs. Major telehealth companies include 19 Labs, 3Derm Systems, A&D Medical, Advanced ICU Care, and AGNITY.
COVID-19 is particularly concerning for older persons with underlying health conditions, regardless of their living situation. Those with greater frailty are generally at greater risk. The virus also spreads quickly in dense communities with regular activities, communal meals and/or gatherings and thus these underlying factors presents a major health risk in senior communities where there are numerous residents with fragile immune systems. The virus has exerted a huge strain on operators relating to operational pressures and challenges in managing anxiety, stress, numbers of staff off work self-isolating or shielding, staff burnout, staff shortages, managing expectations, lack of availability of PPE, and striving to protect health and well-being. Thus, the telehealth industry has huge ability to provide in these circumstances.
The global retirement communities market size is expected to grow from $189.3 billion in 2020 to $285.1 billion in 2025 at a rate of 8.5%. It is then expected to grow at a CAGR of 5.6% from 2025 and reach $374.7 billion in 2030. Western Europe was the largest region in the retirement communities market, accounting for 42.4% of the total in 2020.
The Business Research Company’s report titled Retirement Communities Market - By Type (Continuing Care Retirement Communities, Rest Homes, Assisted Living Facilities, Assisted Living Facilities With Nursing Care), By Region, Opportunities And Strategies – Global Forecast To 2030 covers major retirement communities companies, retirement communities market share by company, retirement communities manufacturers, retirement communities market size, and retirement communities market forecasts. The report also covers the global retirement communities market and its segments.
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The global retirement community market is highly fragmented, with a large number of small players. The top ten players of the market constitute to only 6.48% of the market in 2020. However, this is expected to change during the forecast period as majority of the players are trying to grow inorganically by acquiring smaller companies to expand their geographical outreach. Brookdale Senior Living Inc. was the largest competitor with 1.33% of the market, followed by Sunrise Senior Living with 1.32%, Atria Senior Living Group with 0.85%, Life Care Centers of America with 0.79%, Erickson Living with 0.55%, Holiday Retirement with 0.53%, Senior Lifestyle Corp. with 0.42%, Affinity Living Group with 0.32%, HC-One Ltd with 0.20%, Covenant Retire Communities Inc. with 0.17%.
Retirement community service companies are adopting mergers and acquisitions to enter new markets and increase their market share. Mergers and acquisitions refer to the business consolidation of two or more entities for mutual benefits. Mergers and acquisitions are done to gain access to technological advancements and additional resources, expand service portfolio, enter new markets, and increase the market share. For instance, in June 2019, Senior Living Communities LLC, a US-based company offering retirement community services, acquired Wildewood Downs, a Continuing Care Retirement Community (CCRC) in Columbia, South Carolina, the USA. Through this acquisition, Senior Living Communities LLC aims to increase service offerings and improve service quality. Furthermore, in June 2019, Legend Senior Living, a US-based seniors housing and services company acquired Brookdale Hutchinson, a US-based senior housing community offering independent living, assisted living, and memory care. Through this acquisition, Legend Senior Living expanded its community portfolio and enhanced its presence in the US market.
Market-trend-based strategies for the retirement communities market include investing in advanced communication systems to improve the quality of care, implementing telehealth technologies to remotely care and improve the quality of care offered to senior citizens, develop customized services to provide individualized care to senior residents with complicated health issues, exploring eco-friendly alternatives to minimize carbon emissions and operational expenditure, and focusing on mergers and acquisitions as a strategy to enter new markets, expand service offerings, and increase revenue.
Retirement Communities Market – Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide retirement community market overviews, retirement community market analyze and forecast market size and growth for the whole market, retirement community market segments and geographies, retirement community market trends, retirement community market drivers, retirement community market restraints, retirement community market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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