What are the recent trends in market size and growth for the end of life planning market?
The end of life planning market size has grown strongly in recent years. It will grow from $33.62 billion in 2024 to $36.93 billion in 2025 at a compound annual growth rate (CAGR) of 9.8%. 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 $53.08 billion in 2029 at a compound annual growth rate (CAGR) of 9.5%. 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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Which major factors have contributed to the expansion of the end of life planning market?
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.
How is the end of life planning market segmented?
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
Subsegments:
1) By Funeral Services: Burial Services, Cremation Services, Memorial Services, Funeral Arrangements
2) By Estate Planning: Will Creation, Trust Management, Estate Administration, Power Of Attorney
3) By Digital Legacy Services: Social Media Account Management, Digital Asset Preservation, Online Data Storage And Transfer, Digital Executor Services
4) By Grief Counseling And Support: Bereavement Counseling, Support Groups, Online Grief Support, Professional Therapy
5) By Advanced Healthcare Directives: Living Wills, Medical Power Of Attorney, Do Not Resuscitate (DNR) Orders, Healthcare Proxy
6) By Other Services: Legacy Planning, Ethical Wills, Pet Care Planning, Financial Planning For End Of Life
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Who are the top competitors in the end of life planning market?
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
Which key trends are expected to influence the end of life planning market in the coming years?
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.
Which regional trends are influencing the end of life planning market, and which area dominates the industry?
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.
What Does The End Of Life Planning Market Report 2025 Offer?
The end of life planning market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
End-of-life planning refers to the process of making decisions and arrangements for one’s care, preferences, and affairs as one approaches the end of one’s life or in anticipation of possible incapacity. This planning involves documenting and communicating one’s wishes regarding medical care, financial matters, legal affairs, and personal preferences to ensure that one’s desires are respected and carried out when one can no longer make decisions.
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