Pune, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Palliative Care Market Analysis:
According to SNS Insider, The Palliative Care Market Size had a valuation of USD 10.7 billion in 2023 and is expected to reach a valuation of USD 23.34 billion by 2032 with a compound annual growth rate of 9.06% over the forecast period from 2024 to 2032.
This can be attributed to the increasing cases of chronic diseases, an aging population, and growing awareness of the importance of providing quality care to patients with life-threatening conditions. In addition to this, growth in home and community-based palliative care services development also supports the market expansion.
Market Overview
The Palliative Care Market is expanding widely. The principal factor that has contributed to the rising market is the increasing demand for specialized services improving the quality of life of seriously ill patients. The sector covers broad services aimed at relieving pain, getting rid of symptoms, and managing psychological factors. The growing incidence of chronic diseases such as cancer and respiratory ailments increased the need for the integrated solution of palliative care. Moreover, a shift to home-based care now changes the delivery of palliative services, including its accessibility in increasing convenience to patients and their relatives. The World Health Organization has stated that palliative care relieves suffering as well as promotes the best possible quality of life in patients, which confirms the importance that it is to possess in integrated healthcare systems all over the world. This integration is one of the reasons why there will be a potential rise in the coming years in the Palliative Care Market.
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Key Palliative Care Market Players:
- Adventist Health
- Baptist Health
- Genesis HealthCare System
- Gentiva Health Services (Kindred at Home)
- Amedisys
- VITAS Healthcare
- Teresa Dellar Palliative Care Residence
- Fonthill Care
- Drakenstein Palliative Hospice
- HammondCare
- Banksia Palliative Care Service Inc.
- Alpha Palliative Care
Palliative Care Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 10.7 Billion |
| Market Size by 2032 | US$ 23.34 Billion |
| CAGR | CAGR of 9.06% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key 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) |
Segmentation Insights
By Condition
The Palliative Care Market is classified under various conditions that include cancer, dementia, HIV, cerebrovascular disease, respiratory disease, and others. The cancer segment dominated the industry, with 36.9% revenue generation in 2023, due to increasing global cancer incidence. According to the report of Globocan 2020, new cases were 19.3 million, and nearly 10 million deaths were recorded worldwide. Often patients with cancer demand palliative care that deals with the physical, emotional, as well as psychological facets.
By Diagnostic Group
The Non-Communicable Diseases segment had the largest share of the revenue market at 68.0% in 2023. This growth is primarily contributed to by an increase in NCD cases through lifestyle and sedentary habits. The report from the WHO shows that NCDs account for 41 million deaths each year, constituting 74% of total mortality. With this rising need, organizations are starting particular care centers with the case being that of Boots Company PLC, which in January 2022 resolved to team up with Macmillan Cancer Support and the NHS to make palliative care more accessible for seriously ill patients with cancer in the UK.
By Age Group
The market can be segmented into pediatric, adult, and geriatric. In 2023, it was the adult segment that came forward to take the lead with 51.0%. The increased levels of dominance are mainly due to the rising prevalence of chronic and potentially life-threatening conditions such as cancer and cardiovascular diseases, which would require palliative care to lessen the symptoms and improve a patient's quality of life.
Based on the Provider
The market has been segmented by the provider into hospitals & clinics, home-based care, and community settings. The home care segment earned the highest share at 44.6% in 2023, mainly because of the wish of older patients to receive treatment within familiar surroundings. Recently, service providers have been opening focused and dedicated home care centers. For instance, in February 2021, Mount Sinai Health System entered an agreement with Contessa Health, Inc. to offer the "Palliative Care at Home" program for patients with serious illnesses.
Palliative Care Market Key Segmentation:
By Condition
- Cancer
- Dementia
- HIV
- Cerebrovascular Disease
- Respiratory Disease
- Others
By Diagnostic Group
- Communicable diseases
- Non-communicable diseases
- Injury, poisoning, external causes
- Maternal, perinatal, and nutritional conditions
By Age Group
- Pediatric
- Adult
- Geriatric
By Provider
- Hospitals and Clinics
- Home-based
- Community Settings
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Regional Analysis
Europe: A Leader in Palliative Care Services
Europe occupied a market share of 36.5% in the worldwide market for palliative care in 2023, which would be very important in future developments regarding end-of-life treatments and supporting systems. The wide older population in the region and increasing interest in the quality of life contributed hugely to the need for integrated palliative services. Countries like Germany, Italy, and the UK have already conducted palliative care services within their health sector, meaning they are committed to complete treatment medicine.
News Headlines
March 2024: The University of Florida (USF) Health College of Nursing offered a graduate certificate in hospice and palliative care for nursing professionals.
In March 2024, UNDP partnered with the European Union and the Ukrainian Ministry of Health to hand over specialized vehicles to healthcare institutions.
In January 2024, Kindred at Home announced the expansion of its services for palliative care to improve home-based care choices for patients with chronic diseases.
In February 2024, Genesis HealthCare System launched a new integrated palliative care service for patients with serious illnesses.
In January 2024, Adventist Health expanded services of palliative care services in multiple states because it focuses more on improving access to quality care for the patients who need it.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Application Volume: Production and source volumes of pharmaceuticals.
- Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients.
6. Competitive Landscape
7. Palliative Care Market Segmentation, By Condition
8. Palliative Care Market Segmentation, By Diagnostic Group
9. Palliative Care Market Segmentation, By Age Group
10. Palliative Care Market Segmentation, By Provider
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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