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A Significant Proportion Of Individuals Reaching Retirement Age Is A Factor Behind the Growth Of The End-of-Life Planning Market: A Significant Driver Propelling The End Of Life Planning Market In 2025
End Of Life Planning Market
What Is the End Of Life Planning Market Size and Projected Growth Rate?
The end of life planning market size has grown strongly in recent years. It will grow from $33.62 billion in 2024 to $36.93 billion in 2025 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to the increased aging population, awareness of advance directives, chronic illness prevalence, economic uncertainty, and increased demand for professional guidance.
The end of life planning market is projected to see significant growth in the upcoming years, reaching $53.08 billion by 2029, with a CAGR of 9.5%. This growth is driven by increased awareness and education, rising healthcare costs, government policies and regulations, cultural shifts, and the expansion of service providers. Key trends during the forecast period include virtual funeral services, digital legacy management, cultural and religious customization, pre-planning and subscription models, bereavement support services, and legal and financial planning tools.
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What Are the Major Segments in the End Of Life Planning Market?
The end of life planning market covered in this report is segmented -
1) By Service: Funeral Services, Estate Planning, Digital Legacy Services, Grief Counseling And Support, Advanced Healthcare Directives, Other Services
2) By Demographic: Elderly Population, Middle Age Population, Young Adult
3) By Area: Urban, Rural
Subsegments:
1) By Funeral Services: Burial Services, Cremation Services, Memorial Services, Funeral Arrangements
2) By Estate Planning: Will Creation, Trust Management, Estate Administration, Power Of Attorney
3) By Digital Legacy Services: Social Media Account Management, Digital Asset Preservation, Online Data Storage And Transfer, Digital Executor Services
4) By Grief Counseling And Support: Bereavement Counseling, Support Groups, Online Grief Support, Professional Therapy
5) By Advanced Healthcare Directives: Living Wills, Medical Power Of Attorney, Do Not Resuscitate (DNR) Orders, Healthcare Proxy
6) By Other Services: Legacy Planning, Ethical Wills, Pet Care Planning, Financial Planning For End Of Life
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What Are The Driving End Of Life Planning Market Evolution?
The growing number of individuals reaching retirement age is anticipated to propel the expansion of the end-of-life planning market in the coming years. Retirement age refers to the point when a person is generally expected or required to stop working full-time and may become eligible for retirement benefits. The increase in the proportion of individuals reaching retirement age is driven by better healthcare, longer life expectancy, an aging baby boomer generation, and lower birth rates, leading to fewer younger people in the population. End-of-life planning is essential for the aging population to ensure that their care preferences and treatment decisions are respected at the end of life. For instance, in August 2023, data from Statistics Canada showed that in 2023, around 21.8% of Canadians aged 55 to 59 were fully or partially retired. This figure rose to 44.9% for those aged 60 to 64, and to 80.5% for those aged 65 to 69. Therefore, the increasing number of people reaching retirement age is driving the growth of the end-of-life planning market.
Which Firms Dominate The End Of Life Planning Market Segments?
Major companies operating in the end of life planning market are MetLife Inc., Service Corporation International (SCI), Crossroads Hospice & Palliative Care, TrustandWill, Dignity plc, Better Place Forests Co., Gathered Here Pty Ltd., OpusXenta Pty Ltd., Farewill, Perfect Memorials, Funeralwise, Everplans, Eterneva, Lady Anne Funerals, Aftersteps, SafeWill, GoodTrust, GatheringUs, AfterSteps, EstateExec, Going With Grace, Funeralocity Inc., funeralOne, Death With Dignity
What End Of Life Planning Market Trends Are Gaining Traction Across Different Segments?
Leading businesses in the end-of-life planning market are concentrating on offering tailored solutions such as self-authored obituaries through an easy-to-use digital platform. A self-authored obituary allows individuals to create their own written or recorded reflective piece about their life and legacy, typically prepared beforehand as a part of end-of-life planning. For example, in January 2023, UK governmental company Newham Council rolled out its MyWishes digital tool, expressly designed for end-of-life preparation, with a particular focus on meeting the needs of the local community. This platform provides residents the ability to note down and communicate their care wishes, inclusive of funeral arrangements, creating self-authored obituaries, managing necessary preparations, and crafting farewell messages for loved ones in anticipation of their passing. It assists in alleviating stress for the grieving family members. The platform enables users to state their health and social care desires, with the option of sharing printed materials with their healthcare practitioners.
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Which Is The Largest Region In The End Of Life Planning Market?
North America was the largest region in the end of life planning market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the end of life planning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the End Of Life Planning Market?
2. What is the CAGR expected in the End Of Life Planning Market?
3. What Are the Key Innovations Transforming the End Of Life Planning Industry?
4. Which Region Is Leading the End Of Life Planning Market?
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