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Navigating the Future: Hospice Care Market Trends and Forecast Insights, 2025 Edition
Hospice Care Market Size
Hospice Care Market Size Growth Forecast: What to Expect by 2025?
In recent times, the size of the hospice care market has seen a swift expansion. The projections indicate that it will surge from $4.76 billion in 2024 to a bold $5.33 billion in 2025, marking a compound annual growth rate (CAGR) of 11.9%. Factors contributing to this growth during the historical period include an upsurge in the aging population, a rise in terminal diseases, an embrace of the palliative care methodology, an increase in medicare coverage, and the ascent of home-based care services.
How Will the Hospice Care Market Size Evolve and Grow by 2029?
In the foroming years, the hospice care market is anticipated to experience significant expansion. With a compound annual growth rate (CAGR) of 11.5%, it is set to reach a value of $8.23 billion by 2029. An aging population, the need for chronic disease management, the integration of telehealth, and regulatory shifts contribute to this projected growth. Key trends for this period include customized care plans, comprehensive approaches to care, pediatric hospice services, grief support, and a focus on quality and outcome metrics.
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What Drivers Are Propelling the Growth of Hospice Care Market Forward?
The increasing occurrence of chronic illnesses is anticipated to fuel the growth of the hospice care market in the future. Chronic illnesses are those conditions that persist for at least a year, require consistent medical attention, or hinder daily life activities. The rise in chronic diseases can be attributed to increased consumption of tobacco products, poor nourishment, physical inactivity, and excessive alcohol use, among other factors. Hospice care is frequently chosen by patients battling severe chronic illnesses, such as cancer. For instance, the World Health Organization, a Swiss-based specialized agency of the United Nations, reported in September 2023 that there were 41 million deaths, which made up 74% of the total deaths worldwide each year due to non-communicable diseases (NCDs) or chronic conditions. This number includes 17.9 million deaths from cardiovascular diseases, 9.3 million cancer-related fatalities, 4.1 million deaths due to chronic respiratory diseases, and 2.0 million deaths resulting from diabetes. Consequently, this increasing prevalence of chronic illnesses is predicted to boost the hospice care market's growth.
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Which Emerging Trends Are Transforming the Hospice Care Market in 2025?
The main trend in the hospice care market is the adoption of new technologies. Principal firms in this sector are incorporating the latest technological advances like new machine learning tools. These tools help in recognizing patients who may require their services early in their illness journey, and ensuring these patients get suitable home care as their illness advances. As an example, in February 2022, Amedisys Inc., a hospice provider from the US, embraced Medalogix's Muse. This tool improves end-of-life patient care by utilizing machine learning to forecast patient transitions. Amedisys Inc. concentrates on the final week of patient transitions via this company-wide utilization. Muse not only helps to pinpoint more patients who need a higher degree of care but also better equips the care team to act accordingly.
What Are the Key Segments in the Hospice Care Market?
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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Who Are the Key Players Shaping the Hospice Care Market's Competitive Landscape?
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 Healare, Ohio's Hospice, Pathways Home Health and Hospice, Premier Hospice and Palliative Care, Seasons Hospice & Palliative Care, Suncoast Hospice, Tidewell Hospice, VITAS Healare
What Geographic Markets Are Powering Growth in the Hospice Care Market?
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.
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