U.S. Hospice Market: Current Analysis and Forecast (2021-2027)

U.S. Hospice Market: Current Analysis and Forecast (2021-2027)

The U.S. hospice market is expected to witness a CAGR of around 8% during the forecast period (2021–2027). Hospice care is a special kind of care that works on the quality of life for patients and their guardians who are experiencing life-limiting diseases. Hospice care provides special care for patients in the last phase of life. In addition, hospice care treats the patient and symptoms of the disease, rather than treating the disease itself. so that a person’s last days may be spent with dignity and quality, surrounded by their loved ones. Moreover, increasing demand for this market in the U.S. will drive the growth of this segment during the forecast period. This is mainly due to increasing cases of chronic cancer, severe diseases, technological advancements in hospice care, aged patients with dementia, etc. Furthermore, according to the World Health Organization (WHO), around 5.8 million people in the U.S. have Alzheimer’s disease and related dementias, including 5.6 million aged 65 and older and about 200,000 under age 65 with younger-onset Alzheimer’s.

Kindred Healthcare Inc., Amedisys Inc., LHC Group Inc., Brookdale Senior Living Inc. Chemed Corporation, Crossroads Hospice, ProMedica Senior Care, Accentcare Inc., Heart to Heart Hospice, Oklahoma Palliative & Hospice Care are some of the key players in the market.

Insights Presented in the Report
"Amongst Diagnosis, the cancer category accounted for the majority share in the market in 2020”

Based on diagnosis, the U.S. hospice market is segmented into cancer, cardiovascular diseases, chronic respiratory diseases, chronic kidney diseases, and others. In 2020, the cancer category is anticipated to witness a considerable growth rate during the forecast period. Owing to the rising prevalence of severe chronic diseases such as cancer, End-stage kidney disease (ESKD), CVDs, aged patients, and increasing the number of the hospice care center in the U.S. These factors are anticipated to drive the growth of the hospice market. Furthermore, according to the World Health Organization (WHO), around 5.8 million people in the U.S. have Alzheimer’s disease and related dementias, including 5.6 million aged 65 and older and about 200,000 under age 65 with younger-onset Alzheimer’s.
"Amongst Provider, the Home Care Settings category is expected to witness the highest CAGR during the forecast period”

Based on provider, the U.S. Hospice market is categorized into hospitals & nursing homes, home care settings, and others. In 2020, the home care settings category is anticipated to witness a significant growth rate and is expected to grow significantly during this forecast period. This category is especially driven by the growing demand for better treatment & care by skilled professionals in home-care settings in aged patients with severe conditions, end-stage cancer patients, and other chronic diseases. Furthermore, according to the American Cancer Society (ACS), in 2022, around 189,220 new cancer cases were estimated, coupled with 60,970 estimated deaths in the U.S.
"California to witness significant growth during the forecast period”

For a better understanding of the market, the report provides a detailed analysis of major states in the U.S. including California, Texas, Florida, New York, Pennsylvania, and others. In 2020, California accounted for a significant market share. This is mainly due to the growing elderly population with life-limiting illnesses, cases of chronic disease. Furthermore, the state has a well-established healthcare infrastructure and the high per capita of residents further support the market growth rate in this region. For instance, as per California Health Care Almanac (CHCF), California’s population is projected to increase by 20% from 2010 to 2060. The most significant growth is projected in those aged 65 and older which was 33.1 million in 2010 which is 33.9 million in 2020. The number of the elderly population is expected to increase again by 2060 and reach nearly 34.3 million in California.

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