Comfort in Crisis: Hospice Care Market Perspectives 2024

The hospice care market size has grown rapidly in recent years. It will grow from $4.21 billion in 2023 to $4.73 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to increase in aging population, increase in terminal illnesses, adoption of palliative care approach, increase in medicare coverage, rise in home-based care.

The hospice care market size is expected to see rapid growth in the next few years. It will grow to $7.31 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to continued aging population, chronic illness management, increasing telehealth integration, increasing regulatory changes, rising regulatory changes. Major trends in the forecast period include personalized care plan, holistic approach, pediatric hospice care, bereavement support, quality and outcome measures.

Market Overview -
Hospice care is a special kind of care that focuses on improving the quality of life for people who are experiencing an advanced, life-limiting illness or their caregivers. The main goal of hospice care services is to comfort the patients while allowing them to enjoy their last stage of life.

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The Growth Of The Hospice Care Market Fueled By Rising Prevalence Of Chronic Diseases
The rise in the prevalence of chronic diseases is expected to propel the growth of the hospice care market going forward. Chronic diseases refer to conditions lasting a year or more, requiring ongoing medical care, or limiting daily life activities. Chronic diseases are increasing due to the increasing use of tobacco products, poor nutrition, physical inactivity, excessive use of alcohol, and others. Hospice care is opted by several patients suffering from severe chronic diseases, including cancer. For instance, in September 2023, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million fatalities, constituting 74% of the total deaths attributed to non-communicable diseases (NCDs) or chronic conditions worldwide each year. These fatalities encompassed 17.9 million deaths due to cardiovascular diseases, 9.3 million fatalities related to cancer, 4.1 million deaths associated with chronic respiratory diseases, and 2.0 million deaths resulting from diabetes. Therefore, a rise in the prevalence of chronic diseases is expected to drive the growth of the hospice care market.

Competitive Landscape -
Major companies operating in the hospice care market include Dierksen Hospice, Kindred at Home, National Association for Home Care and Hospice, PruittHealth Inc., Covenant Care, AseraCare Hospice, Bristol Hospice, Brookdale Hospice, Capital Caring, Community Hospice & Palliative Care, Compassus, Continuum Care Hospice, Crossroads Hospice, Encompass Health Corp., Four Seasons Hospice, Gentiva Hospice, Gilchrist Hospice Care, Grace Hospice, Halcyon Hospice & Palliative Care, Harbor Light Hospice, Heartland Hospice, Hope Hospice, Hospice of Dayton, Hospice of the Chesapeake, Hospice of the Valley, Odyssey Healthcare, Ohio's Hospice, Pathways Home Health and Hospice, Premier Hospice and Palliative Care, Seasons Hospice & Palliative Care, Suncoast Hospice, Tidewell Hospice, VITAS Healthcare

New Technology Innovations Revolutionizing Hospice Care
New technology penetration is the key trend in the hospice care market. Major companies operating in the market are introducing new technological innovations such as using new machine learning tools to identify patients who need their services earlier in their illness and ensure that patients receive the appropriate level of home care as their illness progresses. For instance, in February 2022, Amedisys Inc., a US-based hospice provider, adopted Medalogix's Muse, which enables better end-of-life care for patients by using machine learning to predict patient transitions. Amedisys In focuses on the last seven days of patient transition through this enterprise deployment. In addition to identifying more patients who require greater levels of care, Muse also better prepares the care team to take action.

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Key Segments -

The hospice care market covered in this report is segmented -

1) By Type: Nursing Services, Medical Supply Services, Physician Services, Other Type Of Services
2) By Application: Home Settings, Hospitals, Specialty Nursing Homes, Hospice Care Centres

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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