Hospice Market by Service Type (Counselling Services, Medical Supply Services, Nursing Services), Application (Facility-based Care, Home-based Care) - Global Forecast 2024-2030

Hospice Market by Service Type (Counselling Services, Medical Supply Services, Nursing Services), Application (Facility-based Care, Home-based Care) - Global Forecast 2024-2030

The Hospice Market size was estimated at USD 120.55 billion in 2023 and expected to reach USD 129.67 billion in 2024, at a CAGR 7.80% to reach USD 204.01 billion by 2030.

The hospice market comprises organizations, services, and solutions dedicated to providing end-of-life care, focusing on palliating patients' symptoms and providing emotional, spiritual, and logistical support to patients and their families. This sector primarily caters to terminally ill patients who have chosen comfort care over curative treatments, emphasizing quality of life in their remaining time. The hospice market is driven mainly by the aging global population, increasing the need for palliative care services. The rise in chronic diseases, such as cancer, heart failure, and Alzheimer's disease, necessitates end-of-life care, boosting the hospice market. Additionally, there is a growing preference for in-home care over hospital stays, which supports hospice services. Despite the growth drivers, the hospice market faces several restraints. One major issue is the shortage of skilled professionals in palliative care, which can hinder the quality of services provided. There is also a prevailing lack of awareness about hospice benefits among populations in several regions, leading to underutilization. However, the increasing integration of technology in healthcare offers substantial opportunities for the hospice market. Telehospital services, using telehealth to provide care to patients in remote locations, represent a significant area for expansion. Moreover, partnerships between the public and private sectors to improve access to palliative care can open new avenues. The initiative to educate the public about the benefits of hospice care and efforts to streamline regulatory processes also present opportunities for market growth.

Regional Insights

The hospice market in the Americas represents one of the significant regions driven by a well-established healthcare infrastructure, favorable government policies such as Medicare and Medicaid coverage, and a growing awareness among the population regarding hospice benefits. In addition, there is a significant focus on home healthcare services, with many patients preferring to receive end-of-life care in the comfort of their homes. The APAC region is witnessing rapid growth in the hospice market, attributed mainly to its aging population, particularly in countries such as Japan and China. The region is experiencing increasing investments in healthcare infrastructure and a gradual shift towards recognizing the importance of palliative care. Governments and non-governmental organizations (NGOs) are playing a crucial role in educating the populace and promoting hospice services, which is expected to drive market growth in this region. The EMEA region showcases diverse trends in the hospice market, with Europe leading in terms of market maturity and development. The market in Europe is driven by well-established healthcare systems, favorable policies promoting palliative care, and high awareness levels among patients and healthcare providers. Meanwhile, the Middle East and Africa are experiencing gradual growth, with increasing government initiatives aimed at enhancing palliative care services and training healthcare professionals are expected to foster growth in these emerging markets.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Hospice Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising prevalence of chronic diseases with an increasing geriatric population
Increasing preferences for palliative care at home
Growing government initiatives to improve palliative care infrastructure

Market Restraints

Shortage of skilled healthcare professionals in palliative care and stringent regulatory requirements

Market Opportunities

Growing advancements in the expansion of hospice services
Increasing potential with the emerging trend of telehealth services

Market Challenges

Misconceptions and stigma associated with hospice care

Market Segmentation Analysis

Service Type: Growing usage of counseling services that depends on the provider's expertise and the customization of services
Application: Rising potential of hospice services across facility-based care as they are designed to offer a comfortable, supportive environment for end-of-life care

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Hospice Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Hospice Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Community Hospice to Join Ohio’s Hospice Strategic Partnership

Community Hospice, a not-for-profit organization in New Philadelphia, has partnered with Ohio’s Hospice, a community-based hospice care across more than 65 counties in Ohio. This strategic partnership, effective January 2024, is expected to uphold high-quality care facilitated by local teams, including those from Ohio’s Hospice LifeCare in Wooster, furthering their joint mission in the northeastern regions.

Home Health Hospice Care Has Expanded its Community Hospice House

Home Health Hospice Care (HHHC) has unveiled its USD 2.5 million expansion of the Community Hospice House on Naticook Drive following an 18-month construction period. HHHC's expansion underscores its commitment to providing compassionate, specialized care for end-of-life patients.

Gentiva Completes Acquisition of ProMedica’s Home Health and Hospice Business

Gentiva, a provider in the hospice, palliative, and personal care sector, has acquired ProMedica's home health, palliative, and hospice business. This acquisition marks a pivotal step in Gentiva’s mission to expand access, equity, and quality of care for patients, welcoming over 4,000 dedicated ProMedica associates into its fold.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Hospice Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Hospice Market, highlighting leading vendors and their innovative profiles. These include AccentCare, Inc., Amedisys, Inc., Amvis Holdings, Inc., Athulya Senior Care, BAYADA Home Health Care, Brookdale Senior Living Inc., Care24 Pvt Ltd., Community Hospice & Palliative Care, Compassus, Crossroads Hospice, Dierksen Hospice, Elara Caring, Enhabit Home Health & Hospice, Gentiva, Heart to Heart Hospice, Hope Hospice Inc., Hospiscare, Interim HealthCare Inc., Jeevodaya Hospice, LHC Group Inc., Lifepath Hospice Care Services, Sage Hospice Holdings, LLC, Sathe Hospital, Trustbridge, Inc., and VITAS Healthcare by Chemed Corporation.

Market Segmentation & Coverage

This research report categorizes the Hospice Market to forecast the revenues and analyze trends in each of the following sub-markets:

Service Type
Counselling Services
Medical Supply Services
Nursing Services
Physician Services
Application
Facility-based Care
Hospitals
Speciality Nursing Home
Home-based Care
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year