Palliative Care Market

The establishment and execution of policies that support palliative care services under essential healthcare facilities is the result of recent improvements and changes in the health care system ly. For instance, Medicare Hospice Benefits (MHB) pays 87% of the costs associated with patient days at the hospice and palliative care facilities, with the remaining 15% covered by Medicaid, self-pay, private insurers, and charitable donations. Palliative care is becoming more widely used in patient care due to increased integration at the primary and secondary levels of healthcare.

The necessity for hospitalization and Medicare costs are both decreased by home-based palliative care treatments. Health systems and payers are becoming more interested in palliative care models as financial and quality incentives are now available for home-based palliative care. The creation of palliative care organizations has increased the number of qualified patients and families for care. Coordinated care that emphasizes enhancing quality of life and assisting patients in receiving care in their homes, daily support, proactive medical treatment, and disease management has been achieved due to a multidisciplinary team approach to treat pain and symptoms and provide grief counseling.

These have produced further cost reductions, delivering services of the highest caliber, and a strong referral network. These crucial elements are anticipated to substantially impact the market CAGR.

ly, 727 million people are believed to be 65 or older, according to the Department of Economic and Social Affairs. Additionally, it is predicted that by 2050, this population will have more than doubled, reaching almost 1.5 billion people. All older persons with chronic conditions, regardless of where they receive medical treatment, should receive the best palliative care, according to a joint statement from the European Union Geriatric Medicine Society and the European Association for Palliative Treatment. Additionally, chronic diseases, including cancer, cardiovascular disease, and neurological problems, are more prevalent among older persons and tend to afflict them more frequently.

The percentage of the  population over 60 years old will nearly double from 12% to 22% between 2015 and 2050, according to the WHO. With an emphasis on the body, mind, and spirit, pain and symptom control, and helping patients and their families comprehend treatment plans, palliative care helps the elderly avoid unnecessary hospital visits. Furthermore, compared to the general population, the needs of the elderly population in terms of palliative care are particular. Future potential for the market participants in palliative care will be brought about by an aging population expanding ly. Thus, driving the palliative care market revenue.

The Global Global Palliative Care Market Industry is experiencing an increasing demand for palliative care services, driven by the growing prevalence of chronic diseases and an aging population. As more individuals require comprehensive pain management and supportive care, the market is projected to reach 5.47 USD Billion in 2024. This trend indicates a shift towards patient-centered care, where the focus is on improving quality of life for patients with serious illnesses. Governments and healthcare organizations are recognizing the importance of integrating palliative care into standard healthcare practices, which further fuels market growth.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American palliative care market area will dominate this market due to the growing integration of palliative care into health care management programs, favorable policies and reimbursement schemes that cover palliative and end-of-life care, developments in palliative care, and the presence of important players in the area.

These crucial factors are anticipated to further fuel revenue growth of the North American market over the forecast period because palliative care is regarded as an established field of medicine with a formal accreditation process in the United States, has growing professional and public awareness, has a high availability of training options, and is provided in nearly all healthcare settings.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2  PALLIATIVE CARE MARKET SHARE BY REGION 2022 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe palliative care market accounts for the second-largest market share due to the widespread occurrence of cardiac problems, the growing popularity of palliative care, and payment for palliative care. A growing number of people are getting older and the European region has a well-developed healthcare system. Eurostat estimates that in 2020, 20.6% of EU citizens will be 65 years of age or older. The need for palliative care is anticipated to rise since senior populations are increasingly likely to have chronic diseases.

Further, the German palliative care market held the largest market share, and the UK palliative care market was the fastest growing market in the European region

The Asia-Pacific Palliative care Market is expected to grow at the fastest CAGR from 2023 to 2032 due to factors such as the presence of organisations like the Asia Pacific Hospice Palliative Care Network (APHN), which supports a network of people and national organizations active involved in palliative care to streamline palliative care services, the rising availability of essential drugs for palliative care, the rising availability of specialist palliative care services, and the increasing number of patients diagnosed with advanced stage diseases.

Moreover, China’s palliative care market held the largest market share, and the Indian palliative care market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the palliative care market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, palliative care industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the palliative care industry to benefit clients and increase the market sector. In recent years, the palliative care industry has offered some of the most significant advantages to market.

Major players in the palliative care market attempting to increase market demand by investing in research and development operations include Vitas Healthcare Corporation (US), Sunrise Senior Living, LLC (US), Home Instead, Inc. (US), Amedisys, Inc. (US), Genesis Healthcare, Inc. (US), LHC Group, Inc. (US), Revera Inc. (Canada), FC Compassus LLC (Japan), Kindred Healthcare (US) and Seymour Health (Australia).

In the field of senior living, Revera is a prominent owner, operator, and investor. Over 500 sites in Canada, the United States, and the United Kingdom are owned or operated by Revera through its network of partnerships, providing services to over 55,000 people. The organization also provides senior residences by offering independent living, assisted living, memory care, long-term care, and skilled nursing. Revera is assisting senior citizens in living life to the fullest with the support of its about 50,000 staff who are committed to offering first-rate care and service.

Revera's social cause of choice is ageism, which it is dedicated to addressing through Age is More.

Healthcare provider Amedisys Inc. (Amedisys) provides individualized home health care, hospice care, and personal care in the US. The business provides practical nursing care, occupational therapy, counselling, pharmaceutical management, spiritual care, and supplies and equipment for people with terminal illnesses and diseases that are associated to them. Additionally, it offers companion care, rehabilitative and disability care, homemaker services, social services for acute and chronic illnesses, and services for home health aides.

It provides services through a network of hospice care facilities, personal care facilities, and home health care facilities with Medicare certification that are located in many US states and the District of Columbia.