The end of life planning global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
End Of Life Planning Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The end of life planning market size has grown strongly in recent years. It will grow from $30.75 billion in 2023 to $33.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to the increased aging population, awareness of advance directives, chronic illness prevalence, economic uncertainty, and increased demand for professional guidance.
The end of life planning market size is expected to see strong growth in the next few years. It will grow to $48.52 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to increasing awareness and education, rising healthcare costs, government policies and regulations, cultural shifts, and service provider expansion. Major trends in the forecast period include virtual funeral services, digital legacy management, cultural and religious customization, pre-planning and subscription models, bereavement support services, and legal and financial planning tools.
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Scope Of End Of Life Planning Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
End Of Life Planning Market Overview
Market Drivers -The increase in the proportion of individuals reaching retirement age is expected to propel the growth of the end-of-life planning market going forward. Retirement age is when a person is typically expected or required to cease full-time employment and may become eligible for retirement benefits. An increasing proportion of individuals reaching retirement age due to improved healthcare leads to longer life expectancy, the aging of the large baby boomer generation, and declining birth rates, reducing the proportion of younger individuals in the population. End-of-life planning is crucial for the retirement-age population to ensure their care preferences and treatment wishes are respected during their final stages of life. For instance, in August 2023, according to the data from Statistics Canada, a Canada-based national statistical office, in 2023, approximately 21.8% of Canadians aged 55 to 59 reported being fully or partially retired. This percentage doubled to 44.9% for those aged 60 to 64 years and nearly doubled again to 80.5% for those aged 65 to 69. Therefore, the increase in the proportion of individuals reaching retirement age is driving the growth of the end-of-life planning market.
Market Trends – Major companies operating in the end-of-life planning market are focused on providing personalized and customized solutions, such as self-authored obituaries, to offer a user-friendly digital platform. A self-authored obituary is a written or recorded reflection on one’s life and legacy, often prepared in advance as part of end-of-life planning. For instance, in January 2023, Newham Council, a UK-based government company, launched the MyWishes digital platform, a tool designed for end-of-life planning and tailored for use by the local community. The platform enables residents to document and share care decisions, including funeral wishes, writing or recording self-authored obituaries, making necessary plans, and leaving goodbye messages for family and friends in the event of their death. This reduces stress on the family’s post-bereavement. Users can specify health and social care preferences, and printed documents can be shared with healthcare providers.
The end of life planning market covered in this report is segmented –
1) By Service: Funeral Services, Estate Planning, Digital Legacy Services, Grief Counseling And Support, Advanced Healthcare Directives, Other Services
2) By Demographic: Elderly Population, Middle Age Population, Young Adult
3) By Area: Urban, Rural
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Regional Insights – North America was the largest region in the end of life planning market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the end of life planning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies – Major companies operating in the end of life planning market are MetLife Inc., Service Corporation International (SCI), Crossroads Hospice & Palliative Care, TrustandWill, Dignity plc, Better Place Forests Co., Gathered Here Pty Ltd., OpusXenta Pty Ltd., Farewill, Perfect Memorials, Funeralwise, Everplans, Eterneva, Lady Anne Funerals, Aftersteps, SafeWill, GoodTrust, GatheringUs, AfterSteps, EstateExec, Going With Grace, Funeralocity Inc., funeralOne, Death With Dignity
Table of Contents
1. Executive Summary
2. End Of Life Planning Market Characteristics
3. End Of Life Planning Market Trends And Strategies
4. End Of Life Planning Market – Macro Economic Scenario
5. Global End Of Life Planning Market Size and Growth
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32. Global End Of Life Planning Market Competitive Benchmarking
33. Global End Of Life Planning Market Competitive Dashboard
34. Key Mergers And Acquisitions In The End Of Life Planning Market
35. End Of Life Planning Market Future Outlook and Potential Analysis
36. Appendix
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