Australia Senior Living Market Outlook
According to the report by Expert Market Research (EMR), the Australia senior living market is projected to grow at a CAGR of 6.07% between 2024 and 2032. The market is driven by demographic trends, increased wealth among seniors, and heightened demand for specialised senior living options that offer a blend of lifestyle, comfort, and care, the market is expected to grow significantly by 2032.
Senior living facilities in Australia are diversifying their offerings to cater to a range of needs from independent living and assisted living to specialised memory care and nursing services. These facilities are increasingly focusing on providing a higher quality of life, incorporating advanced healthcare services, and fostering community engagement among residents.
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As per the Australia senior living market analysis, the Australian Capital Territory has been reported by the Australia Bureau of Statistics to have the highest life expectancy for both males (82.2 years) and females (86.0 years). This has resulted in an increased demand for assisted living and nursing care services. The Aged Care Quality and Safety Commission, under the Australian Department of Health and Aged Care, plays a crucial role in supporting individuals, families, and carers in the aged care sector. Quality care is considered a basic right under the Charter of Aged Care Rights. The latest population projections from the Australian Bureau of Statistics indicate that the number of Australians aged 85 years and older is expected to double by 2042, exceeding 1 million individuals. This growth is anticipated to have a significant impact on the Australian senior living market.
Australia’s population is aging, with forecasts predicting that the proportion of people aged 65 and over will increase significantly in the coming decades. This demographic shift is creating a substantial demand for senior living solutions that cater to the varied needs of older adults, consequently driving up the Australia senior living market share.
There is a growing preference among seniors to age in place, in environments where they can live independently yet have access to care and support as needed. This has led to the development of integrated senior living communities that offer a continuum of care.
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The integration of technology in senior living facilities is enhancing the quality of care and operational efficiency. Technologies such as telehealth, smart home devices, and wellness monitoring systems are becoming commonplace, helping residents maintain independence and improving staff response times, leading to Australia senior living market development.
Today’s seniors have higher expectations for their retirement years, including desires for luxury amenities, social activities, and lifestyle-oriented environments. The market is responding with upscale developments that offer everything from fine dining and fitness centres to educational programs and recreational activities.
Government policies and healthcare integration play crucial roles in shaping the senior living market. Regulatory frameworks that support the development of senior living facilities and integration with the national healthcare system ensure better care for seniors and facilitate the Australia senior living market expansion.
Australian Unity introduced The Alba, a new vertical aged care residence in Albert Park, in August 2023. This adaptive reuse project spans 15 stories and features 95 residential care suites along with 60 easy-living apartments. The easy-living apartments at The Alba are designed to enable older individuals to maintain their independence while having access to support services such as domestic assistance, personal care, and dining options. Residents can enjoy an active lifestyle with amenities like fitness centres, pools, and golf courses, promoting freedom, social engagement, and maintenance-free living. The community also ensures safety measures and a variety of services, allowing for easy transitions to higher care levels if necessary to support long-term well-being.
Australia Senior Living Market Segmentation
The market can be divided based on the property type and region
Market Breakup by Product Type
- Assisted Living
- Independent Living
- Memory Care
- Nursing Care
- Others
Market Breakup by Region
- New South Wales
- Victoria
- Queensland
- Western Australia
- Australian Capital Territory
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in Australia senior living market. Some of the major players explored in the report by Expert Market Research are as follows:
- Settlers Apartments Pty Ltd
- Group Homes Australia Pty Ltd
- RA (Holding) 2014 PTY Limited
- agedcare101 Pty Ltd.
- LDK Healthcare Pty Ltd.
- Aveo Group Limited
- Keyton Holding Pty Limited
- Adventist Senior Living
- Living Choice Australia Pty Ltd.
- Others
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