The value of the Palliative market is projected to grow to USD 6.43 Billion with an estimated CAGR of 7.8% by 2028
The global palliative market is rapidly gaining momentum and is estimated to secure a sustainable revenue growth of USD 22 billion by the year 2028 posing a CAGR growth of 7.5% throughout the forecast years 2018 to 2028. The significant rise in growth can be attributed to the massively expanding global population and the specifically escalating geriatric population which are prompting reliance on palliative care services.
Increasing incidences of chronic diseases, infectious diseases, immunity compromising disorders and the emergence of novel diseases are accelerating the healthcare sector to design an advanced portfolio of palliative care services. The palliative care market addresses major challenges with an unreliable and deprived access to palliative care services across underdeveloped regions hampering the overall global market growth prospects.
Aligning with the clear guidelines of the WHO, several countries across low and middle income groups are also devising appropriate national policies to develop palliative services for life threatening ailments. These policies are offering new growth possibilities to manoeuvre growth in the global palliative market
Palliative care is a specialized approach focusing solely on enhancing quality of life of patients suffering from life-threatening diseases. Palliative medical care aims to offer patients relief from the longstanding pain of either the treatment or the disease itself irrespective of the diagnosis or stage of the disease. Palliative care services not only focus on providing better quality of life to patients but also cater to the needs of the associated families.
Palliative care is a service that is delivered by a group of experts and specialized doctors along with nurses and others who intend to add an addition team of support to the patient by consulting with their doctors. Palliative care addresses on the immediate needs of patients rather than focusing on the prognosis and hence can be adopted at any stage of the disease, irrespective of patient’s age and can be a parallel service along with the curative treatment. Palliative care primarily intends to patients providing them services that help prevent and relieve suffering through an array of sequential procedures including identification, assessment and pain treatment and other conditions including psychological, physical and spiritual.
The team of palliative care providers consider the practical requirements of patients to go through day-to-day activities as actively as possible. Palliative care services have grown significantly essential for chronic diseases such as cancer, diabetes, chronic respiratory diseases, cardiovascular diseases, chronic liver disease, kidney failure and others.
Global palliative care services providers are well-established alongside the young market players entering the market with the aim of disrupting the conventional strategies and conservative models of healthcare services replacing with highly innovative palliative care approach. The accelerating threat of young market entrants along with the consistent technological developments in the healthcare sector and the persistent up gradation of the palliative care services portfolio has led to market consolidation.
The major players of the global palliative care market are Genesis Health, Kindred Healthcare, Amedisys, Home Instead, Chemed Corporation, Public Sector Pension Investment Board, Fillmore Capital Partners, Senior Care Centers of America, UCLA Health, Vitas Healthcare, Sunrise Senior Living, Skilled Healthcare Group and Seymour Health.
The global palliative care market consists of a diversely placed local as well as international market participants with specific geographic significance. In addition, the identified industry players are introducing a wide range of novel strategies and innovative suit of services and solution with an objective of ensuring competence in the global market.
Palliative Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 6.43 Billion|
|Growth Rate||CAGR of 7.8% during 2021-2028|
|Segment Covered||Product, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Genesis Health, Kindred Healthcare, Amedisys, Home Instead, Chemed Corporation, Public Sector Pension Investment Board, Fillmore Capital Partners, Senior Care Centers of America, UCLA Health, Vitas Healthcare, Sunrise Senior Living, Skilled Healthcare Group and Seymour Health.|
Key Segments of the Global Palliative Market
Type Overview, (USD Billion)
- Treatments to Stop
- Cure the Cancer
- Treatments to Slow
Application Overview, (USD Billion)
- Palliative Care in Hospitals
- Residential Palliative Nursing in a Care Home or Hospice
- Day Care at a Hospice
- Palliative Home Care
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa
Reasons for the study
- The primary goal of the study is to provide an all-inclusive assessment of the global palliative market with valuable insights for you to benchmark against the rest of the market.
- Maintain your competitive sustenance as the key players drive strategic innovations and developments to boost the market.
What does the report include?
- The study on the global palliative market holistically amalgamates the qualitative deliverables comprising of driving factors, restrains, and opportunities.
- The study incorporates assessment of the competitive landscape with the existing and potential players in the palliative market and their strategic efforts for enhancing product development.
- The report is inclusive of qualitative as well as quantitative insights of market segments covering type, and application. In addition, the study offers similar data set on the key geographies of the global market.
- Accurate market estimations and statistical elements have been provided for each of the segment mentioned above.
Who should buy this report?
- The report on the global palliative market is a repertoire of accurate analysis and authentic information suitable for the needs of all market participants across the palliative care industry including care providers, doctors and physicians, experts, nurses and diagnosticians
- Investors and capitalists along with entrepreneurs seeking crucial insights of the future outlook of the global palliative market
- Researchers, analysts, consultants, medical care and hospital care facilities looking for detailed information redesigning the global palliative market
Frequently Asked Questions (FAQ) :
Rapidly growing geriatric population worldwide and the need for efficient and convenient healthcare services for the age group is advancing the palliative care services market. burgeoning demand for palliative care services across hospitals and clinics, medical care centers and old age care centers, escalating number of highly qualified and speciality doctors and physicians for palliative care, drastic growth in public awareness associated with life-threatening diseases, solid rise in the prevalence of chronic diseases significantly impacted by the commonly addressed concerns of sedentary lifestyle are among the major driving factors augmenting the growth and development of the global palliative market.
Increasing demand for home-based palliative care services has widened the scope for homecare applications accelerating the market growth. Also, significant technological advancements in remote healthcare systems and services has considerable enhanced the portfolio of service quality therefore contributing to lucrative opportunities for the growth of the global palliative market over the forecast years.
Moreover, the constantly evolving healthcare infrastructure with an enormous flow of investments and fundings by public as well as private firms to digitize the healthcare services and eliminate the current constraints of the industry are aligned with the government efforts to successfully inhibit the increasing concerns of disease prevalence, Chronic diseases elevating mortality rate and the vulnerability due to a poor access are further encouraging sustainable growth of the global palliative market throughout the forecast years.
Based on the type of service provided, the market is split into different categories namely treatments to slow, treatments to stop and cure the cancer effectively encompassing all the concerns dealt with by the palliative care market. palliative care services work on slowing, stopping or facilitating the treatments used to cure cancer.
Applied applications of palliative services are observed worldwide parallelly with the curative treatments for life-threatening diseases therefore contributing to an optimum growth of the treatments to slow and treatments to stop segments.
Cure the cancer segment is expected to grow significantly over the forecast years owing to the massive prevalence of a wide range of cancers along with the early screening capabilities to diagnose cancer and the surge in number of oncologists and palliative care specialists for cancer.
In terms of application, the market is sectioned into palliative care in hospitals, day care at a hospice, residential palliative nursing in a care home or hospice and palliative home care. Increasing demand for at home and remote services is driving the growth of the residential palliative nursing segment.
The growing geriatric population seeking for healthcare services and treatments at home and young children suffering from chronic ailments looking for comfortable treatment environment are further encouraging the growth of the palliative nursing care at home or hospice segment. The palliative home care, day care and hospitals are also likely to grow at a sustainable pace during the forecast.
Integrated palliative care adoption is a predominant trend across the healthcare sector in North America particularly with economies with the U.S. and Canada with a well-established and technologically advanced healthcare infrastructure.
Healthcare industry in the U.S. is observed to experience large investments and fundings specifically the novel medical care approach such as the palliative care industry receiving significant support from government and extensive response in terms of demand from the patients. Advanced medical care centers, research institutions and hospital facilities are structure highly qualified and specialized palliative care teams in the regions of North America and Europe.
Surging adoption of innovative care models and palliative multidisciplinary teams are likely to accelerate the revenue growth of the palliative care in Europe. Asia Pacific palliative market is expected to grow with lucrative opportunities owing to the rapid influx of local as well as international investments and the massive rate of population expansion.