Pune, July 17, 2024 (GLOBE NEWSWIRE) -- Advance Directives Market Size Analysis:
“According to SNS Insider, The Advance Directives Market was size was valued at US$ 122.74 billion in 2023 and which is anticipated to reach at US$ 588.40 billion by 2032, with a increasing CAGR of 19.04% over the forecast period 2024-2032.”
The advance directives market undergoing the revolutionary changes with the ever-shifting landscapes, artificial intelligence and telemedicine. They equip them with the personalized healthcare data which is required for the build up and keep updating about their end -of -life plans as a useful resource. A shift towards digital, centralized advance directives is anticipated to modernize access and sharing across healthcare providers. Moreover, a growing importance on patient independence is driving a cultural change that prioritizes relating to individual healthcare choices.
According to health watch article in June 2024, roughly one-third of U.S. adults have formed advance directives for end-of-life care.
In June 2024, Goa has become the first Indian state to implement a legal outline for advanced medical directives (living wills), aligning with Supreme Court guidelines.
Creation and management of ADs are also simplified by digital platforms. AD adoption especially amongst older adults is low. Overall health, mental well-being, and attitude towards death influence completion rate of participants for AD. Therefore, information comprehensiveness, physical and psychological capabilities, and support will have to offer a more personalized approach to AD creation process.
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Major Players Analysis Listed in this Research Report are:
- ThroughCare, Inc.
- Honor My Decisions LLC
- ADvault, Inc.
- ACP Decisions (a DBA of Nous Foundation, Inc.)
- VyncaCare
- Thanacare
- Island Health (Canada)
- WiserCare Inc.
- New Century Health
- Sharp HealthCare
- MIDEO
- Iris Healthcare (Aledade, Inc.)
- Affirm Health Inc.
- Bronson Health Care Group, Inc.
- Vital Decisions LLC
- Koda Health
- Other Players
Advance Directives Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 122.74 Bn |
| Market Size by 2032 | US$ 588.40 Bn |
| CAGR | CAGR of 19.04 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Factors | • The Convergence of Healthcare and Technology in Advance Care Planning |
Public awareness campaigns such as "National Healthcare Decisions Day" and government initiatives like Medicare coverage of advance care planning consultations have increase discussions about end-of-life care to the forefront.
Laws such as the Patient Self-Determination Act reinforce patient autonomy and conform to advance directives in medical records. The focus is shifting towards a more patient-centered approach, emphasizing individual preferences, values, and cultural considerations in creating advance directives. Their means of accomplishing this is to inform patients enough so that they may make informed decisions, with the result being more end-of-life care which reflects stated patient preferences.
Major Driving Factors of Advance Directives Market Includes the Financial Incentives and Technological Advancements
- Financial spurs for the reduction of hospitalizations, emergency department visits, and readmissions. Cost avoidance creates an incentive to invest in ACP solutions.
- The technological advancement which is in the form of AI-powered tools, telemedicine, and secure online platforms makes it easier to create, retrieve and access advance directives.
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Low Rate of Advance Directive Adoption
- A low adoption rate in which a significant proportion of people particularly older adults have not created advance directives.
- Cultural and societal factors such as norms surrounding death and end-of-life care may affect the creation and will to use the directive.
Advance Directive Services Comprise the Largest Portion of The Market
By Component, advance directive services led in 2023 with a market share of approximately 65%. As awareness of advance directives grows, so will the demand for this kind of essential guidance and support in end-of-life planning.
By Demographics
In 2023, the market was dominated by elderly people, who were nearly three-fourth of this overall population. Furthermore, the global population is aging and financial literacy around advance directives increases significantly create ample growth opportunities for advance directives market.
By End User
The healthcare providers segment dominated the market with 75% share in 2023 and the significant roles these agents play initiating the conversation, advising and helping facilitate document creation make them an important market player.
Advance Directives Market Key Segmentation:
By Component
- Software
- Services
By Demographics
- By Elderly Population (> 65 years)
- By Middle Aged (40-64 yrs)
- By Young Adults (18-39 yrs)
By End User
- B2B (Providers and Payers)
- B2C (Patients and Caregivers)
The Asia Pacific Advance Directives Market Is Poised For Significant Growth
Asia pacific is growing as potential market for advanced directives. The growth of the industry is being driven by a combination of aging populations, changing cultural attitudes towards end-of-life care, advancements in technology and new government policies for support. Increasing focus on personalized healthcare and optimum resources utilization by the healthcare systems is further expected to drive growth of advance directives in region.
Regional Coverage
• North America (US, Canada, Mexico)
• Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe])
• Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific)
• Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East])
• Africa [Nigeria, South Africa, Rest of Africa]
• Latin America (Brazil, Argentina, Colombia Rest of Latin America)
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Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Advance Directives Market Segmentation, By Component
8. Advance Directives Market Segmentation, By Demographics
9. Advance Directives Market Segmentation, By End User
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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