Advance Directives Market Share, New Trends, Growth Forecast 2024-2033

The Business Research Company recently released a comprehensive report on the Global Advance Directives Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The advance directives market size has grown exponentially in recent years. It will grow from $130.74 billion in 2023 to $159.03 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth in the historic period can be attributed to increased awareness of patient rights, growth in palliative and hospice care services, growth in healthcare professional advocacy, the increased role of caregivers and families, and increased research and data on end-of-life care.

The advance directives market size is expected to see exponential growth in the next few years. It will grow to $350.94 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. The growth in the forecast period can be attributed to rising investments in advance care planning, growing proportion of the aging population, increased prevalence of chronic and life-limiting illnesses, increasing incidence of dementia, and rising focus on data security. Major trends in the forecast period include technological advancements, digitalization of advance directives, integration with electronic health records, integration with electronic health records, cultural tailoring of advance care planning, telehealth services.

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Market Drivers and Trends:

The increased prevalence of chronic and life-limiting illnesses is expected to propel the growth of the advance directives market going forward. Chronic and life-limiting illnesses are conditions that continue over time and drastically reduce one's lifespan and quality of life. The increased prevalence of chronic and life-limiting illnesses can be attributed to several factors, including genetic predispositions, lifestyle factors, and an aging population. In chronic or life-limiting illnesses, advance directives are vital for aligning healthcare with individual values and preferences because they increase patient autonomy, reduce family burdens, improve communication, and provide legal safeguards, ultimately improving the overall quality of care for those facing serious illnesses. For instance, in January 2023, according to the American Cancer Society, a US-based nonprofit cancer advocacy organization, the number of cancer cases increased to 1,958,310 in 2023, reflecting a growth of 3.16% from 1,898,160 in 2021. Furthermore, in July 2021, according to the International Diabetes Federation, a Belgium-based non-governmental organization, the number of adults with diabetes was estimated to be 537 million in 2021, and this number is projected to rise to 783 million by 2045. Therefore, the increased prevalence of chronic and life-limiting illnesses is driving the growth of the advance directives market.

Major companies operating in the advance directives market are focusing their efforts on introducing advanced technological solutions, such as online portals or websites, to provide comprehensive information about advance directives and gain a competitive edge in the market. A website dedicated to advance directives offers essential tools and information to assist individuals in legally documenting their healthcare wishes for future medical circumstances. For instance, in February 2022, Health Current, a US-based health information exchange company, launched AzHDR.org, the website of the Arizona Healthcare Directives Registry (AzHDR) and an online repository for storing and accessing advance directives. The website is intended to facilitate communication between healthcare providers, professionals involved in end-of-life decision-making, and patients. Its primary functions include allowing users to initiate talks about end-of-life care, obtain advance directive paperwork, and securely register healthcare preferences. The AzHDR was created to ensure that patients' healthcare preferences are respected throughout their medical care, particularly in cases where they are unable to convey their wishes owing to incapacity.

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Major Key Players of the Market:

Kaiser Foundation Health Plan Inc., Providence Health & Services , Lantern Health Inc., Dignity Health, Geisinger Health Plan, Sharp HealthCare, Island Health Authority, Bronson Healthcare Group Inc., Affirm Health Inc., LegalZoom.com Inc., National Hospice and Palliative Care Organization, Vital Decisions LLC, Caring Conversations LLC, Trust & Will Inc., Tulip Cremation, Advance Care Planning Australia Ltd, ThroughCare Inc., DocuBank Ltd., Everplans Inc., ADVault Inc., OneAccord Health LLC, GoodTrust Corporation, Thanacare Pty Ltd, Cake Software Inc., WiserCare Inc.

Advance Directives Market 2024 Key Insights:

• The advance directives market size is expected to see exponential growth in the next few years. It will grow to $350.94 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%.
• Navigating Chronic Illness Propels The Rise Of Advance Directives
• The Digital Frontier Transforming Advance Directives With Website Technology
• North America was the largest region in the advance directives market in 2023

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This release was published on openPR.