Hospice Market

Global Hospice Market Size (2023 to 2028)

As per our analysis report, the global hospice market is estimated to grow at a CAGR of 9.10% between 2023 to 2028. As a result, the market size is anticipated to grow from USD 76.14 billion in 2023 to USD 117.69 billion by 2028.

Hospice care is a unique type of care that focuses on the personal satisfaction of individuals and their guardians dealing with a propelled, life-limiting disease. Hospice care is becoming more prevalent in patients nearing the end of their lives, including those with ESLD, but it is a distinct type of PC used when patients are terminally ill. In hospice care, Family physicians play critical roles. Compared to the prevalence of hospice care in the UK and other developed countries, hospice care in Taiwan can expand in the future.

MARKET DRIVERS:

The growing usage of hospice services and the adoption of several hospice organizations are propelling the growth of the global hospice market.

According to the CDC, there are 4,300 hospice care agencies in the United States (2016). The percentage of hospice care agencies owned for profit is 63% (2016). About 1.4 million patients are receiving hospice care (2015). According to the CDC, there are 15,600 nursing homes (2016), 69.3% of nursing homes are for-profit, and 1.7 million licensed beds are available (2016). According to the CDC, the number of home health agencies in the United States is 12,200 (2016), with 80.6% of agencies owned for profit (2016). About 4.5 million patients received and ended care at some point during the year (2015).

Growing long-term care services for chronic diseases worldwide boosts the global hospice market.

Percentage of people receiving long-term care services who have Alzheimer's disease or another dementia. According to CDC, the percentage of hospice patients is 44.5% (2015), the percentage of home health agency patients is 32.3% (2015), and the percentage of nursing home residents is 47.8% (2016). According to WHO, Palliative care is an integral part of cancer treatment for adults and children. The first global resolution on palliative care was passed in 2014. Every year, 40 million people require palliative care. However, only 14% of people in need of palliative care are receiving it at the end of life, as reported by WHO.

The growing prevalence of chronic disorders such as cancers, COPD, heart failure, end-stage renal disease, and other diseases globally is expected to accelerate the need for hospice services.

According to the Global Burden of Disease Study, there were 251 million COPD cases worldwide in 2016. Over 90% of COPD deaths occur in low- and middle-income countries reported by WHO. According to WHO, CVDs killed an estimated 17.9 million people in 2016, accounting for 31% of all global deaths. A heart attack or stroke is the cause of 85% of these deaths. According to the CDC, approximately 655,000 Americans die from heart disease yearly, accounting for one out of every four deaths. Cancer is one of the leading causes of death globally, accounting for 9.6 million deaths in 2018. Africa, Asia, and Central and South America account for more than 60% of the world's total new annual cases. These regions account for 70% of all cancer deaths worldwide. Chronic kidney disease (CKD) affects 10% of the world's population, and millions die yearly due to a shortage of affordable treatment options. The United States, Japan, Germany, Brazil, and Italy treat most of the 2 million people suffering from kidney failure. However, these five countries account for only 12% of the world's population.

According to OECD, Multi-morbidity is far more common in older age groups. On average, 58% of adults 65 and older reported having two or more chronic diseases, with this figure rising to 70% or higher in Portugal, Hungary, Poland, the Slovak Republic, and Germany. This compares to 24% of people under 65 with two or more chronic conditions.

MARKET RESTRAINTS:

However, factors such as the high cost of hospice care treatment, a shortage of skilled professionals or nurses, and a lack of community awareness of the home healthcare system are expected to hamper the hospice market growth. In addition, strict regulatory frameworks and misuse of public funds provided by various organizations hamper the growth of the Hospice care market. Hospice care enables collaboration between patients and healthcare providers. Lack of hospice care system adoption in rural areas. Rising side effects of hospice care and palliative care medicines.

Impact of COVID-19 on the global hospice market:

The coronavirus 2019 (COVID-19) pandemic is a global public health emergency that has caused people worldwide to die, reconsider death, and make complex decisions. According to WHO/Europe, during the COVID-19 crisis, the hospital saw a 50% decrease in inpatient visits for palliative care. Because of the risk of infection, some patients rescheduled appointments. Weekly phone calls and remote follow-ups were prioritized over in-person visits. COVID-19 patients will also require palliative care. It is critical for humanizing care for it to be effective and in line with patients' expectations. This pandemic has also increased the demand for healthcare services and supplies, resulting in significant shortages for patients and healthcare providers. The COVID-19 pandemic has strained the hospice and palliative care workforce, providing increased services to families and patients at an unprecedented rate. As a result, healthcare providers must make difficult decisions about how to allocate critical-care services. There is a critical gap regarding palliative nurses' contributions during COVID-19, and the impact of COVID-19 on the hospice and palliative workforce is unknown.

REPORT COVERAGE:

This research report on the global hospice market has been segmented and sub-segmented based on service type, care type, end-user, and region.

Hospice Market – By Service Type:

• Nursing Services
• Medical Supply Services
• Counseling Services
• Short-Term Inpatient Services
• Physician Services
• Physical Therapy
• Speech Therapy
• Spiritual Therapy

Based on the service type, the nursing services segment is predicted to account for the largest share in the global hospice market during the forecast period owing to the high prevalence of chronic disease, cancer, dementia, cardiovascular, and kidney diseases.

On the other hand, the physician services segment is anticipated to showcase a healthy CAGR during the forecast period.

Hospice Market – By Care Type:

• Acute Care
• Respite Care

Based on the care, the acute care segment is estimated to grow at an aggressive CAGR during the forecast period owing to the significant rise in the number of patients with chronic diseases such as heart disease, stroke, cancer, and diabetes. However, technological advancements for improving the quality of treatment are further expected to fuel the growth of this segment.

The respite care segment is anticipated to be another lucrative segment during the forecast period.

Hospice Market – By End User:

• Home Settings
• Hospitals
• Specialty Nursing Homes
• Hospice Care Centres

Based on the end-user, the home settings segment is growing faster due to the rising prevalence of chronic diseases and the increasing geriatric population across the globe. As per the Centre for Disease Control and Prevention data, 40 million people aged 65 accounted for 13% of the global population. Also, several diverse programs related to the patient's disease and economic condition influence market growth.

Hospice Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American hospice market is expected to hold the largest market share during the forecast period. Factors such as growing investments by the government and private individuals for improving healthcare infrastructure and cardiac disorders are majorly promoting the growth rate of the North American market. 

The European market was the second-largest regional market globally in 2022 and is estimated to grow at an increasing CAGR of 6.7% during the forecast period. Increasing healthcare expenditure and advanced home care services are majorly attributing to the market growth in Europe. In Europe, The United Kingdom held the largest market share over the forecast period and is projected to continue its share throughout the forecast period. 

The Asia Pacific is one of the fastest-growing regional markets globally. The major contributors in this region are China, India, Japan, and the rest of the world. India and China have dominated the hospice market during the forecast period. The market's growth is further accelerated by the growing number of patients with chronic diseases. 

Middle East Africa is anticipated to have better growth in the coming years. Increasing respiratory problems and kidney issues are expected to propel the market growth. 

KEY MARKET PARTICIPANTS:

Some of the major market players in the global hospice market are Amedisys, Covenant Care., Dierksen Hospice, National Association for Home Care & Hospice., LHC Group, Inc, Oklahoma Palliative & Hospice Care., Alzheimer's Association, Curo Health Services, VITAS Healthcare, Seasons Hospice and Palliative Care, Samaritan Health Services., Accord Palliative and Hospice Care, Inc, EXTENDICARE., HCR ManorCare USA, Inc., AccentCare.