Palliative care is specialized medical care for people suffering from serious illness. This type of care is focused on providing relief from the symptoms and stress of serious illness. Palliative care is offered by specially-trained team of doctors, nurses, and other specialists. Palliative care teams specialize in treating people suffering from serious illnesses such as cancer, congestive heart failure (CHF), chronic obstructive pulmonary disease (COPD), kidney disease, Alzheimer’s, Parkinson’s, Amyotrophic Lateral Sclerosis (ALS), and others. Palliative care market is growing in high income countries such as European countries and Japan, owing to rising geriatric population suffering from chronic illness. Palliative care also include equipment such as wheelchairs, walkers, crutches, oxygen equipment, blood pressure monitors, and others.
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Global Palliative Care Market Drivers
The palliative care market is expected to witness significant growth over the forecast period, owing to increasing demand for palliative care centers by patients suffering from chronic illness. For instance, according to the Center to Advance Palliative Care (CAPC), in North America, the prevalence of hospitals with a palliative care team increased from 658 to 1,831, which is around 178% increase from 2000 to 2016.
Increasing geriatric population suffering from chronic illness is expected to drive the market growth. Palliative care centers are widely involved in taking care of elderly patients affected with chronic illness. For instance, according to the National Council on Aging 2018 report, around 80% of older adults have at least one chronic disease and 77% have at least two chronic diseases such as heart disease, cancer, stroke, and diabetes.
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Global Palliative Care Market: Restraints
The major restraining factor for palliative care market growth include unawareness in emerging economies about palliative care services and centers, where the services are highly required due to inadequate healthcare facilities. For instance, in 2014, a study named Global Atlas of Palliative Care at the End of Life, published by the World Health Organization (WHO) and the Worldwide Palliative Care Alliance (WPCA), found that only 14% of people in the world needing palliative care receive it and only 20 countries have palliative care firmly integrated into their healthcare systems. According to the report, most palliative care is provided in high-income countries, but almost 80% of the global need for palliative care services is in low- and middle-income countries.
Global Palliative Care Market: Regional Analysis
Among regions, North America is expected to hold dominant position in the palliative care market over the forecast period, owing to increasing expenditure on healthcare facilities, infrastructure, and healthcare policies for the treatment of chronic diseases. For instance, according to the National Health Expenditure Accounts (NHEA), the U.S. health care spending increased by 3.9% in 2017 reaching US$ 3.5 trillion or US$ 10,739 per person, compared to 2016, which accounted for US$ 3.3 trillion.
Asia Pacific palliative care market is expected to witness significant growth over the forecast period, owing to increasing patient base of chronic illness in older adults. For instance, China has the largest population in the world, according to the WHO 2013 report, out of the 202 million older people in China, over 100 million had at least one chronic non-communicable disease such as ischemic heart disease, cancer, stroke, arthritis and dementia. Furthermore, many had multiple chronic diseases at the same time.
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Global Palliative Care Market: Competitive Landscape
Key players operating in the global palliative care market include 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, and Genesis HealthCare Corporation.
Global Palliative Care Market: Taxonomy
The global palliative care market is segmented on the basis of service type, application, and region.
By Service Type
- Private Residence Care
- Hospital Inpatient Care
- Nursing Home Care
- Residential Facility Care
- Cardiac Diseases
- Chronic Obstructive Pulmonary Disease (COPD)
- Kidney Diseases
- Neurologic Diseases
- North America
- Latin America
- Asia Pacific
- Middle East
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