Global Hospice Care Market to Reach $8.23 Billion by 2029, Growing at 0.114728012694647% CAGR

Which drivers are expected to have the greatest impact on the over the hospice care market's growth?
The expected increase in chronic diseases is predicted to bolster the expansion of the hospice care market. Chronic diseases represent health conditions that persist over a year, necessitate continuous medical assistance, or impede daily activities. The surge in chronic diseases can be attributed to an upsurge in the utilization of tobacco products, inadequate nutrition, lack of physical activity, excess consumption of alcohol, among other causes. Hospice care is a chosen option for many patients battling serious chronic diseases, including cancer. For instance, the World Health Organization, a specialized United Nations agency based in Switzerland, reported in September 2023 that out of 41 million fatalities each year, 74% or 30.4 million deaths were due to non-communicable diseases (NCDs) or chronic conditions globally. These deaths included 17.9 million from cardiovascular diseases, 9.3 million related to cancer, 4.1 million linked to chronic respiratory diseases, and 2.0 million due to diabetes. Therefore, the escalating prevalence of chronic diseases is anticipated to fuel the expansion of the hospice care market.

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What is the future CAGR of the hospice care market, and how will it impact industry expansion?
The size of the hospice care market has seen significant expansion in the past few years. The market, valued at $4.76 billion in 2024, is predicted to increase to $5.33 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.9%. Factors contributing to the growth during the historical period include a surge in the elderly population, a rise in terminal diseases, the widespread adoption of palliative care practices, increased Medicare coverage, and a climb in home-based care.

The market size for hospice care is anticipated to experience significant expansion in the coming years, reaching $8.23 billion by 2029 at a compound annual growth rate (CAGR) of 11.5%. The factors contributing to this predicted growth include the ongoing increase in the aging population, the need for managing chronic illnesses, the rise in telehealth integration, and regulatory adjustments. Key trends for this forecast period involve the provision of personalized care plans, adoption of a holistic approach, the integration of pediatric hospice care, the provision of bereavement support, and an emphasis on quality and outcome measures.

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What are the most significant trends transforming the hospice care market today?
The integration of novel technologies is a prominent trend in the hospice care industry. Large corporations within this market are incorporating new technological advancements. For example, they are using newly developed machine learning tools to pinpoint potential patients earlier in their disease journey, ensuring they receive suitable home care as their condition advances. In February 2022, Amedisys Inc., a hospice service provider based in the United States, implemented Medalogix's Muse. It offers improved end-of-life care by leveraging machine learning to anticipate patient changes. Specifically, Amedisys Inc. focuses on the final week of patient transition through this extensive application. Muse aids in identifying more patients who may need increased care, while also equipping the care team to act more effectively.

Which key market segments comprise the hospice care market and drive its revenue growth?
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 Centers

Subsegments:
1) By Nursing Services: Skilled Nursing Care, Home Health Aide Services, Palliative Care Nursing
2) By Medical Supply Services: Durable Medical Equipment (DME), Medication Management And Supplies, Mobility Aids And Supplies
3) By Physician Services: On-Call Physician Services, Pain Management Consultation, Care Coordination Services
4) By Other Types of Services: Psychological And Counseling Services, Spiritual Care Services, Respite Care Services

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What regions are at the forefront of hospice care market expansion?
North America was the largest region in the hospice care market in 2024. The regions covered in the hospice care market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Who are the leading players fueling growth in the hospice care market?
Major companies operating in the hospice care market include Dierksen Hospice, Kindred at Home, 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

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What Is Covered In The Hospice Care Global Market Report?

•Market Size Forecast: Examine the hospice care market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the hospice care market for a structured understanding.
•Key Players Overview: Analyze major players in the hospice care market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the hospice care market.
•Segment Contributions: Evaluate how different segments drive overall growth in the hospice care market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the hospice care market.
•Industry Challenges: Identify potential risks and obstacles affecting the hospice care market.
•Competitive Landscape: Review strategic developments in the hospice care market, including expansions, agreements, and new product launches.

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