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End Of Life Planning Market on Track for Strong Growth, Estimated to Grow at 9.5% CAGR Through 2029
End Of Life Planning
What Is the Expected CAGR for the End Of Life Planning Market Through 2025?
The market size for end-of-life planning has seen robust growth in recent times. It is predicted to inflate from $33.62 billion in 2024 to $36.93 billion in 2025, representing a compound annual growth rate (CAGR) of 9.8%. This growth during the historical period is due to factors such as a rise in the number of older people, knowing about advance directives, the prevalence of chronic diseases, economic instability, and an escalated demand for expert advice.
What's the Projected Size of the Global End Of Life Planning Market by 2029?
Anticipated robust growth is expected in the end of life planning market in the forthcoming years. The market is predicted to reach $53.08 billion by 2029, climbing at a compound annual growth rate (CAGR) of 9.5%. Such growth during this forecasting period can be attributed to factors like rising consciousness and education, increasing healthcare expenses, government rules and regulations, societal shifts, and the expansion of service provision. Key trends during this projection period encompass virtual funeral services, managing digital legacies, customizing cultural and religious services, pre-devised and subscription-based plans, bereavement support services, alongside legal and fiscal planning tools.
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Top Growth Drivers in the End Of Life Planning Industry: What's Accelerating the Market?
The projected rise in the number of people nearing retirement age is set to spur the expansion of the end-of-life planning market. Typically, retirement age is defined as the period when an individual is expected or compelled to stop full-time employment and might be eligible for retirement benefits. Factors such as enhanced healthcare leading to extended lifespan, the aging of the massive baby boomer generation, and a decrease in birth rates, are causing an increase in the quantity of individuals nearing retirement age; this reduces the ratio of younger persons in the population. End-of-life planning plays a significant role for this retirement-age group to assure their care preferences and treatment desires are acknowledged during their end-of-life stages. For example, in August 2023, data obtained from Statistics Canada, a Canada-based national statistical office, indicated that roughly 21.8% of Canadians aged 55 to 59 reported being wholly or partly retired. This proportion multiplied to 44.9% for those aged 60 to 64, and nearly doubled again to 80.5% for individuals aged 65 to 69. Consequently, the surge in the fraction of individuals reaching retirement age is propelling the expansion of the end-of-life planning market.
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What Trends Will Shape the End Of Life Planning Market Through 2029 and Beyond?
Key players in the end-of-life planning sector are concentrating on delivering specialized solutions, such as self-written obituaries, via an easily navigable digital platform. A self-written obituary serves as a pre-emptive reflection on a person's life and contribution, typically created beforehand as part of end-of-life preparations. Take, for example, Newham Council, a government entity from the UK. They introduced the MyWishes digital tool, specifically created for end-of-life planning and customized for local community usage in January 2023. The tool allows community members to record and share care preferences, including funeral plans, self-written obituaries, essential arrangements, and parting messages for loved ones. This limits the emotional strain on families after a loss. Users have the ability to outline their healthcare and social care preferences, with hard copies available to share with healthcare professionals.
What Are the Main 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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Which Top Companies are Driving Growth in the End Of Life Planning Market?
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
Which Regions Will Dominate the End Of Life Planning Market Through 2029?
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.
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