PALLIATIVE CARE MARKET ANALYSIS

Market Challenges And Opportunities

Global Palliative Care Market Drivers

The palliative care market revenue is expected to witness significant growth over the forecast period, owing to increasing demand for palliative care centers by patients suffering from chronic illness. For instance, according to Center to Advance Palliative Care (CAPC), in North America, the prevalence of hospitals with a palliative care team increased from 658 to 1,831, which is around 178% increase from 2000 to 2016.

Increasing geriatric population suffering from chronic illness is contributing to the palliative care market size. Palliative care centers are widely involved in taking care of elderly patients affected with chronic illness.  According to National Council on Aging 2018 report, around 80% of older adults have at least one chronic disease and 77% have at least two chronic diseases such as heart disease, cancer, stroke, and diabetes.

Global Palliative Care Market: Restraints

The major restraining factor for palliative care market growth is unawareness in emerging economies regarding palliative care services and centers, where the services are highly required due to inadequate healthcare facilities. For instance, in 2014, a study named Global Atlas of Palliative Care at the End of Life, published by the World Health Organization (WHO) and the Worldwide Palliative Care Alliance (WPCA), found that only 14% of people in the world needing palliative care receive it and only 20 countries have palliative care firmly integrated into their healthcare systems. According to the report, most palliative care is provided in high-income countries, but almost 80% of the global need for palliative care services is in low- and middle-income countries.