Hospice & Palliative Care Centers Market - Global Industry Insights and Forecast till 2024
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Due to an aging U.S. population, and sustained federal reimbursement, the growth of hospice and palliative care sector is increasing rapidly. Companies are also following marketing strategies for converting their companies into profit making organizations.
The global hospice & palliative care centers market is segmented on the basis of service type. Type of hospices & palliative care services includes Institutional care , nursing care, physician services, trained volunteer support, social services, spiritual support and counseling, home health aides, physical, and occupational, speech therapies, inpatient care, respite care, bereavement support and adult day care services. Based on the location, the hospice and palliative care centers market is analyzed for patient’s residence, hospice inpatient facility and acute care hospital.
According to the National Hospice and Palliative Care organization (NHPCO), in 2014 approximately 1.6 to 1.7 million patients received services from hospice care centers. Nearly 60% of the hospice care in 2014 was provided at patient’s residence.
Aging population will be the major driving factor
The hospice & palliative care centers market is driven by various factors including:
Reimbursement from Medicaid and Medicare
Increasing healthcare expenditure and a common drift toward end-of-life care
According to the Centers for Disease Control and Prevention (CDC), there were 40 million people (13% of the total population) aged 65 and above in the United States in 2010. This is projected to reach around 20% of the population of the U.S. by 2030. Furthermore, the NHPCO reports that in 2014, more than 60% of the hospice care was for the people aged 75 years and above in the U.S.
Demand still high in the Developed Markets
Geographically, the hospice & palliative care centers market is segmented into North America, Europe, Asia Pacific, Latin America and Rest of the World. Hospice and palliative care centers are now recognized as a medical subspecialty by the American Board of Medical Specialties, as well as in Australia, Canada, England, New Zealand, and Ireland. Many European countries are also in the process of developing certification for palliative care. Most private health insurance companies include hospice care as a benefit. Some hospices are able to provide services without charge if a patient has limited or no financial resources. Hospice care expenses in U.S. are mostly paid by the Medicare and Medicaid services and the Department of Veterans Affairs. Additionally, most of the private insurance plans, health maintenance organizations (HMOs) and other managed care organizations also provide the expenses for hospice care in their plans and policies which further propel the demand for hospice and palliative care. Such hospice and palliative centers are also being established in emerging nations such as India, Brazil, Indonesia, and China where there are affordability issues, and inadequate healthcare accessibility. The hospice and palliative services market is therefore establishing in these markets and will be in great demand with increasing awareness.
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Major Players in the Global Hospice and Palliative Care Centers Market
Some of the key global participants present in the hospice & palliative care centers market include Vitas Healthcare Corporation, Skilled Healthcare Group Incorporated, Sunrise Senior Living, LLC , Kindred Healthcare Incorporated, Gentiva Health Services Incorporated, Home Instead Senior Care Incorporated, Amedisys Incorporated, Skilled Healthcare Group Incorporated, Genesis HealthCare Corporation, Senior Care Centers of America, and GGNSC Holdings LLC.
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