New York, United States, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Palliative care is specialist treatment provided to patients with life-threatening illnesses to improve their quality of life. Palliative care strives to promote the physical, mental, emotional, spiritual, and social well-being of the patient and their family members. Palliative care focuses on disease symptoms, stress, and treatment. Palliative care treats various symptoms, including pain, depression, anxiety, fatigue, shortness of breath, constipation, nausea, loss of appetite, and difficulty sleeping.
Competitive Players
The key players in the global palliative care market are Home Instead, Inc., VITAS Healthcare, Amedisys, Inc, Kindred Healthcare Incorporated, Genesis Healthcare, Inc., LHS Group Inc., and Sunrise Senior Living, LLC.
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Increasing Instances of Life-Threatening Diseases Drives the Global Market
According to Straits Research, “The global palliative care market size was valued at USD 12.74 billion in 2022. It is estimated to reach USD 25.68 billion by 2031, growing at a CAGR of 8.10% during the forecast period (2023–2031).” The rising prevalence of fatal diseases such as cancer and cardiovascular disorders propels the global market for palliative care. According to GLOBOCAN, in 2020, there were approximately 10.0 million deaths from cancer and 19.3 million new cases. The increasing prevalence of cancer necessitates palliative care for these individuals. In addition to cancer treatment, patients who receive palliative care enjoy a higher quality of life than those who do not. Patients with cardiovascular disease who received palliative care have a better quality of life. The World Health Organization (WHO) estimates that forty million individuals require palliative care. There will be an ever-increasing global demand for palliative care as the number of patients with these terminal conditions continues to rise.
Growing Geriatric Population Creates Tremendous Opportunities
According to the Department of Economic and Social Affairs, 727 million people worldwide are 65 or older. In addition, it is estimated that by 2050 this number will have more than doubled, reaching roughly 1.5 billion individuals. The European Union Geriatric Medicine Society and the European Association for Palliative Care have urged the provision of the finest palliative treatment accessible to all older individuals with chronic conditions, regardless of where they receive medical care. Palliative care supports the elderly in reducing hospitalizations by focusing on the body, mind, and spirit, offering pain and symptom management, and assisting patients and their families in comprehending treatment regimens. An increasing global elderly population will generate prospects for market participants in the palliative care industry.
Regional Analysis
The Americas palliative care market share is anticipated to grow at a CAGR of 8.22% during the forecast period. Due to the increasing use of palliative care, reimbursement for palliative care, and the high frequency of cardiac illnesses, the Americas dominated the worldwide palliative care market. According to the Center for Advance Palliative Care (CAPC), the number of individuals utilizing palliative care services has increased dramatically during the past two decades. In 2019, 72% of hospitals in the United States had a palliative care team, up from 67% in 2016 and 7% in 2001. In addition, according to WebMD, the United States ranked fourth in the frequency of cardiovascular disorders worldwide in December 2020. This means that people with cardiovascular illnesses have an increased need for palliative care.
Europe is anticipated to experience a CAGR of 9.30% over the forecast period. The European region has an advanced healthcare system and an aging population. According to Eurostat, 20.6% of the European Union's population was 65 or older in 2020. The prevalence of chronic diseases among older adults increases the demand for palliative care.
Asia-Pacific is expanding dramatically due to several variables, including the improvement of healthcare infrastructure, the expansion of palliative care clinics, and the prevalence of chronic diseases. China had enormous heart disorder-related deaths in December 2020, followed by India in 2019. The expanding senior population in the region also adds to the market's rise.
Key Highlights
- By type, the global palliative care market is divided into residence care, hospice inpatient care, hospital inpatient care, nursing home, residential facility care, and homecare. The hospital inpatient care segment is responsible for the largest market share and is anticipated to grow at a CAGR of 10.41% over the forecast period.
- By application, the global palliative care market is segmented into cancer, cardiac disease, Congestive Heart Failure (CHF), Chronic Obstructive Pulmonary Disease (COPD), kidney failure, Alzheimer's Disease, Parkinson's Disease, Amyotrophic Lateral Sclerosis (ALS), and others. The cardiac disease segment owns the highest market share and is expected to grow at a CAGR of 10.38% for the forecast period.
- By end-user, the global palliative care market is divided into hospitals and clinics, home care settings, palliative care centers, and long-term care centers and rehabilitation centers. The long-term care centers and rehabilitation centers segment is the highest contributor to the market and is estimated to grow at a CAGR of 8.38% over the forecast period.
- The Americas is the most significant shareholder in the global palliative care market and is anticipated to grow at a CAGR of 8.22% during the forecast period.
Market News
- In November 2022, Home Instead Inc. announced that its clients would have access to in-home acute care through a new relationship with DispatchHealth, as reported by Home Health Care News (HHCN). DispatchHealth, a Denver-based company initially founded as a provider of in-home urgent care, now offers home-level care.
- In November 2022, VITAS Healthcare was honored with the 2022 Inclusion & Diversity Excellence Award by the American Association for Men in Nursing (AAMN) during its annual conference in October. This award recognizes VITAS, the nation's largest provider of end-of-life care, for its efforts to build and promote a diverse, inclusive, and inviting atmosphere for all nurses.
Global Palliative Care Market: Segmentation
By Type
- Residence Care
- Hospice Inpatient Care
- Hospital Inpatient Care
- Nursing Home
- Residential Facility Care
- Homecare
By Applications
- Cancer
- Cardiac Disease
- Congestive Heart Failure (CHF)
- Chronic Obstructive Pulmonary Disease (COPD)
- Kidney Failure
- Alzheimer’s Disease
- Parkinson’s Disease
- Amyotrophic Lateral Sclerosis (ALS)
- Others
By End-User
- Hospitals and Clinics
- Home Care Settings
- Palliative Care Centers
- Long-Term Care Centers and Rehabilitation Centers
By Regions
- Americas
- Europe
- Asia-Pacific
- The Middle East and Africa
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