Dublin, Nov. 17, 2023 (GLOBE NEWSWIRE) -- The "Global Advance Directives Market by Component (Software, Services), Demographics (Elderly Population (65 yrs & above), Middle Aged (40-64 yrs), Young Adults (18-39 yrs)), End User (B2B (Providers, Payers), B2C), & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global advance directives market is set to undergo significant growth, projected to reach USD 291.1 billion by 2028 from USD 122.9 billion in 2023, marking a CAGR of 18.8% during the forecast period. This expansion is attributed to increasing investments in advance directives and government initiatives aimed at enhancing patient care and autonomy. The market's growth is fueled by a rising recognition of the importance of advance directives in patient-centered healthcare.
In 2022, the advance directives services segment dominated the market. This trend is driven by growing awareness of proactive healthcare planning and policies recognizing the role of advance directives in reducing unwanted medical interventions, healthcare costs, and ensuring patient-centric care. Healthcare systems have increasingly integrated these services into standard practices, contributing to the segment's rapid growth.
The healthcare providers segment, which includes doctors, nurses, and medical institutions, represented a significant portion of the market in 2022. Healthcare providers are crucial in initiating discussions about end-of-life preferences and treatments. Their adoption of electronic health records (EHRs) and digital tools has simplified the documentation and dissemination of advance directive (AD) documents, thereby improving the accessibility and execution of patient wishes.
The Asian market is expected to witness substantial growth during the forecast period, driven by evolving societal attitudes, increased healthcare access, and growing awareness of patient autonomy. The region's demographic shifts, including an aging population and rising chronic diseases, have heightened the importance of end-of-life planning. Efforts to overcome cultural taboos around death and end-of-life care discussions are fostering more open dialogues. Advancements in healthcare infrastructure and patient-centered care initiatives are making AD resources more accessible.
Companies Mentioned
- Acp Decisions
- Advault, Inc.
- Affirm Health, Inc.
- Bronson Healthcare
- Honor My Decisions LLC
- Iris
- Island Health
- Koda Health
- Mideo
- Munson Healthcare
- New Century Health
- Sharp Healthcare
- Thanacare
- Thoroughcare, Inc.
- Vital Decisions LLC
- Vyncacare
- Wisercare, Inc.
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