Key factors like the rising incidences of life-threatening disorders, increasing elderly population, and advanced certification for palliative care are fueling the palliative care market’s growth.
Market size: USD 3.18 billion in 2019, Growth Rate: 8% Market Trends: Growing demand for palliative care to treat diseases like Alzheimer’s, Parkinson’s, or kidney diseases.
The global sector for palliative care Market is predicted to grow at a considerable rate of 8% during the projected period and rise from USD 3.18 billion in 2019 to USD 6.10 billion in 2027.
Palliative care is a specialized healthcare service for patients suffering from serious illnesses. The patients undergo such treatments offered by trained healthcare staff to cope up with their conditions effectively. Family members of the patient are provided with counseling sessions to overcome their bereavement.
These treatments aim to guide the patient to gather courage and strength to perform basic daily activities and cope with their life-threatening disorders simultaneously. Along with care services, spiritual and psychological components are amalgamated in the care plan.
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People suffering from life-threatening disorders such as Alzheimer’s, Parkinson’s, kidney disease, and Amyotrophic Lateral Sclerosis (ALS) are treated in palliative care. Problems associated with such conditions like difficulty sleeping, nausea, depression, anxiety, shortness of breath, and constipation are lowered with the treatments offered in palliative care.
The rising incidences of life-threatening diseases and increasing elderly population are significant factors spurring the demand for palliative care. Technological advances for remote monitoring in the healthcare industry are fueling the growth of the market. Wearable devices like smartwatches are used for remote monitoring. They transmit signals to the team, notifying them of the status of the patient. It detects the probability of fall, changes in movement and notifies the caregivers immediately.
Several companies are focusing on inventing new strategies, such as launching new products and partnerships to strengthen their palliative care market position.
To identify the key trends in the industry, click on the link below:
Key findings of the report:
- Based on application, the cancer sub-segment accounted for the most considerable market revenue share of around 40% in 2019 and is expected to grow at a CAGR of 8.5% during the projection period. Half of the palliative care unit is related to cancer diagnosis and treatment, increasing the demand for this segment.
- The hospice resident care sub-segment is estimated to grow at the fastest CAGR of 11.3% and a market share of 14.5% during the projection period. The growing awareness of life-threatening conditions and increasing residential hospice contributes to this segment’s market revenue.
- Europe is estimated to hold a considerable share of the palliative care market due to the increasing healthcare industry and the rising geriatric population.
- The Asia Pacific region is projected to observe a fast CAGR of 8.6% and is expected to generate significant market revenue during the forecast period.
- North America has dominated the palliative care market in 2019 with a share of 43% and is expected to grow at a CAGR of 8.1% through 2027. The well-equipped healthcare sectors, along with the ever-increasing prevalence of lie-threatening disorders and priority for providing palliative care sectors in hospitals, are key factors boosting the market for palliative care in this region.
Key players in the Palliative Care Market:
- Sunrise Senior Living LLC
- Amedisys Incorporated
- Senior Care Centers of America
- Skilled Healthcare Group Incorporated
- Gentiva Health Services Incorporated
- Kindred Healthcare Incorporated
- Home Instead Senior Care Incorporated
- Genesis HealthCare Corporation
- Vitas Healthcare Corporation
- GGNSC Holdings LLC
For the purpose of this report, Reports and Data has segmented the Global Palliative Care Market according to care type, application, end-user, and region:
Care Type Outlook (Revenue, USD Billion; 2017-2027)
- Nursery and Residential Facility Car
- Private Resident Car
- Hospital Inpatient Care
- Hospice Resident Care
Application Outlook (Revenue, USD Billion; 2017-2027)
- Amyotrophic Lateral Sclerosis (ALS)
- Kidney failure
- Chronic obstructive pulmonary disease (COPD)
- Cardiac diseases
End-user Outlook (Revenue, USD Billion; 2017-2027)
- Long-term care centers & Rehabilitation Centers
- Palliative care centers
- Home care settings
Regional Outlook (Revenue, USD Billion; 2017-2027)
Middle East & Africa
Table of Content
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technology
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2027
Chapter 3. Indicative Metrics
Chapter 4. Palliative Care Market Segmentation & Impact Analysis
4.1. Palliative Care Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
18.104.22.168. The rising incidence rate of life-threatening diseases
22.214.171.124. The increasing number of geriatric population
126.96.36.199. The developments in certification for palliative care
4.2.3. Market restraints analysis
188.8.131.52. Limited awareness about the care service
184.108.40.206. High treatment cost in life-threating conditions
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price Trend Analysis
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