Palliative Care Market: Global Industry Analysis and Outlook (2023-2029)

Palliative Care Market size was valued at US$ 13.16 Bn. in 2022 and the total revenue is expected to grow at 8.42 % through 2023 to 2029, reaching nearly US$ 23.18 Bn.
Palliative Care Market Overview:
The Palliative care is a method of treating patients and their families who are suffering from life-threatening illnesses. Palliative care services aim to prevent and alleviate suffering by detecting and treating pain, as well as other physical, psychological, and spiritual disorders, as early as possible. In addition, palliative care supports patients and their careers through a team approach. This entails addressing practical needs and establishing a support structure to help patients live as active a life as possible until they pass away. Cardiovascular disorders, cancer, chronic respiratory diseases, diabetes, kidney failure, chronic liver disease, and other chronic conditions all require palliative care.To know about the Research Methodology :- Request Free Sample Report
Palliative Care Market Dynamics:
Rapid innovations and changes in the global health care system have resulted in the development and implementation of policies that promote palliative care services inside vital healthcare facilities. For example, Medicare Hospice Benefits (MHB) covers 87 percent of patient days in hospice and palliative care institutions, with the remaining costs covered by Medicaid, self-pay, private insurers, and charity care. Palliative care's adoption in patient care has been aided by its increasing integration at the primary and secondary levels of health care.

Home-based palliative care services also help Medicare save money by reducing hospitalizations and expenditures. Health systems and payers are becoming more interested in palliative care models as financial and quality incentives for home-based palliative care become available. As a result of the establishment of palliative care groups, a growing number of patients and families are now eligible for palliative care. A multidisciplinary team approach to relieve pain and symptoms and provide grief counselling has resulted in coordinated care that focuses on enhancing quality of life and assisting patients with everyday assistance, proactive medical care, and disease management.

According to a new study, 78 percent of adults in low- and middle-income nations require palliative care. Unfortunately, just 14% of those who require palliative care at EOL presently receive it. All of this lays a solid foundation for the palliative care market to grow. Major organ failure, cancer, drug-resistant tuberculosis, extreme frailty of old age, and end-stage chronic illness are just a few of the notable areas where palliative care is required.

However, the treatment's high cost could be a key impediment to the global palliative care industry. A global limitation to the total palliative care market is the lack of growth of medical care facilities for the elderly in Asia Pacific and the Middle East, reimbursement scenarios, and less private or governmental funding to hospital facilities and other medical care centers.
Palliative Care Market Segment Analysis:
The global Palliative Care Market is segmented by Type, Application and End-User.

Based on the Application, the global Palliative Care market is sub-segmented into Cancer, Congestive heart failure (CHF), Chronic obstructive pulmonary disease (COPD), Kidney failure, Alzheimer’s and Amyotrophic Lateral Sclerosis (ALS). The Cancer segment held the largest market share of 42% in 2022. Because there is a growing demand for palliative care for cancer patients to relieve pain and symptoms and help them better manage their health and diagnosis Palliative care is a type of care that is provided in conjunction with cancer therapies in order to slow, stop, or cure the disease. Treatment of cancer is crucial, but so is reducing side effects and symptoms to improve patients' quality of life and treatment satisfaction. Palliative care typically assists in reducing stress and anxiety by encouraging exercise, counselling, meditation, and drugs to manage anxiety, depression, and sleep issues. Palliative care also aids in the management of physical side effects, known as late effects, which persist after cancer therapy.

Based on the End-User, the global Palliative Care market is sub-segmented into Hospitals, Home care settings, Palliative care centers, Long-term care centers & and Rehabilitation Centers. The Palliative care centers segment held the largest market share of xx% in 2022. Due to the increased demand for high-quality care plans and well-trained employees to provide palliative care to patients Palliative care facilities provide outstanding clinical management to patients with difficult-to-manage symptoms, those who require end-of-life care, and those who have advanced critical illnesses. Palliative care centers feature experienced and trained staff and a different physical environment than hospitals. These centers' staff and specialists have more palliative care experience and are more attentive to patients with life-threatening or debilitating illnesses' palliative care needs. These facilities also provide a welcoming and homelike setting with enhanced privacy, serenity, and quiet to assist patients in better managing their ailments and mental health.
Regional Insights:
North America held the largest market share of xx% in 2022 and it remain maintain its leading position during the forecast period. This growth is attributed to the increasing integration of palliative care into health care management plans, the implementation of preferential policies and reimbursement plans covering palliative care and hospice care, advances in palliative care, and the presence of major players in the region. Palliative care is considered to be a mature medical field. There is a formal certification program in the United States, professional and public awareness is constantly increasing, the availability of training options is high, and it is provided in almost all medical institutions. These key factors are expected to be in the forecast. During the period, the revenue growth in the North American market was further promoted.

Asia Pacific is expected to grow at a highest CAGR of xx% in the global Palliative Care market during the forecast period. Due to increased demand for palliative care as a result of an increase in the number of patients diagnosed with advanced stage diseases, growing availability of specialist palliative care services, rising availability of essential drugs for palliative care, and the presence of organizations such as the Asia Pacific Hospice Palliative Care Network (APHN), which promotes a network of individuals and national organizations active in palliative care to streamline palliative care services.

The objective of the report is to present a comprehensive analysis of the global Palliative Care Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Palliative Care Market dynamic, structure by analyzing the market segments and project the global Palliative Care Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Palliative Care Market make the report investor’s guide.
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Global Palliative Care Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 13.16 Bn.


Forecast Period 2023 to 2029 CAGR:
8.42 %
Market Size in 2029:
US $ 23.18 Bn.


 Segments Covered:
by Type
Private residence care
Hospice inpatient care
Nursing home
Residential facility center
Others


by Application
Cancer
Congestive heart failure (CHF)
Chronic obstructive pulmonary disease (COPD)
Kidney failure
Alzheimer’s
Amyotrophic Lateral Sclerosis (ALS)


by End-User
Hospitals
Home care settings
Palliative care centers
Long-term care centers & Rehabilitation Centers



Global Palliative Care Market, by Region:
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players:
1. Skilled Healthcare Group Incorporated
2. Vitas Healthcare Corporation
3. Sunrise Senior Living LLC
4. Kindred Healthcare Incorporated
5. Gentiva Health Services Incorporated
6. Home Instead Senior Care Incorporated
7. Amedisys Incorporated
8. Genesis HealthCare Corporation,
9. GGNSC Holdings LLC.
10. Senior Care Centers of America.
11. Revera Inc.
12. Life Care Centers of America Corporate
13. LHC Group, Inc.
14. HCR Manor
15. UCLA Health
16. Chemed Corporation
17. Seymour Health

Frequently Asked Questions:

1] What segments are covered in Palliative Care Market report?
Ans. The segments covered in Palliative Care Market report are based on Type, Application and End-User.

2] Which region is expected to hold the highest share in the global Palliative Care Market?
Ans. North America is expected to hold the highest share in the global Palliative Care Market.

3] What is the market size of global Palliative Care Market by 2029?
Ans. The market size of global Palliative Care Market is expected to reach US $ 23.18 Bn. by 2029.

4] Who are the top key players in the global Palliative Care Market?
Ans. Skilled Healthcare Group Incorporated, Vitas Healthcare Corporation, Kindred Healthcare Incorporated and Gentiva Health Services Incorporated are the top key players in the global Palliative Care Market.

5] What was the market size of global Palliative Care Market in 2022?
Ans. The market size of global Palliative Care Market in 2022 was US $ 13.16 Bn.