Chicago, Sept. 15, 2023 (GLOBE NEWSWIRE) -- In the near future, the advance directives industry is poised to undergo a transformative evolution as technology and healthcare practices converge. With the proliferation of digital platforms and the increasing importance of patient autonomy in medical decision-making, we can anticipate a surge in the development and adoption of sophisticated, user-friendly tools for creating, managing, and sharing advance directives. These platforms will seamlessly integrate with electronic health records, wearable devices, and telehealth services, empowering individuals to assert their preferences for end-of-life care with greater precision and accessibility. Additionally, advancements in artificial intelligence and data analytics will enhance the effectiveness of these directives, ensuring that healthcare providers can interpret and implement patients' wishes accurately. The convergence of technology and healthcare ethics in the advance directives sector promises to revolutionize the way we plan for our medical futures, ultimately promoting more patient-centered and informed end-of-life decisions.
Advance Directives market in terms of revenue was estimated to be worth $122.9 billion in 2023 and is poised to reach $291.1 billion by 2028, growing at a CAGR of 18.8% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Rising investments in advance directives, government initiatives and regulations to enhance patient care and autonomy and rising availability of advanced care planning solutions that enable cost cutting are some of the key factors expected to drive market growth during the forecast period. However, lack of education and awareness, communication barriers are expected to challenge the market growth in the forecast period.
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Advance Directives Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $122.9 billion |
| Estimated Value by 2028 | $291.1 billion |
| Growth Rate | Poised to grow at a CAGR of 18.8% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Demographics, and End user |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Technological Advancements and Digital Solutions |
| Key Market Drivers | Rising Investments in Advance Care Planning |
Advance Directives market major players covered in the report, such as:
- ADvault, Inc.(US)
- VyncaCare (US)
- WiserCare Inc. (US)
- Sharp HealthCare (US)
- ACP Decisions (a DBA of Nous Foundation Inc.) (US)
- Iris Healthcare (Aledade Inc.) (US)
- Bronson Health Care Group Inc. (US)
- Koda Health (US)
- ThroughCare Inc. (US)
- Vital Decisions LLC (US)
- Affirm Health Inc. (US)
- MIDEO (US)
- New Century Health (US)
- Thanacare (US)
- Island Health (Canada)
- Honor My Decisions LLC (US)
- and Among Others
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The study categorizes the advance directive market based on components, demographics, end user at regional and global level.
Advance directive market, By Component
- Software
- Services
Advance directive market, By Demographics
- By Elderly Population (> 65 years)
- By Middle Aged (40-64 yrs)
- By Young Adults (18-39 yrs)
Advance directive market, By End User
- B2B
- Payers
- Providers
- B2C
- Patients
- Caregivers
Advance directive market, by region
- North America
- US
- Canada
- Europe
- Germany
- UK
- RoE
- Asia Pacific
- Japan
- China
- RoAPAC
- Rest of the World
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The key stakeholders in the Advance Directives market include:
- Physicians and Medical practitioners
- Nurses and Nurse practitioners
- Caregivers and Care Agencies
- Healthcare Providers
- Healthcare Payers
- ACP Vendors
- Government Agencies
- Legal Professionals
- Rehabilitation centers
- Technology and Data Security Experts
- Academic medical institutes
Recent Developments:
- In January 2023, West Health and Sharp healthcare have joined forces to create an integrated geriatric care model that spans the entire healthcare continuum, catering to the unique needs of elderly patients.
- In April 2023, ADvault, Inc., introduced the Make MyDirectives Your Directives initiative as a contribution to the discourse surrounding National Healthcare Decisions Day (NHDD), in the same month, ADvault has formed a partnership with the National Hospice and Palliative Care Organization to offer top-notch digital tools for advance care planning. This aimed to provide individuals with outstanding resources and services, elevating the quality and effectiveness of advance directives in the field
- In March 2022, ADvault. Inc has collaborated with OneAccord Health in order to improve communication and accessibility of advance directive for consumers and healthcare providers across the country
- In January 2022, Aledade, Inc. acquired advance directives company iris healthcare as part of new health services arm
Frequently Asked Questions (FAQs) of Advance Directives Market:
Which are the top industry players in the advance directives market?
Prominent players in the advance directives market include ADvault, Inc.(US), VyncaCare (US), WiserCare Inc.(US), Sharp HealthCare(US), ACP Decisions (a DBA of Nous Foundation, Inc.) (US), Iris Healthcare(Aledade, Inc.) (US), Bronson Health Care Group, Inc. (US), Koda Health(US), ThroughCare, Inc.(US), Vital Decisions LLC (US), Affirm Health Inc. (US), MIDEO(US), New Century Health (US), Thanacare(US), Island Health(Canada), Honor My Decisions LLC (US). These companies adopted strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their market presence in advance directives market.
Which products & services have been included in the advance directives market report?
This report contains the following advance directives products & services:
- Software
- Services
Which geographical region is dominating in the advance directives market?
The advance directives market is segmented into North America, Europe, Asia Pacific, and Rest of the World (Latin America, and Middle East and Africa). North America holds the largest share and Europe registers the highest growth during the forecast period.
Which end user segments have been included in the advance directives market report?
The report contains the following end-user segments:
- B2B
- Healthcare Providers
- Healthcare Payers
- B2C
- Patients
- Caregives
What is the total CAGR expected to be recorded for the advance directives market during 2023-2028?
The CAGR is expected to record a CAGR of 18.8% from 2023-2028
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Report Objectives:
- To define, describe, and forecast the advance directives market on the basis of component, demographics, end user, and region
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of the market segments with respect to four main regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW)
- To profile the key players and comprehensively analyze their market shares and core competencies
- To track and analyze competitive developments such as acquisitions, product launches, expansions, agreements, collaborations, and approvals in the global advance directives market
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