Press release
2025 End Of Life Planning Market Outlook: Key Indicators Shaping Growth Through 2034
End Of Life Planning
What Will the End Of Life Planning Industry Market Size Be by 2025?
Recent years have witnessed robust expansion in the market size for end-of-life planning. It is projected to surge from $33.62 billion in 2024 to reach $36.63 billion in 2025, demonstrating a Compound Annual Growth Rate (CAGR) of 8.9%. Factors such as the rising elderly population, awareness regarding advance directives, prevalence of chronic diseases, economic unpredictability, and surge in the need for expert advice have driven growth in the historical period.
What's the Long-Term Growth Forecast for the End Of Life Planning Market Size Through 2029?
The market size for end of life planning is anticipated to exhibit robust growth in the forthcoming years, reaching a worth of $52.04 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 9.2%. This projected growth during the forecast period can be ascribed to factors such as heightened awareness and education, escalating healthcare expenses, government rules and regulations, societal transitions, and expansion of service providers. The forecast period is also expected to carry major trends including virtual funeral services, digital legacy planning, personal cultural and religious customization, pre-arranged planning and subscription models, bereavement assistance services, and tools for legal and financial planning.
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What Are the Key Growth Drivers Fueling the End Of Life Planning Market Expansion?
The surge in the percentage of people reaching the age of retirement is predicted to spur the expansion of the end-of-life planning market in the future. The retirement age typically signifies the point at which one is expected or obligated to discontinue full-time work and may qualify for retirement benefits. Due to enhanced healthcare, longevity is increasing, with more people reaching retirement age, coinciding with the ageing of the substantial baby boomer generation and a decrease in birth rates. Hence, there's been a reduction in the proportion of younger individuals in the population. End-of-life planning becomes significant for those at the age of retirement, ensuring their care preferences, and treatment wishes are honored in their final life phase. For example, data from Statistics Canada, a Canadian national statistical agency, revealed in August 2023 that approximately 21.8% of Canadians aged 55 to 59 reported being entirely or partially retired. This percentage leaped to 44.9% for individuals aged 60 to 64 and nearly doubled to 80.5% for those between 65 to 69. Consequently, the surge in people reaching retirement age is fueling the growth of the end-of-life planning market.
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What Are the Key Trends Driving End Of Life Planning Market Growth?
Leading corporations in the end-of-life planning sector are placing emphasis on delivering personalized and custom-made solutions, such as self-written obituaries, via accessible digital platforms. A self-penned obituary is a script or documented reflection on an individual's life and legacy, usually pre-prepared as a component of end-of-life planning. To illustrate, Newham Council, a governmental entity based in the UK, debuted the MyWishes digital platform in January 2023. This tool, created specifically for end-of-life planning, is contextualised for the local community's use. It provides residents the ability to record and communicate their care decisions, such as funeral arrangements, writing or recording self-authored obituaries, making essential arrangements, and leaving farewell messages for loved ones in case of their demise, thereby decreasing family's post-loss stress. Users have the option to detail their health and social care preferences, with printed copies available to share with healthcare providers.
How Is the End Of Life Planning Market Segmented?
The end of life planningmarket 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 Companies Are Leading the Charge in End Of Life Planning Market Innovation?
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 Are Leading the Global End Of Life Planning Market in Revenue?
North America was the largest region in the end of life planning market in 2024. 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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