Press release
Advance Directives Market Expansion Continues, with Forecast Valuation of $417.61 Billion by 2029
Advance Directives
What Is the Expected CAGR for the Advance Directives Market Through 2025?
The market size for advance directives has experienced considerable expansion in the last few years. The market, which stands at $159.03 billion in 2024, is projected to reach $194.43 billion in 2025, presenting a compound annual growth rate (CAGR) of 22.3%. Factors contributing to this progressive growth during the historic period include the rise in understanding of patient rights, the spread of palliative and hospice care services, the growing engagement of healthcare professionals, the enhanced involvement of families and caregivers, and the flourishing research and information on end-of-life care.
What's the Projected Size of the Global Advance Directives Market by 2029?
Expectations are high for a significant expansion in the advance directives market size in the coming few years, with a projected growth to $417.61 billion in 2029 at a compound annual growth rate (CAGR) of 21.1%. Factors contributing to this growth during the forecast period encompass heightened investment in advance care planning, an escalating percentage of the elderly population, heightened occurrence of chronic and terminal diseases, increasing instances of dementia, as well as a growing emphasis on data security. Noteworthy trends anticipated in the forecast period encompass technological innovation, the digital transformation of advance directives, amalgamation with electronic health records, cultural customization of advance care planning, and telehealth services.
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Top Growth Drivers in the Advance Directives Industry: What's Accelerating the Market?
The advance directives market is anticipated to grow significantly, driven by the rising occurrence of chronic and life-limiting diseases. These diseases persist over time, severely curtailing an individual's lifespan and quality of life. Genetic predispositions, lifestyle factors, and an aging population contribute to the escalating prevalence of these illnesses. For patients suffering from chronic or life-limiting diseases, advance directives are crucial in tailoring healthcare to personal preferences and values. They amplify patient autonomy, alleviate family pressures, foster clear communication, and offer legal protection, leading to enhanced quality of care for those dealing with serious diseases. For example, the American Cancer Society reported in January 2023 that the number of cancer cases surged to 1,958,310 in 2023, marking a 3.16% increase from 1,898,160 in 2021. Additionally, a report by the Alzheimer's Association in May 2024 revealed that the number of Americans aged 65 and older diagnosed with Alzheimer's dementia increased from 6.5 million in 2022 to an estimated 6.9 million in 2024. Hence, the growing occurrence of chronic and life-endangering diseases is fueling the expansion of the advance directives market.
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Which Fast-Growing Trends Are Poised to Disrupt the Advance Directives Market?
Leading businesses in the advance directives sector are doubling down on the development of advanced tech solutions like online platforms or websites to provide inclusive information on advance directives and secure a competitive advantage in the industry. A site devoted to advance directives offers the necessary resources and details to help individuals legally record their healthcare desires for upcoming medical situations. For example, Health Current, a health information exchange firm based in the US, unveiled AzHDR.org, the official website of the Arizona Healthcare Directives Registry (AzHDR) and a digital database for saving and accessing advance directives in February 2022. The site is designed to streamline communication among healthcare providers, end-of-life decision-making professionals, and patients. Its main features consist of enabling users to start discussions about end-of-life care, acquire advance directive documents, and safely register healthcare preferences. The AzHDR was established with the objective that patients' healthcare choices are observed throughout their medical treatment, especially in situations where they're unable to communicate their desires due to incapacitation.
What Are the Main Segments in the Advance Directives Market?
The advance directives market covered in this report is segmented -
1) By Component: Software, Services
2) By Demographics: Elderly Population (More Than 65 years), Middle Aged (40 To 64 years), Young Adults (18 To 39 years)
3) By End User: Business To Business, Business To Customer, Other End Users
Subsegments:
1) By Software: Advance Directive Creation Software, Cloud-Based Advance Directive Solutions, Mobile Apps For Advance Directives
2) By Services: Consultation And Legal Services, Document Storage And Management Services, Training And Support Services
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Which Top Companies are Driving Growth in the Advance Directives Market?
Major companies operating in the advance directives market are Kaiser Foundation Health Plan Inc., Providence Health & Services, Lantern Health Inc., Dignity Health, Geisinger Health Plan, Sharp HealthCare, Island Health Authority, Bronson Healthcare Group Inc., Affirm Health Inc., LegalZoom.com Inc., National Hospice and Palliative Care Organization, Vital Decisions LLC, Caring Conversations LLC, Trust & Will Inc., Tulip Cremation, Advance Care Planning Australia Ltd., ThroughCare Inc., DocuBank Ltd., Everplans Inc., ADVault Inc., OneAccord Health LLC, GoodTrust Corporation, Thanacare Pty Ltd., Cake Software Inc., WiserCare Inc.
Which Regions Will Dominate the Advance Directives Market Through 2029?
North America was the largest region in the advance directives market in 2024. The regions covered in the advance directives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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