Hospice & Palliative Care Centers Market Set for Rapid Growth And Trend by 2024

Hospices & palliative care is a type of care that offers support and care for patients during their last phase of life. It focuses on critically ill patient's pain and symptoms, and attending to their spiritual and emotional needs, with an approach to improve the life of patients and their families associated with life-threatening illness. Hospice care can be offered by autonomous hospices or through programs based in nursing homes, health care organization, outpatient clinics and hospitals. It can also be offered in the nursing home, patient’s home, a hospital, or private hospice facility. Home hospice care is usually less expensive than that provided in hospitals, nursing homes, or other institutional settings as the cost of additional staff and highly equipped facilities is circumvented when at home. Moreover, patients prefer hospice care as the patient desires to spend the rest of life with loved ones at home.

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Due to an aging U.S. population, and sustained federal reimbursement, the growth of hospice and palliative care sector is increasing rapidly. Companies are also following marketing strategies for converting their companies into profit making organizations.

The global hospice & palliative care centers market is segmented on the basis of service type. Type of hospices & palliative care services includes Institutional care , nursing care, physician services, trained volunteer support, social services, spiritual support and counseling, home health aides, physical, and occupational, speech therapies, inpatient care, respite care, bereavement support and adult day care services. Based on the location, the hospice and palliative care centers market is analyzed for patient’s residence, hospice inpatient facility and acute care hospital.

According to the National Hospice and Palliative Care organization (NHPCO), in 2014 approximately 1.6 to 1.7 million patients received services from hospice care centers. Nearly 60% of the hospice care in 2014 was provided at patient’s residence.

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