The size of the global hospice market is forecasted to be growing at a CAGR of 9.1% from 2021 to 2026.
During the COVID-19 pandemic, many health systems were experiencing increased demand for healthcare services owing to the shortage of doctors and nurses to provide immediate and post-recovery care. This has increased the demand for hospice services across the globe. Patients with co-morbidities and complications were at high risk of developing morbidity and mortality from COVID-19. According to the WHO, it is estimated that around 21 million people each year across the globe require hospice services.
The workload of providing critical and respite care was deemed essential during the pandemic. There was a massive reduction in the number of hospital beds coupled with the rapid increase in patients. As a result, there is a strong demand for hospice home care services for patients with chronic, life-threatening illnesses during the COVID-19. Research has shown that hospice care can reduce intensive care units and lower hospital costs. These factors have led to an increase in the growth of the hospice market during 2020-2021.
The rapid increase in the elderly population group and the subsequent rise in the incidence of age-related diseases and life expectancy are projected to drive the growth of the global hospice market. According to the Department of Economic and Social Affairs, an estimated 730 million people are aged 65 and over worldwide. This number is also projected to double by 2050, reaching more than 1.55 billion people. Furthermore, according to the WHO, the proportion of the world’s population over the age of 60 will almost double, from 13% to 23% from 2015-2025. In addition, the high prevalence of various chronic diseases, such as diabetes, dementia, cancer, kidney, cardiovascular and respiratory diseases, is projected to skyrocket the demand for hospice services during the forecast period.
The growing volume of patients and high awareness of the benefits of hospice services, the prevalence of premium services by various government departments and private organizations are various factors likely to enhance the growth of this market during the forecast period. According to the WHO, only around 15% of people are availing hospice across the globe, and there is a huge margin for growth in the years to come. According to the Centre to Advance Palliative Care, approximately 61.23% of all hospitals with more than 50 beds or more have a hospice team in the United States. In addition, increased competition among existing market players and the adoption of new ideas will generate various opportunities that lead to market growth.
The European Union Society for Geriatric Medicine and the European Association for Palliative Care have jointly called on all elderly citizens with chronic illnesses to be offered the best possible approach to healthcare care, wherever they are treated. This has resulted in an increasing number of hospices that help seniors reduce hospital visits by focusing on body, mind, and spirit, controlling pain and symptoms, and assisting patients in understanding treatment plans.
The global hospice market is currently facing some challenges, such as concerns about patient safety, a shortage of nurses or home care workers, and the degree of competition. In addition, the strict regulatory framework and the improper use of funds provided by various organizations are some restraining factors that are likely to hamper the growth of the hospice market during the forecast period mentioned above.
There is no access to adequate and essential healthcare drugs in underdeveloped countries. According to the WHO, around 41 million people need hospice each year, but 77% do not have access, about half are from Africa. In addition, lack of public awareness, insufficient education in healthcare professionals and volunteers, inadequate policies will challenge the market growth.
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KEY MARKET INSIGHTS:
- The nursing services segment is expected to lead the global hospice market during the forecast period based on the service type.
- Based on care type, the acute care segment is predicted to showcase a healthy CAGR from 2021 to 2026.
- Based on end-user, the home care facility segment is projected to hold a significant share of the hospice market as patients prefer their home for treatment to other medical facilities. This requires the hiring of healthcare professionals who can provide adequate services. This will help lower health care costs and reduce the use of health care resources, thus helping this segmental growth during the analysis period.
- Based on region, the North American region held the largest share, owing to the presence of well-developed medical infrastructure and policies.
- Amedisys, Covenant Care., Dierksen Hospice, National Association for Home Care & Hospice., LHC Group, Inc, Oklahoma Palliative & Hospice Care., Alzheimer’s Association, Curo Health Services, VITAS Healthcare, Seasons Hospice, and Palliative Care, Samaritan Health Services., Accord Palliative and Hospice Care, Inc, EXTENDICARE., HCR ManorCare USA, Inc., AccentCare are a few of the noteworthy companies operating in the global hospice market.
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By Service Type:
- Nursing Services
- Medical Supply Services
- Counseling Services
- Short Term Inpatient Services
- Physician Services
- Physical Therapy
- Speech Therapy
- Spiritual Therapy
By Care Type:
- Acute Care
- Respite Care
By End User:
- Home Settings
- Specialty Nursing Homes
- Hospice Care Centres
- North America
- Latin America
- Middle East and Africa
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