Increasing technological advancements and application of digital health services and remote care are offering considerable opportunities for the palliative market growth
The global palliative market is likely to expand at a faster pace with bolstering healthcare infrastructure development initiatives worldwide and widespread adoption of highly advanced technological set-ups across healthcare facilities.
The global palliative market is being widely supported by several initiatives across low- and middle-income countries stating greater adoption and this is estimated to magnify growth at a CAGR of 7.5% over the forecast period from 2018 to 2028.
Palliative care refers to a highly specialized unit of healthcare services fundamentally focusing on the delivery of assistance and support to patients undergoing complex treatments primarily aiming to enhance their quality of life. Patients suffering from fatal chronic conditions experience major challenges dealing with the aftereffect of the treatment or the side-effects of the drugs inducing pain.
Palliative care particularly focuses on relieving the pain of patients and supporting their families in conducting as normal routine as possible. It is a holistic service provided by the contributions of experts, specialized doctors and physicians, nurses and caregivers.
The existing growth trajectory of the global palliative market tracks down the future scope of growth and development efficiently highlighting the emerging trends and market attractiveness. Key factors affecting the growth of the global palliative market typically shed a light on the opportunities during the forecast years.
Major influential factors such as increasing demand for convenient and faster palliative care services specifically driven by the geriatric population, increasing preferences of guardians or parents of young children suffering from cancer or other chronic diseases to undergo at home palliative as well as curative healthcare treatments.
Increasing demand for palliative care provided through hospitals, clinics and medical centers, significant growth in the awareness of diseases and treatments and the availability of specialized expertise and qualified doctors are altogether driving the growth of the global palliative market over the forecast years.
Adroit Market Research report on the global palliative market offers a conclusive peal into the market dynamics throughout the study period from 2018 to 2028 covering crucial factors such as key drivers, restrains, opportunities. The market share analysis is conducted starting with the historic years from 2018 to 2020 wherein 2020 is standardised as the base year of estimation followed by the market forecast analysis period from 2021 to 2028.
The report reflects upon the existing industry dynamics and the future traits of the market at domestic and global level. Further, the report incorporates detailed market assessment based on Porter’s five forces analysis along with positioning of the key market players based on strategic initiatives, revenue profile, project portfolio, and geographic footprint. The report accurately highlights the prominent flagbearers of the global palliative market in detail.
The palliative market portrays a fiercely competitive ecosystem housing existing well-known players and the emerging young players. also, the palliative industry players are embarking potential opportunities and exploring new marketspaces in order to seize competitive edge amongst the rest of the industry players via mergers and acquisitions of young participants, collaborations and partnerships with influential entities and deals to efficiently enhance business existence.
Based on the type Segment, the market is compartmentalized into treatments to stop, cure the cancer and treatments to slow categories of targeted palliative care services. Drastic rise in the prevalence of cancer and a wide range of cancer types in the last couple decades is anticipated to spur significant rise in the growth of the cure the cancer segment.
Extensive research and development on the cancer treatments and therapeutics is encouraging the demand for advanced development of applied treatment and care models particularly soaring demand from young children diagnosed with cancer struggling with the pain associated is accelerating the demand for palliative care in cancer disease segment.
Palliative care is gaining significant popularity in the region of North America across countries including the U.S. and Canada with highly advanced medical care centers and facilities, technologically equipped hospitals and clinics. The healthcare sector across the developed countries is witnessing significant evolution in terms of modernized and innovative care service portfolio and treatments.
The region also showcases enormous investments particularly focused on the healthcare infrastructure encouraging the development of innovative branches such as the palliative care industry to grow exponentially throughout the forecast. Europe is also a predominant palliative market with soaring adoption of advanced care models and multidisciplinary teams of experts. Asia Pacific presents lucrative growth for the palliative market throughout the forecast years with increasing international investments and government initiatives to strengthen the healthcare infrastructure.
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 palliative care market portrays a competitive landscape consisting of local as well as well global players. the previously recognized players are coming up with highly novel strategic solutions and advanced technologies to maintain competitive sustenance in the global market.
Key Segments of the Global Palliative Market
Type Overview, 2018-2028 (USD Billion)
- Treatments to Stop
- Cure the Cancer
- Treatments to Slow
Application Overview, 2018-2028 (USD Billion)
- Palliative Care in Hospitals
- Residential Palliative Nursing in a Care Home or Hospice
- Day Care at a Hospice
- Palliative Home Care
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa