Press release
Palliative Services Market Poised for 8.1% Growth, Set to Hit $1397.06 Billion by 2029
Palliative Services
The increasing occurrence of severe health conditions, which pose a significant threat to a person's life, are anticipated to fuel the growth of the palliative services market. These high-risk diseases often necessitate immediate and intensive medical intervention. Critical factors contributing to the surging number of these conditions include a rise in chronic diseases, an aging population, environmental pollutants, and lifestyle choices. Palliative services aim to offer comprehensive care in managing the symptoms and enhancing the quality of life for patients diagnosed with these severe health conditions. They also extend support to families and assist patients in making complicated treatment choices. For example, the American Heart Association reported in January 2024 that the total number of deaths from cardiovascular diseases touched 931,578, marking an increase of fewer than 3,000 deaths compared to 928,741 in 2023. Furthermore, the age-adjusted death rate due to cardiovascular disease also experienced a nominal increase, reaching 233.3 per 100,000. This indicates a 4.0% increase from the preceding year's rate of 224.4 per 100,000. Therefore, the escalating occurrence of high-risk health disorders is stimulating the growth in the palliative services market.
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What is the projected compound annual growth rate (CAGR) of the palliative services market from 2025 to 2034, and what factors influence it?
In recent times, there has been a robust growth in the size of the palliative services market. It is projected to surge from $8.44 billion in 2024 to $9.16 billion in 2025, recording a compound annual growth rate (CAGR) of 8.4%. The notable growth during the historic period can be ascribed to factors such as an aging demographic, escalating prevalence of chronic illnesses, amplified awareness, alterations in healthcare policies, advancements in medical technologies, patient choices, and backing from non-profit entities.
The projections for the future indicate a robust expansion in the size of the palliative services market. It is anticipated to escalate to $12.49 billion by 2029, with an 8.1% compound annual growth rate (CAGR). Several factors are discerned to stimulate this growth throughout the forecast period. These consist of improved home care accessibility, incorporation of telemedicine, escalating healthcare expenses, breakthroughs in individualized medicine, heightened emphasis on life quality, the unfolding of novel care models, as well as governmental and policy aid. Prominent trends anticipated during the forecast period encompasses evolution of digital health solutions, artificial intelligence integration, refined data analytics, augmentation of telehealth services, advancements in symptom management, focus on care coordination, alongside augmenting patient and family education.
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How are the latest trends influencing the growth of the palliative services market?
Leading businesses in the palliative services market are advancing their offerings, such as palliative cancer care, to enhance palliative care availability for cancer sufferers. Palliative cancer care adopts a specialized strategy that emphasizes symptom relief and enhancing patients' life quality by tending to their physical, emotional, and spiritual requirements during their treatment course. For example, the Biller Family Foundation, an organization based in the USA, unveiled the Advance Palliative Cancer Care in September 2024. The initiative ignited by the Biller Family Foundation work towards providing all-inclusive, patient-centered care for cancer patients. Distinguished attributes of this initiative include promoting early and fair access to holistic care that does not only touch on physical aspects but also emotional, spiritual, and social aspects of the patients and their family's journey with cancer.
What are the major segments of the palliative services market and their role in driving growth?
The palliative servicesmarket covered in this report is segmented -
1) By Type: Private Residence Care, Hospice Inpatient Care, Hospital Inpatient Care, Nursing Home, Residential Facility Care
2) By Application: Cancer, Congestive Heart Failure, Chronic Obstructive Pulmonary Disease (COPD), Kidney Failure, Alzheimer's, Parkinson's, Amyotrophic Lateral Sclerosis (ALS)
3) By End-User: Hospitals, Home Care Settings, Palliative Care Centers, Long-Term Care Centers And Rehabilitation Centers
Subsegments:
1) By Private Residence Care: Home Health Aides, Skilled Nursing Care, Personal Care Services
2) By Hospice Inpatient Care: General Inpatient Care, Respite Care, Continuous Care
3) By Hospital Inpatient Care: Acute Care Services, Consultation Services, Palliative Care Units
4) By Nursing Home: Long-Term Care Services, Short-Term Rehabilitation, Specialized Dementia Care
5) By Residential Facility Care: Assisted Living Facilities, Memory Care Units, Continuing Care Retirement Communities (CCRCs)
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What regions are leading the charge in the palliative services market?
North America was the largest region in the palliative services market in 2024. The regions covered in the palliative services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the palliative services market?
Major companies operating in the palliative services market are 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
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What Is Covered In The Palliative Services Global Market Report?
•Market Size Forecast: Examine the palliative services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the palliative services market for a structured understanding.
•Key Players Overview: Analyze major players in the palliative services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the palliative services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the palliative services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the palliative services market.
•Industry Challenges: Identify potential risks and obstacles affecting the palliative services market.
•Competitive Landscape: Review strategic developments in the palliative services market, including expansions, agreements, and new product launches.
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