Hospice Market Size to grow by USD 111.1 billion between 2024-2028
According to a research report “ Hospice Market” by End-user (Home settings, Hospitals, Specialty nursing homes, Hospice care centers) Type (Nursing services, Medical supply services, Physician services, Other services) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 111.1 billion, at a CAGR of 4.88% during the forecast period. The global hospice market is experiencing significant growth due to the rising prevalence of age-related diseases among the burgeoning elderly population worldwide. With approximately 260 million individuals aged 65 and above residing in Eastern and South-Eastern Asia, this region hosts the largest elderly demographic. Europe and North America follow closely, with over 200 million individuals in the same age group. In countries like the US and Canada, the elderly population, currently at approximately 17%, is projected to surge to over 20% by 2030. This demographic shift underscores the increasing demand for hospice services.
Browse market data tables, figures, and in-depth TOC on “Hospice Market” by End-user (Home settings, Hospitals, Specialty nursing homes, Hospice care centers) Type (Nursing services, Medical supply services, Physician services, Other services) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By End-user, the Home settings segment is projected to dominate the market size in 2024
In the realm of healthcare services, hospice care represents a critical and specialized area catering to terminally ill patients with a life expectancy of six months or less. Hospice nursing services are accessible at nursing homes, hospice care centers, and in-home settings. These services are delivered by Certified Hospice and Palliative Licensed Nurses (CHPLNs), who are proficient in addressing the multifaceted needs of these patients. The scope of nursing services encompasses medical care, pain management, psychological counseling, spiritual support, physical therapy, occupational therapy, dietary intervention, speech therapy, and ongoing grief counseling for both patients and their families. Patients diagnosed with conditions such as cancer, AIDS, heart disease, kidney failure, and liver diseases can benefit from these essential services.
By Type, Nursing services segment is expected to hold the largest market size for the year 2024
In the hospice market, home settings serve as an alternative to traditional nursing homes for individuals recovering from acute hospitalization and managing chronic conditions. These settings offer a comprehensive suite of medical and social services customized to each patient's requirements. Registered and licensed nurses, speech, physical, and occupational therapists, dieticians, case managers, nutritionists, audiologists, and personal caregivers are among the professionals providing these services. Home settings also encompass daily chores and tasks through the use of various products, devices, and solutions. This multifaceted approach to care has gained significant public recognition, with substantial cost savings being a notable advantage over conventional nursing homes.
North America is forecasted to hold the largest market size by region in 2024
The hospice market in North America holds the largest market share globally due to robust government support and a significant number of private and government-aided organizations offering hospice care services in the US and Canada. The region's hospice market growth is driven by an increasing patient population suffering from cancer, end-stage renal diseases, respiratory failure, and chronic kidney disease. Notably, in the US, hospice care expenses are primarily covered by Medicare and Medicaid services, as well as Veteran Affairs (VA) benefits, provided by the US Department of Veterans Affairs.
The Hospice Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The hospice market is experiencing significant growth due to the increasing prevalence of incurable diseases such as Alzheimer's disease, Parkinson's disease, congestive heart failure, lung disease, and cancer. According to the National Hospice and Palliative Care Organization (NHPCO), over 1.4 million patients received hospice care in the US in 2020. The hospice market includes continuous home care, inpatient respite care, and in-home hospice care. CMS (Centers for Medicare and Medicaid Services) plays a crucial role in the hospice market through the Medicare hospice benefit, which covers the cost of hospice care for eligible beneficiaries. The pipeline analysis of the hospice market indicates the presence of several new technologies and treatments, including telemedicine, pain treatment, and medical devices, to enhance the quality of hospice care services. The aging population and the increasing prevalence of chronic diseases are major drivers of the hospice market. According to the Alzheimer's Association and the American Lung Association, Alzheimer's disease and lung disease are two of the most common chronic diseases requiring hospice care. The hospice market is expected to continue growing as the need for compassionate and specialized care for patients with life-threatening diseases increases.
Market Research Overview
The hospice market encompasses various types of care settings and services, including skilled nursing facilities, routine home care, general inpatient care, continuous home care, inpatient respite care, and hospice programs. These services are provided by a range of healthcare providers, including CMS-certified hospice programs, long-term care institutions, assisted living facilities, and nursing homes. Patients with life-threatening diseases such as heart disease, lung disease, cancer, Alzheimer's disease, and Parkinson's disease, among others, can benefit from hospice care services. The NHPCO and CMS have established reimbursement systems for hospice care, including the Medicare hospice benefit, which covers in-home hospice care and other services. Collaborative care models, such as interdisciplinary collaboration, electronic health records, digital health solutions, medical equipment, and medical technology, are essential in delivering high-quality hospice care. Hospice care also includes pain treatment and palliative care for patients with incurable diseases. The aging population and the increasing prevalence of chronic diseases have led to a growing demand for hospice care services. Hospice care is provided in various settings, including hospital-based hospice units, hospice inpatient facilities, and respite care. Telehealth services, telemedicine, and healthcare workers play a crucial role in delivering hospice care services remotely, ensuring patient satisfaction and improving access to care.
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