Global Hospice Care Market, By Type (Nursing Services, Medical Supply Services, Physician Services, Other Type of Services), Application (Home Settings, Hospitals, Specialty Nursing Homes, Hospice Care Centres) – Industry Trends and Forecast to 2029
Market Analysis and Size
The hospice care emphasize on the quality of the life so that patients may live with maximum comfort in their last days. These services are utilized when a patient is left with a life of approximately 6 months or less.
Global Hospice Care Market was valued at USD 3.63 billion in 2021 and is expected to reach USD 7.10 billion by 2029, registering a CAGR of 8.75% during the forecast period of 2022-2029. “Home Settings” accounts for the largest application segment in the respective market owing to the rise in prevalence of chronic diseases and increase in the geriatric population. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Market Definition
Hospice services refer to the cost-effective humane and compassionate care services that are generally provided to the patients who are left with last phase of their life. These affected individuals have completed the medical treatment course for incurable diseases, such as cancer, lung disease, congestive heart failure and dementia.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2022 to 2029
|
|
Base Year
|
2021
|
|
Historic Years
|
2020 (Customizable to 2019 - 2014)
|
|
Quantitative Units
|
Revenue in USD Million, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Type (Nursing Services, Medical Supply Services, Physician Services, Other Type of Services), Application (Home Settings, Hospitals, Specialty Nursing Homes, Hospice Care Centres)
|
|
Countries Covered
|
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
|
|
Market Players Covered
|
Covenant Care. (US), National Association for Home Care & Hospice. (US), Kindred Healthcare, LLC (US), PruittHealth (US), Dierksen Hospice (US), Samaritan Health Services. (US), National Hospice and Palliative Care Organization (US), Oklahoma Palliative & Hospice Care. (US), Alzheimer's Association (US), VITAS Healthcare (US), LHC Group, Inc. (US), Amedisys. (US), Brookdale Senior Living Inc. (US), EXTENDICARE. (Canada), Golden LivingCenters (US), HCR ManorCare USA, Inc. (US), The Ensign Group, Inc. (US), Living Assistance Services, Inc, (Canada), among others
|
|
Market Opportunities
|
|
Hospice Care Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Individualized Services
The increase in demand for individualized services that are different for different patient acts as one of the major factors driving the growth of hospice care market. These services are known to focus on addressing patient’s psychosocial, spiritual and emotional prospects of dying.
- Life Threatening Diseases
The rise in prevalence of serious life threatening diseases such as end stage renal disease, respiratory failure, cancer, and heart failure accelerate the market growth. The expansion of aged people across the globe assists in the growth of the market.
- Rise in Awareness
The rise in the awareness regarding these services among population, along with increase in number of private, government, government aided and non-profit organisations further influence the market.
Opportunities
Furthermore, financial assistance by governments and private organisations to small scale hospice care services extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, development in the healthcare infrastructure will further expand the market.
Restraints/Challenges
On the other hand, high cost associated with the hospice care services and lack of skilled professionals are expected to obstruct market growth. Also, strict regulatory framework as well as misuse of funds provided by the various organisations are projected to challenge the hospice care market in the forecast period of 2022-2029.
This hospice care market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on hospice care market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Hospice Care Market
The COVID-19 had an impact on the hospice care market. An increase in the number of patient calls for help was witnessed during the pandemic. The calls for help also increased from the rural area in the pandemic period as rural areas also suffered highly during this period. Thus, hospice care market suffered setbacks both in the initial period and subsequent waves. However, healthcare organizations are developed new plans to respond growing COVID-19 patients, such as outsourcing health care staff and rapid diagnosing kits to sufficient PPE kits for workers.
Global Hospice Care Market Scope and Market Size
The hospice care market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Nursing Services
- Medical Supply Services
- Physician Services
- Other Type Of Services
Based on type, hospice care market is segmented into nursing services, medical supply services, physician services, and other type of services.
Application
- Home Settings
- Hospitals
- Specialty Nursing Homes
- Hospice Care Centres
Hospice care market has also been segmented based on the application into home settings, hospitals, specialty nursing homes, and hospice care centres.
Hospice Care Market Regional Analysis/Insights
The hospice care market is analysed and market size insights and trends are provided by country, type and application as referenced above.
The countries covered in the hospice care market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the hospice care market because of the increase in the ageing population within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in the rate of adoption of hospice care services in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The hospice care market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for hospice care market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the hospice care market. The data is available for historic period 2010-2020.
Competitive Landscape and Hospice Care Market Share Analysis
The hospice care market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hospice care market.
Some of the major players operating in the hospice care market are
- Covenant Care. (US)
- National Association for Home Care & Hospice. (US)
- Kindred Healthcare, LLC (US)
- PruittHealth (US)
- Dierksen Hospice (US)
- Samaritan Health Services. (US)
- National Hospice and Palliative Care Organization (US)
- Oklahoma Palliative & Hospice Care. (US)
- Alzheimer's Association (US)
- VITAS Healthcare (US)
- LHC Group, Inc. (US)
- Amedisys. (US)
- Brookdale Senior Living Inc. (US)
- EXTENDICARE. (Canada)
- Golden LivingCenters (US)
- HCR ManorCare USA, Inc. (US)
- The Ensign Group, Inc. (US)
- Living Assistance Services, Inc, (Canada)
SKU-