Hospices & Palliative Care Centers in the US - Industry Market Research Report

Hospices & Palliative Care Centers in the US - Industry Market Research Report

Hospices & Palliative Care Centers in the US

Economic and demographic forces have recently fueled spending on hospice and palliative care. Additional government funding, rising healthcare costs and a general shift toward high-quality end-of-life care at home also increasingly direct healthcare spending to providers. An aging population requires support from hospice and palliative centers for complex medical needs – leading 1.7 million Americans to receive hospice services in 2020. As providers treat more aging adults, the industry has become more intertwined with Medicare and Medicaid, leaving providers more reliant on payment rates (even a minor rate change can have substantial effects). Rising Medicare spending on hospice also brings additional oversight and scrutiny to a complex regulatory environment. Still, the senior population's expanding medical needs are leading industry-wide revenue to grow at a CAGR of 1.9% over the past five years and is expected to total $36.1 billion in 2023, when revenue will increase an expected 1.8%.

This industry provides programs that offer symptom relief and pain management for patients with life-terminating illnesses. Hospice care applies to companies that administer care (in terms of comfort rather than cure) to patients with life-limiting illnesses or diseases. Nonhospice palliative care is provided to individuals with serious, complex illnesses who may or may not be expected to recover fully; this segment is excluded from this industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.