Hospice & palliative care is a type of care that offers support and care to patients during their last phase of life. It focuses on improving quality of life of patients suffering from life-threatening illnesses by focusing on fulfilling their spiritual and emotional needs. Hospice care can be offered by autonomous hospices or through programs based in nursing homes, health care organization, outpatient clinics, and hospitals. It can also be offered in the nursing home, patient’s home, a hospital, or private hospice facility. Home hospice care is usually less expensive than that provided in hospitals, nursing homes, or other institutional settings, as the cost of additional staff and highly equipped facilities is circumvented. Preference for home hospice care is high as patients desire to spend the quality time with their loved ones. According to the National Hospice and Palliative Care organization (NHPCO), in 2014, 1.6 million to 1.7 million patients received services from hospice care centers. Nearly 60% of the hospice care in 2014 was provided at patient’s residence.
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The global hospice & palliative care centers market is segmented on the basis of service type and location. Services include institutional care, nursing care, physician services, trained volunteer support, social services, spiritual support and counseling, home health aides, physical, and occupational, speech therapies, inpatient care, respite care, bereavement support, and adult day care services. On the basis of location, the hospice & palliative care centers market can be segmented into patient’s residence, hospice inpatient facility, and acute care hospital.
The hospice & palliative care centers market is driven by various factors such as favorable reimbursement from Medicaid and Medicare, rapidly aging population and increasing healthcare expenditure and a common drift toward end-of-life care. According to the Centers for Disease Control and Prevention (CDC), there were 40 million people (13% of the total population) aged 65 and above in the U.S. in 2010. This is projected to reach around 20% of the population of the U.S. by 2030. Furthermore, the NHPCO reports that in 2014, over 60% of the hospice care was for the people aged 75 years and above in the U.S. Rapidly aging U.S. population and sustained federal reimbursement, are propeling growth of hospice and palliative care sector in the U.S.
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Demand still high in the Developed Markets
Geographically, the hospice & palliative care centers market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Hospice and palliative care centers are now recognized as a medical subspecialty by the American Board of Medical Specialties, as well as in Australia, Canada, England, New Zealand, and Ireland. Various European countries are also in the process of developing certification for palliative care. Most private health insurance companies include hospice care as a benefit. Some hospices are able to provide services without charge if a patient has limited or no financial resources.
Hospice care expenses in U.S. are mostly paid by the Medicare and Medicaid services and the Department of Veterans Affairs. Additionally, most of the private insurance plans, health maintenance organizations (HMOs) and other managed care organizations also provide the expenses for hospice care in their plans and policies which further augments growth of the market. Such hospice and palliative centers are also being established in emerging economies such as India, Brazil, Indonesia, and China. Affordability issues, and inadequate healthcare accessibility is hindering rapid growth of the market in these countries. The hospice & palliative care centers market is however, expected to gain traction gradually with increasing awareness in these countries.
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Major Players in the Global Hospice and Palliative Care Centers Market
Some of the key global participants present in the hospice & palliative care centers market are Vitas Healthcare Corporation, Skilled Healthcare Group Incorporated, Sunrise Senior Living, LLC , Kindred Healthcare Incorporated, Gentiva Health Services Incorporated, Home Instead Senior Care Incorporated, Amedisys Incorporated, Skilled Healthcare Group Incorporated, Genesis HealthCare Corporation, Senior Care Centers of America, and GGNSC Holdings LLC.
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