Palliative Care Market Size, Share & Trends Analysis Report By Condition (Cancer, HIV), By Age Group (Geriatric, Adult), By Provider (Home-based, Hospitals & Clinics), By Diagnostic Group, By Region, And Segment Forecasts, 2024 - 2030

Palliative Care Market Size, Share & Trends Analysis Report By Condition (Cancer, HIV), By Age Group (Geriatric, Adult), By Provider (Home-based, Hospitals & Clinics), By Diagnostic Group, By Region, And Segment Forecasts, 2024 - 2030

Palliative Care Market Growth & Trends

The global palliative care market size is estimated to reach USD 243.2 billion by 2030, based on a new report by Grand View Research, Inc., and is projected to register a CAGR of 9.93% from 2024 to 2030. The market's growth can be attributed to the rapidly growing geriatric population and increasing awareness about the benefits of palliative care in developing countries. Palliative care is becoming an essential component of healthcare, ensuring that patients with life-threatening diseases receive the services and support they need with comfort in their final stages of life. Moreover, many healthcare providers are establishing centers that cater to individuals of all age groups, recognizing the importance of offering comprehensive services.

This is expected to contribute to market's growth from 2024 to 2030. For instance, in September 2022, Cambridge University Hospitals NHS Foundation Trust (CUH) launched a new palliative care service for babies, children, and young people, including support for families. Furthermore, governments are providing funding for financial support for establishing and expanding palliative care programs, including training for healthcare professionals, infrastructure development, and research initiatives. For instance, in 2021, the Canadian government allocated USD 1.08 million for five years to McMaster University to enhance its services.

This funding was intended to expand and improve services under the long-term care (LTC) initiative, improving the quality of life and end-of-life services for patients & their families across Canada. Such initiatives are expected to contribute to the market's growth over the forecast period. The COVID-19 pandemic has had a significant impact on the industry's growth due to staff shortages and reduced demand for inpatient services. However, many countries shifted toward community-based settings to cater to the rising demand. These settings have led to an increased focus on telepalliative care to provide palliative care services to patients who cannot access traditional in-person services.

Palliative Care Market Report Highlights

• Based on conditions, the cancer segment held the largest market share in 2023 owing to a rising number of cancer cases, aging population, and extensive use of palliative care in cancer therapy
• Based on diagnostic groups, the non-communicable diseases diagnostic group dominated the market in 2023 owing to high demand from patients in need of specialized services, such as cancer patients
• Based on age groups, the adult group segment dominated the market in 2023 owing to an increasing number of adults suffering from chronic diseases, such as cancer, heart disease, stroke, and respiratory diseases
• Based on providers, the home-based provider segment dominated the market in 2023 owing to the highly personalized services that cater to each patient's unique needs and preferences
• Europe was the dominant regional market in 2023 owing to the presence of a large number of service providers and growing investment for LTC in this region
• In October 2022, On World Hospice and Palliative Care Day, a 10-bed pediatric palliative care ward was inaugurated at Sparsh Hospice in Khajaguda, Hyderabad. This addition of new facilities for palliative care is expected to contribute to the growth of the market by increasing the availability of services.

Please note The report will be delivered in 4-8 business days upon order notification.