Financial aid from private and public organizations to small-scale hospice care providers is also encouraging market expansion
A team of health care professionals and volunteers focuses on the palliation of severely ill patients to offer hospice care. The global hospice care market is anticipated to grow with significant revenue with an expected CAGR of 9% reaching over USD 6.53 billion between 2018-2028.
Growing burden of terminal ailments such as renal disorders and cancers, coupled with steep rise in geriatric population and age specific complications such as breathing difficulties, cardiac ailments are crucial factors that are encouraging reliance on hospice care services, Additionally, growing awareness and sensitization among patient pools regarding the benefits of hospice care are also aiding in market expansion.
However, a strict regulatory structure to prevent the misuse of funds granted for such services may limit market expansion.
Furthermore, the growing elderly population, as well as an increase in chronic life-threatening conditions such as respiratory failure, end-stage renal disease, cancer, and heart failure is expected to raise hospice market share in the future years. Simultaneously, increased knowledge and adoption of hospice services, as well as an increase in the number of commercial, government, government-aided, and non-profit organizations offering hospice care services, would all contribute to this expansion.
The rising incidence of Alzheimer's, dementia, and other long-term illnesses among the senior population is largely driving revenue growth in the worldwide hospice industry. Furthermore, those who require continual care are expected to contribute to growth. Hospice care is provided at hospice care centers, skilled nursing institutions, and nursing homes.
A hospice care team often consists of a patient's personal physician, skilled volunteers, hospice doctors, health aides, nurses, counselors, and, depending on individual needs, physical, speech, and occupational therapists. These programs also address patients' psychological, emotional, and spiritual concerns about death. As hospice care is tailored to the individual, it may change significantly from one person to the next.
In terms of product, the global hospice care market is divided into four categories: nursing services, physician services, medical supply services, and other types of services. Among the services provided are pain treatment, home care, spiritual care, inpatient care, respite care, family gatherings, and bereavement care.
In terms of industry, the hospice centers segment accounted for the most market revenue in the future. Similarly, people select hospice care followed by home hospice care. Because of the presence and company of other patients, hospice facilities are preferred because they create a welcome environment for patients in which they do not feel lonely. These institutions also provide patients with mental health support through activities such as meditation, spiritual discussions, and celebrations.
In the global hospice care market, North America has claimed the lead position, incurring massive revenue streams. Throughout Latin America and the Asia Pacific, the number of hospice and palliative care centers is increasing. The availability of a large patient pool, the expansion of the health care sector, and increased government expenditure on health care enhancement are projected to drive the market in these sectors.
The major players of the global hospice care market are AMEDISYS, Inc, LHC Group, Gentiva Health Services, Almost Family, Seasons Hospice, and Palliative Care, HCR Manor Care, AseraCare Hospice, Crossroads Hospice, and Accent Care, Inc., and Compassionate Care Hospice. This market research report thoroughly examines the key competitors via strategic analysis, price analysis, micro, and macro market trend and scenario analysis, and a comprehensive evaluation of market circumstances for the projected time period.
According to the market share study findings, the sector is highly fragmented, with businesses fighting for market share while retaining broad and expanding product ranges. Landscape services are being actively invested in by industry participants in order to diversify their research divisions and expand their market share.
Key Segments of the Global Hospice Care Market
Product Overview, 2018-2028 (USD Billion)
- Nursing Services
- Physician Services
- Medical Supply Services
Industry Overview, 2018-2028 (USD Billion)
- Home Settings
- Hospice Care Centers
- Specialty Nursing Home
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa