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Palliative Services Market Size, Share, Trends, Research Report 2033
Palliative Services Market Size
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According to The Business Research Company's, The palliative services market size has grown strongly in recent years. It will grow from $7.82 billion in 2023 to $8.44 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth in the historic period can be attributed to an aging population, rising chronic diseases, increased awareness, healthcare policy changes, advances in medical technology, patient preferences, and support from non-profit organizations.
The palliative services market size is expected to see strong growth in the next few years. It will grow to $11.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to expanding access to home care, integration with telemedicine, rising healthcare costs, advancements in personalized medicine, an increased focus on quality of life, the development of new care models, and government and policy support. Major trends in the forecast period include the growth of digital health solutions, the integration of artificial intelligence, enhanced data analytics, the expansion of telehealth services, innovations in symptom management, a focus on care coordination, and increased patient and family education.
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Market Drivers and Trends:
The rising prevalence of life-threatening disorders is expected to propel the growth of the palliative services market going forward. Life-threatening disorders refer to severe medical conditions or illnesses that pose a significant risk to an individual's life and require urgent or intensive medical intervention. The increasing number of life-threatening disorders is due to rising incidences of chronic diseases, aging populations, environmental pollutants, and lifestyle choices. Palliative services provide comprehensive care to manage symptoms and improve the quality of life for individuals with life-threatening disorders while also offering support to families and helping patients navigate complex treatment decisions. For instance, in January 2024, according to the American Heart Association, a US-based nonprofit organization, the total number of deaths caused by cardiovascular diseases reached 931,578, an uptick of fewer than 3,000 fatalities compared to 928,741 in 2023. Moreover, the age-adjusted death rate from cardiovascular disease also saw a modest uptick, reaching 233.3 per 100,000, marking a 4.0% increase from the previous year's rate of 224.4 per 100,000. Therefore, a rising prevalence of life-threatening disorders is driving the palliative services market.
Major companies operating in the palliative services market are innovating services, such as palliative cancer care, to expand access to palliative care among cancer patients. Palliative cancer care is a specialized approach that focuses on providing relief from symptoms and improving the quality of life for patients with cancer, addressing their physical, emotional, and spiritual needs throughout their treatment journey. For instance, in September 2024, the Biller Family Foundation, a US-based foundation, launched Advance Palliative Cancer Care. The Advance Palliative Cancer Care initiative launched by the Biller Family Foundation focuses on providing holistic, whole-person support for individuals with cancer. Its unique features include advocating for early and equitable access to comprehensive care that addresses not only the physical but also the emotional, spiritual, and social needs of patients and their caregivers throughout the cancer journey.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Kaiser Permanente Inc., Genesis Healthcare Inc., HCR ManorCare Inc., Kindred Healthcare LLC, LHC Group Inc., Amedisys Inc., Compassus LLC, PruittHealth Hospice Inc., Seasons Hospice And Palliative Care Inc., Vitas Healthcare LLC, Heart To Heart Hospice Inc., Crossroads Hospice And Palliative Care Inc., Landmark Health LLC, Agape Care Group LLC, Suncoast Hospice Inc., Curo Health Services Inc., Hospice Of The Valley Inc., Aspire Health Inc., Tidewell Hospice Inc., Ascend Hospice LLC, Palliative Care Center Of The San Joaquin Valley Inc., Hospice Of The Golden Isles Inc., Turn-Key Health LLC, Harmony Hospice Inc., Great Lakes Caring LLC
Palliative Services Market 2024 Key Insights:
• The palliative services market size is expected to see strong growth in the next few years. It will grow to $11.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Increasing Prevalence Of Life-Threatening Disorders Drives Growth In Palliative Services
• Innovative Initiatives In Palliative Cancer Care To Enhance Patient Support And Access
• North America was the largest region in the palliative services market in 2023
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