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What Is the Projected Growth of the Hospice Care Global Market by 2025?
The hospice care market has experienced substantial growth in recent years, estimated to escalate from $4.76 billion in 2024 to $5.33 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.9%. This notable progress in the historical period can be traced back to factors such as an aging population, a rise in terminal illnesses, the adoption of a palliative care approach, expanded medicare coverage, and an increase in home-based care.
Looking ahead, the hospice care market is projected to witness momentous expansion in the upcoming years, reaching an estimated $8.23 billion by 2029 with a CAGR of 11.5%. This imminent growth can be attributed to the continued increase in the aging population, more efficient management of chronic illnesses, an upsurge in telehealth integration, and various regulatory changes. Moreover, major trends shaping the market during the forecasted period include the adoption of personalized care plans, a holistic approach to care, pediatric hospice care, bereavement support, and a focus on quality and outcome measures.
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What Are the Primary Drivers Propelling the Hospice Care Market?
The growth of the hospice care market is primarily driven by an increase in the incidence of chronic diseases. Chronic diseases, or conditions lasting approximately a year or more that require ongoing medical care or limit daily life activities, surge due to factors such as increased tobacco use, poor nutrition, physical inactivity, and excessive alcohol use. Patients suffering from severe chronic diseases, including cancer, frequently opt for hospice care. For example, in September 2023, the World Health Organization reported that 74% of total deaths globally can be attributed to non-communicable diseases (NCDs) or chronic conditions, equating to roughly 41 million fatalities each year – a clear implication of the demand for hospice care services.
What Are the Major Segments in the Hospice Care Market?
1) By Type: Nursing Services, Medical Supply Services, Physician Services, Other Type Of Services
2) By Application: Home Settings, Hospitals, Specialty Nursing Homes, Hospice Care Centers
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Which Key Players Are Leading the Hospice Care Market?
Major players in the hospice care market include Dierksen Hospice, Kindred at Home, PruittHealth Inc., Covenant Care, AseraCare Hospice, Bristol Hospice, Brookdale Hospice, Capital Caring, Community Hospice & Palliative Care, Compassus, Continuum Care Hospice, Crossroads Hospice, Encompass Health Corp., Four Seasons Hospice, Gentiva Hospice, Gilchrist Hospice Care, Grace Hospice, Halcyon Hospice & Palliative Care, Harbor Light Hospice, Heartland Hospice, Hope Hospice, Hospice of Dayton, Hospice of the Chesapeake, Hospice of the Valley, Odyssey Healthcare, Ohio’s Hospice, Pathways Home Health and Hospice, Premier Hospice and Palliative Care, Seasons Hospice & Palliative Care, Suncoast Hospice, Tidewell Hospice, VITAS Healthcare.
What Are the Key Trends Emerging in the Hospice Care Market?
Technology adoption is a major trend in the hospice care market, with companies introducing innovative solutions like machine learning tools to identify patients requiring their services earlier in their disease trajectory, ensuring appropriate levels of home care as their condition worsens. For instance, in February 2022, Amedisys Inc., a US-based hospice provider, adopted Medalogix’s Muse, which uses machine learning to predict patient transitions, better preparing care teams to take further action.
Which Region Holds the Largest Share in the Hospice Care Market?
In 2024, North America accounted for the largest share of the global hospice care market, with Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East and Africa also contributing to the market.
What Does The Hospice Care Market Offer?
Hospice care is a type of service focused on improving the quality of life for people experiencing advanced, life-limiting illness, or their caregivers. Hence, the Hospice Care Market from The Business Research Company provides important predictions about market size, growth rate, regional shares, competitor analysis, specific segments, trends, and opportunities.
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