China Senior Living Market Analysis Market Size (2024 - 2029)

The Chinese senior living market is experiencing significant growth, driven by an aging population and increasing wealth, which is expanding the demand for upscale senior communities. Despite the challenges posed by the COVID-19 pandemic, which adversely affected senior living facilities, the market continues to attract investment from insurance companies and large property groups. These entities see the potential in senior communities, which require substantial insurance capital and offer long-term investment opportunities. The market's expansion is further supported by the strategic shift of some property groups towards developing senior living projects.

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Market Size of China Senior Living Industry Analysis

China Senior Living Market Analysis - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 12.00 %
Market Concentration Low

Major Players

China Senior Living Market Analysis Major Players

*Disclaimer: Major Players sorted in no particular order

China Senior Living Market Analysis

The Chinese senior living market is expected to record a CAGR of over 12% during the forecast period, 2022-2027.

The COVID-19 outbreak had a significant negative impact on the senior living market, with widespread outbreaks reported in the senior communities across the country, affecting residents, staff, and visitors. Long-term care facility residents became vulnerable due to their age and various underlying diseases. Smaller providers are severely impacted, as they may not be able to cover the additional costs imposed by COVID-19. Some providers are expected to close due to this, which may have a negative impact on some local communities.

China's population of 60 and above is 18%, which is higher than the 10% benchmark that defines an aging society. However, though China's population ages, its wealth is growing, resulting in the expansion of upscale senior communities across the country.

Senior communities provide a great opportunity for insurance companies as these communities require insurance capital. An insurance company has large, stable, and long-term capital, ideal for establishing and running such a community. By 2021, Taikang Insurance opened seven senior communities. It plans to open another 22 senior communities soon. Many major insurance companies also entered the retirement community market. So far, 10 insurance companies have invested in 47 senior communities across the country, providing 84,000 beds.

Apart from insurance companies, large property groups are also interested in developing senior communities. Yuecheng Group, which previously invested in trade and property, shifted its focus toward this industry with its senior community project, Golden Home.

China Senior Living Industry Segmentation

Senior living is a concept that refers to a variety of housing and lifestyle options for senior citizens that are adapted to the challenges of aging, such as limited mobility and susceptibility to illness. The Chinese senior living market is segmented by city. The report offers market size and forecast in value (USD billion) for all the above segments.

By City
Shangai
Beijing
Chongqing
Wuhan
Chengdu
Other Cities
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China Senior Living Market Analysis Size Summary

The Chinese senior living market is experiencing significant growth, driven by an increasing elderly population and rising wealth levels. As the proportion of individuals aged 60 and above surpasses the threshold for an aging society, there is a burgeoning demand for upscale senior communities. This demand is further fueled by the expansion of insurance and property companies into the market, with major players like Taikang Insurance and Yuecheng Group investing in the development of senior living facilities. The market is characterized by a fragmented landscape, with numerous local and international companies vying for a share. Despite the challenges posed by the COVID-19 pandemic, which adversely affected senior communities, the market is poised for robust expansion, supported by government policies and initiatives aimed at enhancing elderly care services.

China's aging population presents both challenges and opportunities, as increased life expectancy and a declining fertility rate contribute to a rapidly growing elderly demographic. The government has recognized the need for a comprehensive approach to elderly care, integrating health and long-term care services to meet the evolving needs of seniors. Initiatives such as the 14th Five-Year Plan and the establishment of industrial parks dedicated to the silver economy underscore the country's commitment to developing a robust elderly care infrastructure. The market's growth is further bolstered by the involvement of major insurance companies and property groups, as well as international investments, which are transforming the landscape of senior living in China.

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China Senior Living Market Analysis Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Dynamics

      1. 1.2.1 Drivers

      2. 1.2.2 Restraints

      3. 1.2.3 Opportunities

    3. 1.3 Value Chain/Supply Chain Analysis

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

    5. 1.5 Current Economic and Senior Living Market Scenario

    6. 1.6 Technological Innovations in the Senior Living Market

    7. 1.7 Impact of Government Regulations and Initiatives on the Industry

    8. 1.8 Insights into Senior Living Market's Construction Costs

    9. 1.9 Insights into Investments in Senior Living Market

    10. 1.10 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By City

      1. 2.1.1 Shangai

      2. 2.1.2 Beijing

      3. 2.1.3 Chongqing

      4. 2.1.4 Wuhan

      5. 2.1.5 Chengdu

      6. 2.1.6 Other Cities

China Senior Living Market Analysis Market Size FAQs

The China Senior Living Market is projected to register a CAGR of greater than 12% during the forecast period (2024-2029)

China Vanke, Sino-Ocean Group, Taikang Life, Cherish-Yearn and Poly Property are the major companies operating in the China Senior Living Market.

China Senior Living Market Report Snapshots

China Senior Living Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)