PUBLISHER: The Business Research Company | PRODUCT CODE: 1619805
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619805
Palliative services refer to specialized medical care designed to enhance the quality of life for individuals with serious, life-limiting illnesses. This care focuses on symptom relief, pain management, and addressing emotional and psychological needs, while also supporting families and assisting with complex decision-making.
The main types of palliative services include private residence care, hospice inpatient care, hospital inpatient care, nursing home care, and residential facility care. Private residence care provides palliative services in patients' homes, offering comfort and personalized support in a familiar setting. These services are applied to conditions such as cancer, congestive heart failure, chronic obstructive pulmonary disease (COPD), kidney failure, Alzheimer's disease, Parkinson's disease, and amyotrophic lateral sclerosis (ALS). They are utilized by various end-users, including hospitals, home care settings, palliative care centers, long-term care facilities, and rehabilitation centers.
The palliative services market research report is one of a series of new reports from the business research company that provides palliative services market statistics, including palliative services industry global market size, regional shares, competitors with an palliative services market share, detailed palliative services market segments, market trends and opportunities, and any further data you may need to thrive in the palliative services industry. This palliative services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The palliative services market size has grown strongly in recent years. It will grow from $7.82 billion in 2023 to $8.44 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth during the historic period can be attributed to an aging population, the rise in chronic diseases, increased awareness of palliative care, changes in healthcare policies, advancements in medical technology, evolving patient preferences, and support from non-profit organizations.
The palliative services market size is expected to see strong growth in the next few years. It will grow to $11.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be attributed to expanded access to home care, integration with telemedicine, rising healthcare costs, advancements in personalized medicine, a greater focus on quality of life, the development of new care models, and support from government and policy initiatives. Key trends during this period include the growth of digital health solutions, the integration of artificial intelligence, enhanced data analytics, the expansion of telehealth services, innovations in symptom management, improved care coordination, and increased education for patients and families.
The increasing prevalence of life-threatening disorders is expected to drive the growth of the palliative services market. Life-threatening disorders are severe medical conditions or illnesses that significantly jeopardize an individual's life and require urgent or intensive medical intervention. The rise in such disorders is linked to a growing incidence of chronic diseases, an aging population, environmental pollutants, and lifestyle choices. Palliative services offer comprehensive care to manage symptoms and improve the quality of life for those with life-threatening conditions, while also providing support to families and assisting patients with complex treatment decisions. For example, in January 2024, the American Heart Association reported that cardiovascular diseases resulted in 931,578 deaths, an increase of fewer than 3,000 fatalities from the 928,741 deaths recorded in 2023. Additionally, the age-adjusted death rate from cardiovascular disease rose to 233.3 per 100,000, reflecting a 4.0% increase from the previous year's rate of 224.4 per 100,000. This growing prevalence of life-threatening disorders is driving demand for palliative services.
Leading companies in the palliative services market are innovating their offerings, such as palliative cancer care, to enhance access to palliative support for cancer patients. Palliative cancer care is a specialized approach aimed at alleviating symptoms and improving the quality of life for individuals with cancer, addressing their physical, emotional, and spiritual needs throughout the treatment process. For example, in September 2024, the Biller Family Foundation, a U.S.-based organization, launched the Advance Palliative Cancer Care initiative. This program emphasizes holistic, whole-person support for cancer patients and includes advocating for early and equitable access to comprehensive care that addresses not just physical health but also emotional, spiritual, and social needs of patients and their caregivers during their cancer journey.
In August 2022, Pennant Group, a US-based holding company for independent healthcare service subsidiaries, acquired Ardent Hospice and Palliative Care for an undisclosed amount. This acquisition is intended to broaden Pennant Group's hospice operations, enhance its ability to provide high-quality, life-changing care, and strengthen its presence in key regions. Ardent Hospice and Palliative Care is a US-based provider of hospice and palliative services.
Major companies operating in the palliative services market are Kaiser Permanente Inc., Genesis Healthcare Inc., HCR ManorCare Inc., Kindred Healthcare LLC, LHC Group Inc., Amedisys Inc., Compassus LLC, PruittHealth Hospice Inc., Seasons Hospice And Palliative Care Inc., Vitas Healthcare LLC, Heart To Heart Hospice Inc., Crossroads Hospice And Palliative Care Inc., Landmark Health LLC, Agape Care Group LLC, Suncoast Hospice Inc., Curo Health Services Inc., Hospice Of The Valley Inc., Aspire Health Inc., Tidewell Hospice Inc., Ascend Hospice LLC, Palliative Care Center Of The San Joaquin Valley Inc., Hospice Of The Golden Isles Inc., Turn-Key Health LLC, Harmony Hospice Inc., Great Lakes Caring LLC
North America was the largest region in the palliative services market in 2023. The regions covered in the palliative services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the palliative services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The palliative services market includes revenues earned by entities from providing services such as pain and symptom management, emotional and psychological support, assistance with complex medical decision-making, coordination of care, and end-of-life care. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Palliative Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on palliative services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for palliative services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The palliative services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.