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The hospice market is estimated to grow by USD 111.1 billion, at a CAGR of 4.88% between 2023 and 2028. The market is experiencing growth due to several factors. The increasing geriatric population is driving demand for healthcare services, as older individuals typically require more medical care. Additionally, governments are increasing healthcare budgets, which supports the expansion and improvement of healthcare infrastructure and services. There is also a growing demand to prevent infections and ensure patient safety, which necessitates investment in advanced medical equipment, hygiene products, and safety protocols. These factors collectively enhance the market's growth prospects by addressing the needs of an aging population and prioritizing patient safety and infection control.
The market in North America holds the largest share in the market due to extensive government support in countries like the US and Canada for establishing the necessary healthcare infrastructure. The number of private and government-aided organizations providing hospice care services in these countries has increased. A growing volume of patients with cancer, end-stage renal diseases, respiratory failure, chronic kidney disease, and other conditions in the US and Canada is driving the growth of the market in the region. Hospice care expenses in the US are mainly covered by Medicare, Medicaid, and Veteran Affairs (VA) benefits, with most private insurance plans, health maintenance organizations (HMOs), and other managed care organizations also including hospice care in their policies. A recent development in the regional market includes a March 2024 agreement where VITAS Healthcare Corp.
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The market caters to the unique needs of elderly individuals and those diagnosed with chronic diseases, such as heart failure, cancer, and Alzheimer's disease, who require end-of-life care. Hospice programs offer collaborative care models that involve healthcare providers, hospice workers, and family members to ensure effective treatment and quality reporting for patients with difficultly communicating due to conditions like heart disease, infections, or end-stage dementia. The aging population, particularly geriatric populations, increasingly relies on hospice care, which includes home care and assisted living facilities, to manage complex healthcare needs. Hospice care is essential in managing chronic diseases and improving the quality of life for patients during their final stages. Hospice programs also play a crucial role in reducing hospitalizations and hospital readmissions, making them a vital component of the healthcare system. CMS (Centers for Medicare & Medicaid Services) plays a significant role in regulating and funding hospice care, ensuring that patients receive appropriate and effective treatment regimens. Hospice care is a critical aspect of the healthcare ecosystem, providing compassionate care to those in need during their most vulnerable moments.
The increasing geriatric population is notably driving market growth. The market experiences significant growth due to the rising prevalence of chronic diseases and end-stage conditions among elderly individuals. With over 260 million older adults residing in Eastern and South-Eastern Asia, and approximately 200 million in Europe and North America, the demand for hospice programs and effective palliative care solutions is escalating. In the US and Canada, for instance, around 17% of the population were aged 65 and above in 2020, a figure projected to increase to 20% or more by 2030. Elderly populations, particularly those suffering from Alzheimer's disease, dementia, cancer, congestive heart failure, and heart disease, often face difficulty in communicating and require collaborative care models. Hospice programs offer organized home care, continuous care, and digital health solutions to improve quality of life and manage pain and symptoms.
Further, effective treatment and quality reporting are crucial aspects of hospice care, ensuring that healthcare providers and workers can deliver optimal care to older adults dealing with mental impairment, loss of awareness, and infections. Medicare hospice benefit and CMS regulations play a significant role in the market, ensuring that treatment regimens adhere to the highest standards. In the context of the aging population, hospice care offers a vital alternative to hospitalizations and general inpatient respite care. By focusing on palliative care and maintaining a patient-centered approach, hospice programs can significantly enhance the quality of life for older adults facing end-stage dementia, chronic diseases, and other debilitating conditions.
Increasing emphasis on person-centered care in hospice settings is a major trend in the market. The market are experiencing significant growth due to the increasing emphasis on person-centered care for elderly individuals and those diagnosed with chronic diseases, such as heart disease, cancer, Alzheimer's disease, and dementia. Person-centered care prioritizes the unique needs, preferences, and values of each patient, ensuring effective treatment and improved quality of life. Hospice programs cater to the physical, emotional and spiritual support and social aspects of patients, enabling collaborative care models between healthcare providers and patients. In the aging population, hospice care becomes increasingly important for managing end-stage conditions, including congestive heart failure and mental impairment.
Moreover, patients and their families are encouraged to participate in decision-making processes regarding their care, treatment options, and end-of-life preferences. This approach fosters empowerment, dignity, and trust, leading to higher patient satisfaction and overall care quality. CMS (Centers for Medicare & Medicaid Services) supports hospice care through various initiatives, including continuous home care, organized home care, and general inpatient care. Digital health solutions, such as electronic health records, facilitate effective communication between healthcare workers and ensure quality reporting. Hospice settings address the difficulty in communicating and loss of awareness in patients, providing palliative care and pain management. Infections and complications are common concerns for hospice patients, necessitating effective treatment regimens. Hospice programs cater to various settings, including assisted living facilities and hospice facilities, ensuring comprehensive care for older adults. Hospice care plays a crucial role in improving the quality of life for patients, making it an essential component of the healthcare system. Therefore, all the factors will drive the growth of the market during the forecast period.
The high cost of healthcare is a major challenge impeding the market. The global market faces challenges due to escalating healthcare costs, particularly in developed countries like the US, Canada, and the UK. The US healthcare system is among the most expensive globally, deterring some patients from accessing hospice services. However, Medicare covers most hospice care expenses in the US. To qualify for Medicare's hospice benefit, two physicians must certify that the patient's chronic disease is likely to result in death within six months. This process can be difficult for elderly individuals with conditions like Alzheimer's disease, dementia, heart disease, congestive heart failure, cancer, and mental impairment. Effective treatment and managing pain and symptoms are crucial for hospice programs catering to geriatric populations. Hospice care offers collaborative models that include healthcare providers, home care services, and digital health solutions. These models ensure quality reporting and adherence to treatment regimens for patients with end-stage diseases, such as heart failure, infections, and loss of awareness. CMS (Centers for Medicare & Medicaid Services) regulates hospice care, ensuring adherence to quality reporting and palliative care standards.
Moreover. hospice programs provide organized home care, continuous care, and general inpatient care for older adults, offering a better quality of life during their final stages. Healthcare workers play a vital role in communicating the benefits of hospice care to patients and their families, addressing any difficulties or misconceptions. In summary, the market faces challenges due to healthcare costs, but Medicare coverage and collaborative care models help address these issues. Effective treatment, quality reporting, and digital health solutions are essential for providing palliative care to elderly individuals with chronic diseases, such as Alzheimer's disease, dementia, heart disease, and cancer. Therefore, such factors will negatively impact the market growth during the forecast period.
The market share growth by the home settings segment will be significant during the market forecast period. The market caters to the unique needs of elderly individuals and older adults diagnosed with chronic diseases, end-stage dementia, and mental impairment, among other conditions. These individuals often face difficulties in communicating and require effective treatment and palliative care for pain and symptoms. Hospice programs offer organized home care services, including those provided by registered nurses, speech, physical, and occupational therapists, dieticians, case managers, nutritionists, audiologists, and personal caregivers. Home settings and daily chores are also facilitated through various products, devices, and solutions.
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The home settings segment was the largest and was valued at USD 175.66 billion in 2018. The benefits of hospice care extend beyond the home environment, as it has been shown to result in significant cost savings compared to traditional nursing homes and general inpatient care. Hospice programs are essential for individuals recovering from hospitalizations due to infections, heart disease, congestive heart failure, cancer, and other chronic conditions. CMS-approved hospice programs ensure quality reporting and adherence to treatment regimens, ensuring the highest quality of life for patients. Digital health solutions, such as electronic health records, are increasingly being integrated into hospice care to improve collaboration between healthcare providers and healthcare workers. Continuous home care models, including assisted living facilities, are also gaining popularity as they offer round-the-clock support for patients with complex needs. Overall, the market plays a crucial role in addressing the healthcare needs of the aging population, providing effective palliative care and improving quality of life for those facing chronic diseases and end-of-life care.
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North America is estimated to contribute 33% to the growth of the global market research and growth during the forecast period. Technavio's analysts have provided an extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Hospice care and hospice care services play a crucial role in managing incurable diseases and life-threatening diseases for patients in North America. The region's market growth is driven by the increasing number of organizations, both private and government-aided, offering hospice care services. Hospice inpatient facilities and hospital-based hospice units provide inpatient care, while in-home hospice care caters to patients' needs in their residences. Interdisciplinary collaboration among healthcare professionals is essential for effective pain treatment and palliative care for patients with cancer, end-stage renal diseases, respiratory failure, chronic kidney disease, and other incurable diseases.
In addition, hospice programs offer routine home care, skilled nursing facilities, and respite care to ensure patient satisfaction. Medical technology and medical treatment advancements have led to the integration of medical equipment and telehealth and telemedicine services in hospice care. Reimbursement systems, including Medicare, Medicaid, and VA benefits, facilitate hospice care access for patients. NHPCO, nursing homes, and pediatric patients are also beneficiaries of these services. Patients with lung disease, Parkinson's disease, and other life-threatening conditions can access hospice care programs for comprehensive medical treatment and pain management. The market's growth is further fueled by the increasing focus on patient-centered care and improving patient outcomes.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, which forecasts to enhance their presence in the market report.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Long-Term Care (LTC) Market: Long-Term Care (LTC) Market by Application, Type, and Geography - Forecast and Analysis
Home Healthcare Market: Global Home Healthcare Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, UK, China - Size and Forecast
Home Healthcare Services Market: Home Healthcare Services Market by Application and Geography - Forecast and Analysis
Hospice care services have gained significant importance in the healthcare industry, particularly in managing end-of-life care for patients with chronic and terminal illnesses. The market caters to providing palliative care, symptom management, and spiritual support to patients and their families. The demand for hospice care services is driven by various factors, including an aging population, increasing prevalence of chronic diseases, and growing awareness and acceptance of hospice care. Hospice providers offer different modalities of care, including home care, inpatient care, and respite care, to cater to diverse patient needs. Moreover, advancements in technology and healthcare practices have led to the development of innovative hospice care solutions, such as telehealth services, electronic health records, and specialized medical equipment.
These technologies enable better patient monitoring, Pipeline analysis, improved communication between healthcare providers and patients, and enhanced overall care delivery. The market is expected to grow steadily in the coming years due to the increasing focus on patient-centered care, rising healthcare expenditures, and government initiatives to promote hospice care services. Additionally, collaborations and partnerships between hospice providers and other healthcare organizations are expected to further drive market growth. In conclusion, the market is a critical segment of the healthcare industry, providing essential care services to patients with chronic and terminal illnesses. The market is driven by various factors, including demographic trends, technological advancements, and government initiatives, and is expected to grow steadily in the coming years.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.88% |
Market growth 2024-2028 |
USD 111.1 billion |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
3.86 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 33% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abode Hospice and Home Health, AccentCare Inc., Amedisys Inc., BRISTOL HOSPICE LLC, Brookdale Senior Living Inc., Caring Hospice Services, Chemed Corp., Compassus, Covenant Care, Crossroads Hospice, Four Seasons, Hospice of the Valley, Liberty HomeCare and Hospice Services , LifePoint Health Inc., PeaceHealth, Providence, Seasons Hospice, Silverado, Suncrest Hospice, and UnitedHealth Group Inc. |
Market dynamics |
Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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