Hospice Services Market Foreseen to Grow Exponentially Over 2017 - 2025 : Persistence Market Research

Hospice services are cost-effective humane and compassionate care services provided to the patients who are in the last phase of their life and have completed the medical treatment course for incurable diseases such as congestive heart failure, cancer, dementia and lung disease. These services focus on the quality of the life instead of its length so that patients may live with maximum comfort in their last days. Usually hospice services are used when a patient is left with a life of approximately 6 months or less. The services provided include pain management, home care, inpatient care, spiritual care, family gatherings, respite care and bereavement care. These services can be used at home settings, hospitals, special hospice care centres and skilled nursing facilities. A team for hospice care generally include patient’s personal physician, hospice physician, nurses, health aides, counsellors, skilled volunteers and sometimes speech, physical, and occupational therapists based on individual requirements. These services also focus on addressing patient’s emotional, psychosocial and spiritual prospects of dying. Hospice services are individualized services and hence they could be very different for different patients.

The factors driving the growth of the global Hospice Services market are expanding population pool of aged people, increasing caseload of serious life threatening diseases such as cancer, end stage renal disease, heart failure and respiratory failure, rising awareness and adoption rate of hospice services, increase in number of private, government, government aided and non-profit organisations providing hospice care services. Financial assistance by governments and private organisations to small scale hospice care services providers is also boosting the market growth. However, stringent regulatory framework to check the misuse of funds provided for such services may limit the market growth.

Global Hospice Services market has been segmented on the basis of types of services, type of care, end user and region.

Global Hospice Services market is fragmented due to the presence of number of available service providing options. The market is expected to increase globally owing to increasing incidence rate of incurable diseases. As per the statistics of the National Hospice and Palliative Care Organization (NHPCO), USA, the number of hospice programs in the US have escalated to 5,800 from 1 over 1974-2013. The total number of patients served annually has increased from 25,000 to 1,656, 000 over 1982-2014.

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Geographically, Hospice Services market is segmented into regions viz. North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. Currently, North America is the leader of the global hospice care services market and is expected to grow in future due to increasing ageing population. Europe is the second largest market following the USA owing to the well-established concept of hospice care services among population and their better level of awareness. Middle East hospice care market may grow at the fastest speed due to the elevated rate of adoption of hospice care services. Asia Pacific is expected to follow Middle East in terms of growth rate.

Some of the players in the global Hospice Services market include Kindred Healthcare, Inc., National Hospice and Palliative Care Organization, Alzheimer's Association, Benton Hospice Services, Oklahoma Hospice Care, New Hampshire Hospice and Palliative Care Organization, National Association for Home Care & Hospice, Dierksen Hospice, Covenant Care, Chatham-Kent Hospice, PruittHealth and Fairview Health Services.

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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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