Advance Directives Market By Component, By Demographics (Elderly Population, Middle Aged, Young Adults), By End User: Global Opportunity Analysis and Industry Forecast, 2024-2033

Description

The advance directives market was valued at $121.7 billion in 2023, and is projected to reach $510.2 billion by 2033, growing at a CAGR of 15.4% from 2024 to 2033.

Advance directives are legal documents that allow individuals to outline their preferences for medical care in the event that they become unable to communicate or make decisions for themselves due to a serious illness or injury. These documents are vital tools for planning future healthcare needs, ensuring that a person's wishes are respected and adhered to during times when they may be unable to voice their decision. They provide a clear and legally binding way for individuals to express their medical care preferences, thus assisting healthcare professionals with appropriate guidance on how to proceed with treatment and aligning medical interventions with the patient's values and desires.

Rise in awareness of the need for planning end-of-life care and medical decision-making acts as the key driving force of the global advance directives market. Governments of many countries have taken initiatives to raise awareness about the importance of advance directives and encourage individuals to document their medical care preferences. For instance, National Healthcare Decision Day initiated by the U.S. Government is held on April 16 each year. This initiative emphasizes on educating healthcare providers and consumers about advance care planning and make informed decisions about care and services before a crisis. However, lack of awareness regarding advance directives acts as a key deterrent factor of the global market. According to a study published by the National Center for Biotechnology Information-the world's largest database of freely accessible biomedical and genomic information-merely 5% to 25% individuals hold advance directives, although this might increase with age and hospitalization. On the contrary, increase in geriatric population is expected to offer remunerative opportunities for the growth of the market. As the population ages, there is an increased awareness of the need for planning end-of-life care and medical decision-making. In addition, advancements in technology such as developing user-friendly digital platforms and mobile apps for creating and storing advance directives can make the process more accessible and convenient.

The advance directives market is segmented into component, demographic, end user, and region. On the basis of component, the market is bifurcated into software and services. By demographic, it is divided into elderly population (65 years & above), middle aged (40-60 years), and young adults (18-39 years) . Depending on end user, it is classified into payers, providers, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

By component, the services segment acquired significant market share in 2023.

On the basis of demographic, the elderly population segment led the advance directives market in 2023.

Depending on end user, the healthcare providers segment held a prominent position in market in 2023.

Region wise, North America is poised to dominate the market 2033.

Competition Analysis

Competitive analysis and profiles of the major players in the global advance directives market include West Health , MyDirectives, Inc., Aledade, VyncaCare, WiserCare, Sharp HealthCare, Vital Decisions LLC, Affirm Health, thanacare, and Honor My Decisions LLC. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the global market.

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Key Market Segments

By Component

Software
Services

By Demographics

Elderly Population (65 yrs above)
Middle Aged (40-60 yrs)
Young Adults (18-39 yrs)

By End User

Payers
Providers
Others

By Region

North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA

Key Market Players:

West Health
MyDirectives, Inc.
Aledade
VyncaCare
WiserCare
Sharp HealthCare
Vital Decisions LLC
Affirm Health
thanacare
Honor My Decisions LLC

Product Code: A323962

CHAPTER 1: INTRODUCTION

1.1. Report Description
1.2. Key Market Segments
1.3. Key Benefits
1.4. Research Methodology
- 1.4.1. Primary Research
- 1.4.2. Secondary Research
- 1.4.3. Analyst Tools and Models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET LANDSCAPE

3.1. Market Definition and Scope
3.2. Key Findings
- 3.2.1. Top Investment Pockets
- 3.2.2. Top Winning Strategies
3.3. Porter's Five Forces Analysis
- 3.3.1. Bargaining Power of Suppliers
- 3.3.2. Threat of New Entrants
- 3.3.3. Threat of Substitutes
- 3.3.4. Competitive Rivalry
- 3.3.5. Bargaining Power among Buyers
3.4. Market Dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities

CHAPTER 4: ADVANCE DIRECTIVES MARKET, BY COMPONENT

4.1. Market Overview
- 4.1.1 Market Size and Forecast, By Component
4.2. Software
- 4.2.1. Key Market Trends, Growth Factors and Opportunities
- 4.2.2. Market Size and Forecast, By Region
- 4.2.3. Market Share Analysis, By Country
4.3. Services
- 4.3.1. Key Market Trends, Growth Factors and Opportunities
- 4.3.2. Market Size and Forecast, By Region
- 4.3.3. Market Share Analysis, By Country

CHAPTER 5: ADVANCE DIRECTIVES MARKET, BY DEMOGRAPHICS

5.1. Market Overview
- 5.1.1 Market Size and Forecast, By Demographics
5.2. Elderly Population (65 Yrs Above)
- 5.2.1. Key Market Trends, Growth Factors and Opportunities
- 5.2.2. Market Size and Forecast, By Region
- 5.2.3. Market Share Analysis, By Country
5.3. Middle Aged (40-60 Yrs)
- 5.3.1. Key Market Trends, Growth Factors and Opportunities
- 5.3.2. Market Size and Forecast, By Region
- 5.3.3. Market Share Analysis, By Country
5.4. Young Adults (18-39 Yrs)
- 5.4.1. Key Market Trends, Growth Factors and Opportunities
- 5.4.2. Market Size and Forecast, By Region
- 5.4.3. Market Share Analysis, By Country

CHAPTER 6: ADVANCE DIRECTIVES MARKET, BY END USER

6.1. Market Overview
- 6.1.1 Market Size and Forecast, By End User
6.2. Payers
- 6.2.1. Key Market Trends, Growth Factors and Opportunities
- 6.2.2. Market Size and Forecast, By Region
- 6.2.3. Market Share Analysis, By Country
6.3. Providers
- 6.3.1. Key Market Trends, Growth Factors and Opportunities
- 6.3.2. Market Size and Forecast, By Region
- 6.3.3. Market Share Analysis, By Country
6.4. Others
- 6.4.1. Key Market Trends, Growth Factors and Opportunities
- 6.4.2. Market Size and Forecast, By Region
- 6.4.3. Market Share Analysis, By Country

CHAPTER 7: ADVANCE DIRECTIVES MARKET, BY REGION

7.1. Market Overview
- 7.1.1 Market Size and Forecast, By Region
7.2. North America
- 7.2.1. Key Market Trends and Opportunities
- 7.2.2. Market Size and Forecast, By Component
- 7.2.3. Market Size and Forecast, By Demographics
- 7.2.4. Market Size and Forecast, By End User
- 7.2.5. Market Size and Forecast, By Country
- 7.2.6. U.S. Advance Directives Market
  - 7.2.6.1. Market Size and Forecast, By Component
  - 7.2.6.2. Market Size and Forecast, By Demographics
  - 7.2.6.3. Market Size and Forecast, By End User
- 7.2.7. Canada Advance Directives Market
  - 7.2.7.1. Market Size and Forecast, By Component
  - 7.2.7.2. Market Size and Forecast, By Demographics
  - 7.2.7.3. Market Size and Forecast, By End User
- 7.2.8. Mexico Advance Directives Market
  - 7.2.8.1. Market Size and Forecast, By Component
  - 7.2.8.2. Market Size and Forecast, By Demographics
  - 7.2.8.3. Market Size and Forecast, By End User
7.3. Europe
- 7.3.1. Key Market Trends and Opportunities
- 7.3.2. Market Size and Forecast, By Component
- 7.3.3. Market Size and Forecast, By Demographics
- 7.3.4. Market Size and Forecast, By End User
- 7.3.5. Market Size and Forecast, By Country
- 7.3.6. Germany Advance Directives Market
  - 7.3.6.1. Market Size and Forecast, By Component
  - 7.3.6.2. Market Size and Forecast, By Demographics
  - 7.3.6.3. Market Size and Forecast, By End User
- 7.3.7. France Advance Directives Market
  - 7.3.7.1. Market Size and Forecast, By Component
  - 7.3.7.2. Market Size and Forecast, By Demographics
  - 7.3.7.3. Market Size and Forecast, By End User
- 7.3.8. UK Advance Directives Market
  - 7.3.8.1. Market Size and Forecast, By Component
  - 7.3.8.2. Market Size and Forecast, By Demographics
  - 7.3.8.3. Market Size and Forecast, By End User
- 7.3.9. Italy Advance Directives Market
  - 7.3.9.1. Market Size and Forecast, By Component
  - 7.3.9.2. Market Size and Forecast, By Demographics
  - 7.3.9.3. Market Size and Forecast, By End User
- 7.3.10. Spain Advance Directives Market
  - 7.3.10.1. Market Size and Forecast, By Component
  - 7.3.10.2. Market Size and Forecast, By Demographics
  - 7.3.10.3. Market Size and Forecast, By End User
- 7.3.11. Rest of Europe Advance Directives Market
  - 7.3.11.1. Market Size and Forecast, By Component
  - 7.3.11.2. Market Size and Forecast, By Demographics
  - 7.3.11.3. Market Size and Forecast, By End User
7.4. Asia-Pacific
- 7.4.1. Key Market Trends and Opportunities
- 7.4.2. Market Size and Forecast, By Component
- 7.4.3. Market Size and Forecast, By Demographics
- 7.4.4. Market Size and Forecast, By End User
- 7.4.5. Market Size and Forecast, By Country
- 7.4.6. Japan Advance Directives Market
  - 7.4.6.1. Market Size and Forecast, By Component
  - 7.4.6.2. Market Size and Forecast, By Demographics
  - 7.4.6.3. Market Size and Forecast, By End User
- 7.4.7. China Advance Directives Market
  - 7.4.7.1. Market Size and Forecast, By Component
  - 7.4.7.2. Market Size and Forecast, By Demographics
  - 7.4.7.3. Market Size and Forecast, By End User
- 7.4.8. India Advance Directives Market
  - 7.4.8.1. Market Size and Forecast, By Component
  - 7.4.8.2. Market Size and Forecast, By Demographics
  - 7.4.8.3. Market Size and Forecast, By End User
- 7.4.9. Australia Advance Directives Market
  - 7.4.9.1. Market Size and Forecast, By Component
  - 7.4.9.2. Market Size and Forecast, By Demographics
  - 7.4.9.3. Market Size and Forecast, By End User
- 7.4.10. South Korea Advance Directives Market
  - 7.4.10.1. Market Size and Forecast, By Component
  - 7.4.10.2. Market Size and Forecast, By Demographics
  - 7.4.10.3. Market Size and Forecast, By End User
- 7.4.11. Rest of Asia-Pacific Advance Directives Market
  - 7.4.11.1. Market Size and Forecast, By Component
  - 7.4.11.2. Market Size and Forecast, By Demographics
  - 7.4.11.3. Market Size and Forecast, By End User
7.5. LAMEA
- 7.5.1. Key Market Trends and Opportunities
- 7.5.2. Market Size and Forecast, By Component
- 7.5.3. Market Size and Forecast, By Demographics
- 7.5.4. Market Size and Forecast, By End User
- 7.5.5. Market Size and Forecast, By Country
- 7.5.6. Brazil Advance Directives Market
  - 7.5.6.1. Market Size and Forecast, By Component
  - 7.5.6.2. Market Size and Forecast, By Demographics
  - 7.5.6.3. Market Size and Forecast, By End User
- 7.5.7. Saudi Arabia Advance Directives Market
  - 7.5.7.1. Market Size and Forecast, By Component
  - 7.5.7.2. Market Size and Forecast, By Demographics
  - 7.5.7.3. Market Size and Forecast, By End User
- 7.5.8. South Africa Advance Directives Market
  - 7.5.8.1. Market Size and Forecast, By Component
  - 7.5.8.2. Market Size and Forecast, By Demographics
  - 7.5.8.3. Market Size and Forecast, By End User
- 7.5.9. Rest of LAMEA Advance Directives Market
  - 7.5.9.1. Market Size and Forecast, By Component
  - 7.5.9.2. Market Size and Forecast, By Demographics
  - 7.5.9.3. Market Size and Forecast, By End User

CHAPTER 8: COMPETITIVE LANDSCAPE

8.1. Introduction
8.2. Top Winning Strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Top Player Positioning, 2023

CHAPTER 9: COMPANY PROFILES

9.1. West Health
- 9.1.1. Company Overview
- 9.1.2. Key Executives
- 9.1.3. Company Snapshot
- 9.1.4. Operating Business Segments
- 9.1.5. Product Portfolio
- 9.1.6. Business Performance
- 9.1.7. Key Strategic Moves and Developments
9.2. MyDirectives, Inc.
- 9.2.1. Company Overview
- 9.2.2. Key Executives
- 9.2.3. Company Snapshot
- 9.2.4. Operating Business Segments
- 9.2.5. Product Portfolio
- 9.2.6. Business Performance
- 9.2.7. Key Strategic Moves and Developments
9.3. Aledade
- 9.3.1. Company Overview
- 9.3.2. Key Executives
- 9.3.3. Company Snapshot
- 9.3.4. Operating Business Segments
- 9.3.5. Product Portfolio
- 9.3.6. Business Performance
- 9.3.7. Key Strategic Moves and Developments
9.4. VyncaCare
- 9.4.1. Company Overview
- 9.4.2. Key Executives
- 9.4.3. Company Snapshot
- 9.4.4. Operating Business Segments
- 9.4.5. Product Portfolio
- 9.4.6. Business Performance
- 9.4.7. Key Strategic Moves and Developments
9.5. WiserCare
- 9.5.1. Company Overview
- 9.5.2. Key Executives
- 9.5.3. Company Snapshot
- 9.5.4. Operating Business Segments
- 9.5.5. Product Portfolio
- 9.5.6. Business Performance
- 9.5.7. Key Strategic Moves and Developments
9.6. Sharp HealthCare
- 9.6.1. Company Overview
- 9.6.2. Key Executives
- 9.6.3. Company Snapshot
- 9.6.4. Operating Business Segments
- 9.6.5. Product Portfolio
- 9.6.6. Business Performance
- 9.6.7. Key Strategic Moves and Developments
9.7. Vital Decisions LLC
- 9.7.1. Company Overview
- 9.7.2. Key Executives
- 9.7.3. Company Snapshot
- 9.7.4. Operating Business Segments
- 9.7.5. Product Portfolio
- 9.7.6. Business Performance
- 9.7.7. Key Strategic Moves and Developments
9.8. Affirm Health
- 9.8.1. Company Overview
- 9.8.2. Key Executives
- 9.8.3. Company Snapshot
- 9.8.4. Operating Business Segments
- 9.8.5. Product Portfolio
- 9.8.6. Business Performance
- 9.8.7. Key Strategic Moves and Developments
9.9. Thanacare
- 9.9.1. Company Overview
- 9.9.2. Key Executives
- 9.9.3. Company Snapshot
- 9.9.4. Operating Business Segments
- 9.9.5. Product Portfolio
- 9.9.6. Business Performance
- 9.9.7. Key Strategic Moves and Developments
9.10. Honor My Decisions LLC
- 9.10.1. Company Overview
- 9.10.2. Key Executives
- 9.10.3. Company Snapshot
- 9.10.4. Operating Business Segments
- 9.10.5. Product Portfolio
- 9.10.6. Business Performance
- 9.10.7. Key Strategic Moves and Developments