1、Please refer to important disclosures on pages 55 and 56.Analyst certification is on page 55.William Blair or an affiliate does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affec

2、t the objectivity of this report.This report is not intended to provide personal investment advice.The opinions and recommendations here-in do not take into account individual client circumstances,objectives,or needs and are not intended as recommen-dations of particular securities,financial instrum

3、ents,or strategies to particular clients.The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein.Healthcare MosaicDemographics as Commerce:A Massive Aging-in-Place Opportunity in the U.S.Equity ResearchHealthcare|Healthc

4、are Services and Healthcare TechnologyMay 21,2025Industry ReportRyan S.Daniels,CFA+1 312 364 Jared Haase,CFA +1 312 364 Tim Mulrooney +1 312 364 85009_b34e020c-a814-45b2-aa94-adef22a73ec0.pdf2 Ryan S.Daniels,CFA+1 312 364 8418William Blair ContentsSummary.3Demographic Trends Indicate a Massive Marke

5、t Opportunity.4Seniors Increasingly Desire to Age in Place.5A Win-Win:Payers Increasingly Supportive of Aging in Place.6Turning Silver Into Gold:The Demographics-as-Commerce Opportunity .14Technology Solutions and Social Platforms.14Ancillary Service Offerings .23Healthcare Services Providers.30Priv

6、ate Market Funding,M&A Activity Further Support Our Thesis of a Healthy Long-Term Market Opportunity.40Conclusion.42Appendix A:Company Profiles .4385009_b34e020c-a814-45b2-aa94-adef22a73ec0.pdf3 Ryan S.Daniels,CFA+1 312 364 8418William BlairSummaryIn our quarterly Healthcare Mosaic report,we select