HOSPICE SERVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Key Takeaways from Analyst

Global hospice services industry can witness significant growth over the forecast period due to growing geriatric population worldwide who are more prone to terminal illnesses. This can boost demand for palliative and end-of-life care services. Another factor driving the market growth includes increasing preference for hospice care over hospital stays due to better comfort and peace of mind offered to patients.

Lack of awareness about hospice care and palliative care services in some developing nations may pose challenge to the market growth. Significant shortage of palliative care workforce and inadequate reimbursement policies for hospice services also act as barriers.

The market is likely to benefit from rising government initiatives and funding to promote hospice care infrastructure. Increasing charitable activities by NGOs and religious groups to provide hospice services freely or at affordable costs can also create new opportunities. North America currently dominates the market but the Asia Pacific region will emerge as the fastest growing regional market due to increasing acceptability of hospice care in China and India.