Due to the rising demand for palliative care facilities from patients with chronic illnesses, the palliative care market revenue is anticipated to experience considerable rise over the forecast period. For instance, the Centre to Advance Palliative Care (CAPC) reports that between 2000 and 2016, there was a 178% rise in the number of hospitals in North America with a palliative care team, going from 658 to 1,831. The number of elderly people with chronic illnesses is growing, which is boosting the demand for palliative care. Elderly patients suffering from chronic illnesses are frequently cared for by palliative care facilities. The National Council on Aging's 2018 report estimates that 80% of older persons have at least one chronic condition and 77% have two or more, including diabetes, cancer, heart disease, and stroke.
According to Coherent Market Insights, in 2020, the market for Palliative Care was estimated to be worth $11,200 million, and by 2030, it is anticipated to grow to $25,309 million, with a CAGR of 8.4%.
Key Competitors in the Palliative Care Industry:
1. Vitas Healthcare Corporationw
The company was founded in 1978 and is based in Florida, United States. The Company provides palliative medical services and related products that are largely aimed at enhancing the quality of life for terminally ill patients and their families rather than at treating the underlying or end-stage condition. In March 2023, Broward Health Coral Springs will Expand VITAS' Provision of High-Quality End-of-Life Care. Renovations for the hospice facility in West Allis were finished by VITAS in February 2023.
2. Skilled Healthcare Group Incorporated
The firm was founded in 1997 and is based in California, United States. The company prioritises giving its patients high-quality care, and it is well known for treating patients that need a lot of specialised care. Through its skilled nursing facilities and physical therapy division, the company offers comprehensive long-term healthcare services.
3. Sunrise Senior Living LLC
The business was founded in 1981 and is located in Virginia, United States. Services for senior living are offered by Sunrise Senior Living, Inc. The business provides services for elder living, independent and assisted living, nursing, and rehabilitation. Sunrise Senior Living will debut Sunrise on East 56th, a 151-unit luxury lifestyle complex, in New York City in December 2021.
4. Kindred Healthcare Incorporated
The company was founded in 1985 and is located in Kentucky, United States. A corporation called Kindred Healthcare provided post-acute healthcare services, ran long-term acute-care facilities, and offered rehabilitation services all throughout the country. Kindred was purchased by the Brentwood, Tennessee-based hospital network LifePoint Health in 2021.
5. Gentiva Health Services Incorporated
The company was started in 1999 and is based in Atlanta, Georgia, United States. A variety of health and medical services are provided by the business, such as healthcare, physical, occupational, and speech-language therapy, cardiac and pulmonary care, disease and pain management, and other related services.
6. Amedisys Incorporated
The business was founded in 1982 and has its main office in Louisiana, U.S. Provider providing healthcare services at non-traditional locations is Amedisys, Inc. The business provides ambulatory surgery centres, infusion therapy at home, and home health care nurses. In the southern and southeastern United States, Amedisys has offices through a network of companies. The Home Health Joint Venture between Amedisys and the University of Arkansas for Medical Sciences was completed in December 2022.
7. Genesis HealthCare Corporation
The firm was founded in 1985 and is located in Pennsylvania, United States. Services for post-acute care are offered by Genesis Healthcare, Inc. At several facilities, the company provides services for assisted and elder living, short-term and long-term care, specialised care, and rehabilitation.
*Definition: Palliative care focuses medical treatment for those with life-threatening illnesses. Relief from the symptoms and stress of a serious illness is the main goal of this sort of care. A team of doctors, nurses, and other professionals with specialised training provides palliative care.
