HOSPICE SERVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Global hospice services market is estimated to be valued at USD 4.40 Bn in 2024 and is expected to reach USD 8.11 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.1% from 2024 to 2031. Hospice care involves palliative care and pain management for patients with terminal illnesses near the end of life. It provides holistic support to improve quality of life for patients and their families dealing with life-limiting conditions, loss, and grief. Rising geriatric population suffering from chronic diseases, growing preference for palliative care over curative treatment at the end stage, and increasing awareness about hospice services can drive the market growth. However, high costs associated with hospice care and lack of awareness in developing nations may restrain the market growth.
Market Dynamics
Global hospice services market growth is driven by growing geriatric population worldwide that is more prone to chronic illnesses. In October 2024, as per WHO, the percentage of global population over 60 years will nearly double from 12% to 22% between 2015 and 2050. This has significantly increased the need for palliative and end-of-life care. Increasing preference for hospice care over curative treatment at the terminal stage of illness can also drive the market growth, as it ensures better quality of life. Several government initiatives like Palliative Care Improvement Act in U.S to promote palliative care and remove the stigma around death and dying have also boosted the market growth. However, high costs of hospice services pose a major challenge, restricting wider acceptance. Lack of awareness about hospice care in underdeveloped regions can hamper the market growth. The market offers opportunities due to rising investments by industry players to expand service offerings and geographic footprint.
Key Features of the Study
- This report provides in-depth analysis of the global hospice services market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global hospice services market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include VITAS Healthcare, Amedisys, Kindred Healthcare, LHC Group, Brookdale Senior Living Solutions, AccentCare, Curo Health Services, Seasons Hospice & Palliative Care, Compassus, Providence Health & Services, AseraCare Hospice, Hospice of the Valley, CHEMED Corporation, TIDEWELL HOSPICE, Senior Care Health Rehabilitation
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- Global hospice services market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global hospice services market
Market Segmentation
Market Segmentation
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