Dublin, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The "Global Palliative Care Market (by Type, Age Group, Application, End-User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The global palliative care market is poised for significant growth, with a projected value of US$15.33 billion by 2023, showcasing a robust compound annual growth rate (CAGR) of 8.68% during the forecast period. Palliative care, specialized medical support for individuals grappling with serious or life-threatening illnesses such as cancer, plays a pivotal role in enhancing their quality of life and easing the burden of treatment.
Palliative care extends compassionate assistance to patients with various ailments, including cancer, congestive heart failure (CHF), CNS disorders, chronic pulmonary obstructive disease (COPD), and more. It addresses a wide range of symptoms, such as nausea, vomiting, pain, anxiety, and lack of appetite, contributing to its increasing demand due to the rising prevalence of chronic diseases.
Segment Coverage
- By Type: The global palliative care market encompasses five key segments: Hospital Inpatient Care, Hospice Inpatient Care, Nursing Home, Residential Facility Center, and Others. Hospital inpatient care holds the largest market share and is anticipated to experience significant growth, driven by the increasing availability of specialized palliative care services within hospitals.
- By Age Group: The market is bifurcated into two age groups: Adult and Pediatric. The adult segment dominates the market, benefiting from the rising geriatric population and an uptick in multiple chronic health conditions, including Alzheimer's, dementia, cancer, asthma, and cardiovascular diseases.
- By Application: The market's application-based segmentation includes Cancer, Cardiovascular Diseases, Chronic Respiratory Diseases, and Others. Cancer-related palliative care commands the largest market share, driven by the growing preference for palliative and end-of-life care for cancer patients. Additionally, palliative care provides essential support to caregivers and children of cancer patients, helping them manage patient care and their own health.
- By End-User: Palliative care services are provided through various end-users, including Hospitals & Clinics, Home Care Settings, Palliative Care Centers, and Others. Hospitals and clinics are the preferred choice for palliative care, which contributes significantly to the market's growth. Rapid expansion of palliative care centers within hospitals and specialized application in selected patients further fuels market expansion.
Geographic Coverage
The global palliative care market is divided into four regions:
- North America: Encompassing the US, Canada, and Mexico.
- Europe: Covering Germany, France, Italy, the UK, Spain, and the Rest of Europe.
- Asia Pacific: Including China, Japan, South Korea, and the Rest of the Asia Pacific.
- Rest of the World (RoW)
North America commands the largest market share, driven by the integration of palliative care into healthcare management plans, favorable policies, and reimbursement schemes, as well as technological advancements in palliative care. In Europe, Germany is expected to be the fastest-growing region in the forecasted period. China leads the Asia Pacific market due to the rapid increase in the aging population and the rising number of patients with life-threatening illnesses, notably cancer.
Key Growth Drivers
- Increasing Geriatric Population: As the global population ages, the prevalence of chronic diseases such as heart disease, diabetes, arthritis, Alzheimer's, and cancer rises. Palliative care helps the elderly manage their symptoms, improve their quality of life, and reduce hospital visits.
- Surging Prevalence of Chronic Diseases: The growing burden of chronic diseases worldwide necessitates palliative care to provide symptom relief, improved quality of life, and emotional support to patients.
- Upsurge in Healthcare Expenditure: The rising affordability of healthcare services, coupled with increased healthcare expenditure, supports the growth of palliative care services.
Challenges
- Limited Palliative Care Workforce and Training Opportunities: Despite growing awareness, structural barriers such as insufficient training opportunities and a shortage of palliative care professionals hinder market growth.
- Lack of Access to Palliative Care Services in Underdeveloped Countries: Inadequate access to palliative care services in underdeveloped regions presents a significant challenge to market expansion.
Trends
- Escalating Incidence of Dementia: The rising number of dementia cases increases the demand for palliative care, which focuses on improving the quality of life for individuals with long-term diseases.
- Accelerating Number of Palliative Care Centers Worldwide: The proliferation of palliative care centers worldwide indicates a growing trend toward specialized care for patients with serious illnesses.
- Surging Application of Palliative Care for Homecare: Palliative care is increasingly provided in homecare settings, offering patients comfort and support in familiar surroundings.
- Technological Advancements: Technological innovations, such as remote monitoring and telemedicine, facilitate the provision of palliative care, particularly during public health crises like the COVID-19 pandemic.
COVID-19 Impact
The COVID-19 pandemic presented challenges and opportunities in the provision of palliative care. While it disrupted healthcare organizations, the demand for palliative care services surged. Technological advancements, including remote monitoring and telemedicine, enabled the safe delivery of palliative care. These innovations allowed specialized palliative care teams and community nurses to collaborate effectively, aligning with safety regulations during the pandemic.
Analysis of Key Players
The global palliative care market is marked by a high level of fragmentation, with numerous small- and medium-sized manufacturers operating in the industry. Key players in the market include:
- Amedisys, Inc.
- Chemed Corporation (Vitas Healthcare Corporation)
- Brookdale Senior Living Inc.
- LHC Group, Inc.
- Genesis Healthcare, Inc. (Skilled Healthcare Group Inc.)
- Home Instead, Inc.
- Kindred Healthcare, Inc.
- Revera Inc.
- UCLA Health
- National Hospice and Palliative Care Organization (NHPCO)
- Seymour Health
- Sunrise Senior Living, LLC
- Senior Care Centers of America, Inc.
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