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Global Hospice Care Market Projected to Reach $8.23 Billion by 2029: Chronic Diseases and Regulatory Changes Driving Growth, Key Trends, and Dominant Players
Hospice Care Market
Rapid Growth Expected for Hospice Care Market Owing to Aging Population, Medicare Coverage, Home-Based Care, Chronic Illness Management, and Emerging Technologies.
What Is The Projected Market Size Of The Global Hospice Care Market And Its Growth Rate?
The global hospice care market has witnessed a rapid growth pace and is projected to follow this trend in the future:
o The market size grew from $4.76 billion in 2024 to $5.33 billion in 2025 at a CAGR of 11.9%.
o By 2029, the market size is projected to reach $8.23 billion, growing at a CAGR of 11.5%.
The key drivers for this growth include an aging population, increased prevalence of terminal illnesses, adoption of a palliative care approach, expanded Medicare coverage, and a rise in home-based care.
What Is Driving The Growth In The Hospice Care Market?
The growth in the hospice care market is primarily driven by the rise in prevalence of chronic diseases, requiring long-term and continuous medical care. Chronic diseases have been on an upward trend due to various factors such as tobacco use, poor nutrition, physical inactivity, and excessive alcohol use. Hospice care is frequently opted by patients suffering from severe chronic diseases such as cancer. According to World Health Organization (WHO), chronic diseases or non-communicable diseases (NCDs) accounted for 41 million deaths in 2023, which is 74% of total deaths globally. These fatalities included various chronic conditions like cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes. The continuous increase in chronic disease prevalence is anticipated to propel the growth of the hospice care market in the foreseeable future.
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Who Are the Key Players Driving Hospice Care Market Growth?
Several key players are contributing to the hospice care market's growth:
o Dierksen Hospice
o Kindred at Home
o PruittHealth Inc.
o Covenant Care
o AseraCare Hospice
o Bristol Hospice
o Brookdale Hospice
o Capital Caring
o Community Hospice & Palliative Care
o Compassus
o Continuum Care Hospice
o Crossroads Hospice
o Encompass Health Corp.
o Four Seasons Hospice
o Gentiva Hospice
o Gilchrist Hospice Care
o Grace Hospice
o Halcyon Hospice & Palliative Care
What Are The Key Trends In The Hospice Care Market?
The hospice care market is witnessing the following key trends:
o Personalized care plan
o Holistic approach
o Pediatric hospice care
o Bereavement support
o Quality and outcome measures
Increased integration of telehealth technology and regulatory changes are also shaping the future of the hospice care market.
What Are The Segments Of The Global Hospice Care Market?
The global hospice care market 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 Centers.
Which Region Leads The Hospice Care Market?
North America was the largest region in the hospice care market in 2024, and it is expected to maintain its dominance. The report also covers key areas such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Hospice Care Market Global Market Report?
- Market Size Analysis: Analyze the Hospice Care Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Hospice Care Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Hospice Care Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Hospice Care Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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