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Hospice Market worth $204.01 billion by 2030, growing at a CAGR of 7.80% - Exclusive Report by 360iResearch
Hospice Market | 360iResearch
The Global Hospice Market to grow from USD 120.55 billion in 2023 to USD 204.01 billion by 2030, at a CAGR of 7.80%.
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The hospice market comprises organizations, services, and solutions dedicated to providing end-of-life care, focusing on palliating patients' symptoms and providing emotional, spiritual, and logistical support to patients and their families. This sector primarily caters to terminally ill patients who have chosen comfort care over curative treatments, emphasizing quality of life in their remaining time. The hospice market is driven mainly by the aging global population, increasing the need for palliative care services. The rise in chronic diseases, such as cancer, heart failure, and Alzheimer's disease, necessitates end-of-life care, boosting the hospice market. Additionally, there is a growing preference for in-home care over hospital stays, which supports hospice services. Despite the growth drivers, the hospice market faces several restraints. One major issue is the shortage of skilled professionals in palliative care, which can hinder the quality of services provided. There is also a prevailing lack of awareness about hospice benefits among populations in several regions, leading to underutilization. However, the increasing integration of technology in healthcare offers substantial opportunities for the hospice market. Telehospital services, using telehealth to provide care to patients in remote locations, represent a significant area for expansion. Moreover, partnerships between the public and private sectors to improve access to palliative care can open new avenues. The initiative to educate the public about the benefits of hospice care and efforts to streamline regulatory processes also present opportunities for market growth.
The hospice market in the Americas represents one of the significant regions driven by a well-established healthcare infrastructure, favorable government policies such as Medicare and Medicaid coverage, and a growing awareness among the population regarding hospice benefits. In addition, there is a significant focus on home healthcare services, with many patients preferring to receive end-of-life care in the comfort of their homes. The APAC region is witnessing rapid growth in the hospice market, attributed mainly to its aging population, particularly in countries such as Japan and China. The region is experiencing increasing investments in healthcare infrastructure and a gradual shift towards recognizing the importance of palliative care. Governments and non-governmental organizations (NGOs) are playing a crucial role in educating the populace and promoting hospice services, which is expected to drive market growth in this region. The EMEA region showcases diverse trends in the hospice market, with Europe leading in terms of market maturity and development. The market in Europe is driven by well-established healthcare systems, favorable policies promoting palliative care, and high awareness levels among patients and healthcare providers. Meanwhile, the Middle East and Africa are experiencing gradual growth, with increasing government initiatives aimed at enhancing palliative care services and training healthcare professionals are expected to foster growth in these emerging markets.
Market Segmentation & Coverage:
This research report categorizes the Hospice Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Service Type, market is studied across Counselling Services, Medical Supply Services, Nursing Services, and Physician Services. The Nursing Services is projected to witness significant market share during forecast period.
Based on Application, market is studied across Facility-based Care and Home-based Care. The Facility-based Care is further studied across Hospitals and Speciality Nursing Home. The Home-based Care is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 38.19% in 2023, followed by Asia-Pacific.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Hospice Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Hospice Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Hospice Market, highlighting leading vendors and their innovative profiles. These include AccentCare, Inc., Amedisys, Inc., Amvis Holdings, Inc., Athulya Senior Care, BAYADA Home Health Care, Brookdale Senior Living Inc., Care24 Pvt Ltd., Community Hospice & Palliative Care, Compassus, Crossroads Hospice, Dierksen Hospice, Elara Caring, Enhabit Home Health & Hospice, Gentiva, Heart to Heart Hospice, Hope Hospice Inc., Hospiscare, Interim HealthCare Inc., Jeevodaya Hospice, LHC Group Inc., Lifepath Hospice Care Services, Sage Hospice Holdings, LLC, Sathe Hospital, Trustbridge, Inc., and VITAS Healthcare by Chemed Corporation.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Hospice Market, by Service Type
7. Hospice Market, by Application
8. Americas Hospice Market
9. Asia-Pacific Hospice Market
10. Europe, Middle East & Africa Hospice Market
11. Competitive Landscape
12. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Hospice Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Hospice Market?
3. What is the competitive strategic window for opportunities in the Hospice Market?
4. What are the technology trends and regulatory frameworks in the Hospice Market?
5. What is the market share of the leading vendors in the Hospice Market?
6. What modes and strategic moves are considered suitable for entering the Hospice Market?
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