Global senior living market to grow by $127.4b by 2028

Mobile apps, trackers, and smart alarms are witnessing high demand.

The global senior living market is projected to rise by $127.4b by 2028 at a compound annual growth rate of 5.9%, said Technavio.

The sector’s expansion is attributed to the ageing ‘baby boomer’ population with a shift towards increasing technological developments in long-term healthcare.

Patient data management through mobile and electronic health records has emerged as a key trend in long-term care, providing insights into patients' weight, diet, exercise, and vital signs.

In line with this, assisted services, such as mobile applications, wearables, trackers, communication devices, and smart alarms, are witnessing high demand.

“The adoption of smart homes is also increasing in developed countries, reducing caregiver dependence and contributing to market growth,” the report said.

Improved internet access has also facilitated the development of online platforms, mobile applications, and mHealth technologies adopted by caregivers and healthcare providers.