Global Hospice Services Market 2023-2030

Global Hospice Services Market 2023-2030

Global Hospice Services Market Size, Share & Trends Analysis Report by Services (Nursing Services, Medical Equipment and Supplies, Counseling Services, Short Term Inpatient Services, Physician Services, and Others), by Care Type (Acute Care and Respite Care), and by End-User (Home Settings, Hospitals, Specialty Nursing Homes, Hospice Care Centers, and others) Forecast Period (2023-2030)

The global hospice services market is anticipated to grow at a CAGR of 9.10% during the forecast period (2023-2030). The market’s growth is attributed to number of chronic conditions seeking palliative care. Palliative care is necessary for a wide variety of chronic disorders and is additionally required for a limited number of diseases. Cardiovascular conditions, cancer, long-term respiratory conditions, HIV/ AIDS, diabetes, and other conditions can be among problems. Palliative care services are in increasing demand as the number of chronic diseases globally rises, and that makes them a crucial component of healthcare delivery. According to the World Health Organization (WHO), in August 2020, palliative care is a right that is protected under the human right to health and should be tailored to individual needs and preferences. Many types of chronic conditions require palliative care, such as cardiovascular diseases (38.5%), cancer (34.0%), chronic respiratory diseases (10.3%), AIDS (5.7%) and diabetes (4.6%). Additionally, pain and difficulty in breathing are two of the most frequent symptoms experienced by patients in requirement of palliative care, with 80.0% of AIDS or cancer patients and 67% of cardiovascular disease or chronic obstructive pulmonary disease (COPD) patients experiencing moderate to severe pain at the end of their lives.

Key Facts

According to the World Health Organization (WHO),

Each year, an estimated 56.8 million people, including 25.7 million in the last year of life, are in need of palliative care.

Globally, only about 14.0% of people who need palliative care currently receive it.

Segmental Outlook

The global hospice services market is segmented on the services, care type, and end-user. Based on the services, the market is sub-segmented into nursing services, medical equipment and supplies, counseling services, short term inpatient services, physician services, and others. Based on the care type, the market is sub-segmented into acute care, and respite care. Furthermore, on the basis of end-user, the market is sub-segmented into home settings, hospitals, specialty nursing homes, hospice care centers, and others. The acute care subcategory is expected to capture a significant portion of the market share within the care type segment. This is attributed to the significant increase in the number of patients suffering from long-term conditions such diabetes, heart disease, stroke, and cancer. Furthermore, more technological developments aimed at raising treatment quality are anticipated to drive this market's expansion.

The Home Settings Sub-Segment is Anticipated to Hold a Considerable Share of the Global Hospice Services Market

Among the end-user, the home settings sub-segment is expected to hold a considerable share of the global Hospice Services market. The segmental growth is attributed to the growing demand for in-home care amid the COVID-19 problem. The COVID-19 pandemic prompted a sharp increase in the demand for patients with severe viral infections to need home-based treatment. In order to lower the danger of transmission in healthcare institutions, numerous individuals preferred to get care in the security and comfort of their own homes. For COVID-19 patients, the requirement for specialized treatment that emphasizes symptom control, emotional support, and enhancing the patient's quality of life can be provided through home-based palliative care. For instance, in February 2021, Mount Sinai Health System expanded its partnership with Contessa to launched Palliative Care at Home. To assist in providing home care for critically ill COVID-19 patients.

Regional Outlook

The global hospice services market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the expanding at a significant rate owing to rising public and private investments in cardiac diseases and better healthcare infrastructure.

The North America Region is Expected to Grow at a Significant CAGR in the Global Hospice Services Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the growing demand for chronic disease management. Patients with chronic diseases in India require specialized care and assistance owing to the high frequency of these conditions, particularly in rural areas. In order to provide comprehensive care that is suited to the preferences and symptoms individuals living with chronic diseases, the global market for hospice services has to expand to match their demands. According to the BMC Palliative Care, in February 2022, in Indiana, approximately 6.3 million people are living with at least one chronic illness, and 1.6 million people with two or more chronic illnesses. The most common illnesses are heart conditions (22.0%), cancer (20.5%), chronic obstructive pulmonary disease (18.0%), and diabetes (18.0%). A majority of those living with chronic illness reside in rural areas, and most are part of the agricultural workforce. Factors such as poorer health, limited socioeconomic resources, and restricted access to medical services, including palliative care, have been cited as reasons for the high prevalence of chronic illnesses and higher death rates in this population.

Furthermore, According to research from the Center for Rural Engagement, Indiana University, there is an unequal access to healthcare services in rural areas compared to the rest of the US. In rural areas, there are 230.8 active physicians per 100,000 people, compared to the median of 263.8 physicians per 100,000 individuals in the US. This presents a challenge in providing adequate healthcare services to individuals living in rural areas.

Market Players Outlook

The major companies serving the global hospice services market include Covenant Care California, LLC , Ensign Group, Inc., Extendicare, HCR Healthcare, LLC, and Knight Health Holdings, LLC, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2022, Kain Capital LLC, launched both the formation of a new holding company for hospice investments and its first acquisition.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global hospice services market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.