Global Hospice Care Market Size By Product (Nursing Services, Medical Supply Services, Physician Services), By Industry Segmentation (Home Settings, Hospitals, Specialty Nursing Homes), By Geographic Scope And Forecast

Hospice Care Market Size And Forecast

Hospice Care Market size was valued at USD 72.8 Billion in 2024 and is projected to reach USD 181.1 Billion by 2031, growing at a CAGR of 8.6% during the forecasted period 2024 to 2031.

The factors driving the growth of the Global Hospice Care Market are the increasing population pool of aged people, the rising caseload of serious life-threatening diseases such as cancer, heart failure, end-stage renal disease, and respiratory failure, increasing awareness and adoption rate of hospice services, rise in a number of private, government, government-aided and non-profit organizations providing hospice care services. The Global Hospice Care Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Hospice Care Market Definition

Hospice services are cost-effective compassionate care and humane services provided to patients who are in the last phase of their life and have completed the medical treatment course for incurable diseases such as cancer, congestive heart failure, dementia, and lung disease. These services focus on the quality of the life instead of its length so that patients may live with maximum comfort in their last days. Usually, hospice services are used when a patient is left with a life of approximately 6 months or less. The services provided include pain management, inpatient care, home care, spiritual care, family gatherings, respite care, and bereavement care.

These services can be used at hospitals, home settings, special hospice care centers, and skilled nursing facilities. A team for hospice care generally includes a patient’s personal physician, health aides, hospice physician, nurses, counsellors, skilled volunteers, and sometimes speech, physical, and occupational therapists based on individual requirements. These services also focus on addressing patients’ psychosocial, emotional, and spiritual prospects of dying. Hospice services are individualized services and hence they could be very different for different patients.

Global Hospice Care Market Overview

The factors driving the growth of the Global Hospice Services Market are expanding population pool of aged people, increasing caseload of serious life-threatening diseases such as cancer, heart failure, end-stage renal disease, and respiratory failure, increasing awareness and adoption rate of hospice services, rise in a number of private, government, government-aided and non-profit organizations providing hospice care services. Financial assistance from private and governments organizations to small-scale hospice care services providers is also boosting the market growth. However, a stringent regulatory framework to check the misuse of funds provided for such services may limit the market growth.

A strict regulatory framework, as well as misuse of funds provided by several organizations, will likely hinder the growth of the Hospice Care Market in the above-mentioned forecast period. This Hospice Care Market report provides details of new recent developments, import-export analysis, trade regulations, production analysis, market share, value chain optimization, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, market size, strategic market growth analysis, category market growths, niches, application and dominance, product launches, technological innovations, product approvals, geographic expansions, in the market.

Global Hospice Care MarketSegmentation Analysis

The Global Hospice Care Market is segmented based on Product, Industry Segmentation, and Geography.

Hospice Care Market, By Product

• Nursing Services• Medical Supply Services• Physician Services• Other Type of Services

Based on Product, the market is bifurcated into Nursing Services, Medical Supply Services, Physician Services, Other Types of Services. services provided include pain management, spiritual care, home care, inpatient care, family gatherings, respite care and bereavement care.

Hospice Care Market, By Industry Segmentation

• Home Settings• Hospitals• Specialty Nursing Homes• Hospice Care Centers

Based on Industry Segmentation, the market is bifurcated into Home Settings, Hospitals, Specialty Nursing Homes, Hospice Care Centers. hospice care generally includes a patient’s personal physician, hospice physician, counsellors, nurses, health aides, skilled volunteers and sometimes speech, physical, and occupational therapists based on individual requirements.

Hospice Care Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, the Global Hospice Care Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America is expected to hold the largest market share in the forecast period. The attendance of significant players such as Dierksen Hospice and Kindred Healthcare Inc. will boost the market growth with the help of incorporating technological advancements in the product portfolio. Increased disbursements of enterprises in Research and Development would expand the market growth across the region.

Key Players

The “Global Hospice Care Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Kindred Healthcare Inc., National Association for Home Care & Hospice, Dierksen Hospice, Covenant Care, PruittHealth, National Hospice and Palliative Care Organization, Alzheimer’s Association, Benton Hospice Services, Oklahoma Hospice Care. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations, and Agreements

• In June 2021, VCU Health System and BAYADA Home Health Care, announced a new collaboration by forming a company for in-home health and hospice care in the Richmond metropolitan area.

Acquisition and Mergers

• In December 2020, post-acute care company AccentCare and Rosemont, Ill.-based Seasons Hospice & Palliative Care completed their merger and the combined company would provide a full continuum of home-based health care services, including hospice, palliative care, home health care and personal care.

Product Launches and Product Expansions

• In April 2021, The American Heart Association and the National Partnership for Healthcare and Hospice Innovation announced plans to launch an initiative to improve the quality of and access to hospice and palliative care for patients with HF.

• In September 2020, Alivia Care Inc. began providing a range of services that include hospice and palliative care in senior and serious illness care in the Southeastern United States.

• In July 2019, California Hospice announced the launch of the Telehealth Program for Palliative Care. The platform would facilitate virtual visits, medication management, and other services.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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