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What Are The Projections For Hospice Care Market Size And Growth Rate?
The global hospice care market has seen a rapid rise in recent years. From a valuation of $4.21 billion in 2023, the market is expected to grow to $4.73 billion in 2024. This reflects a significant compound annual growth rate CAGR of 12.3%. Factors driving growth during the historic period include increased aging populations, a rise in terminal illnesses, the expanded adoption of palliative care approaches, the growth in medicare coverage, and a surge in home-based care.
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What Will Propagate The Future Growth Of The Hospice Care Market?
Projected to reach $7.31 billion in 2028, the hospice care market will maintain a CAGR of 11.5%. This growth can be attributed to the continued aging of the population, improvements in chronic illness management, increased integration of telehealth, regulatory changes, and emerging trends. These trends include personalized care plans, a holistic approach, an increase in pediatric hospice care, enhanced bereavement support, and an emphasis on quality and outcome measures.
Additionally, the rise in the prevalence of chronic diseases is expected to help drive market growth. Chronic diseases, defined as conditions lasting a year or more which require ongoing medical attention or limit daily activities, are becoming increasingly common. This rise can be linked to factors such as increased tobacco usage, poor nutrition, lack of physical activity, and excessive alcohol consumption. Patients suffering from severe chronic diseases, including cancer, often opt for hospice care.
To illustrate, the World Health Organization reported in September 2023 that there were 41 million fatalities worldwide each year, due to non-communicable diseases NCDs or chronic conditions, accounting for 74% of the total deaths. These fatalities included 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. This incidence of chronic diseases is expected to considerably boost the growth momentum of the hospice care industry.
The Full Hospice Care Market Report Is Available Here: https://www.thebusinessresearchcompany.com/report/hospice-care-global-market-report
What Are The Noteworthy Hospice Care Market Players?
The hospice care market boasts several key industry players. Notable companies include Dierksen Hospice, Kindred at Home, the National Association for Home Care and Hospice, PruittHealth Inc., Covenant Care, AseraCare Hospice, Bristol Hospice, Brookdale Hospice, Capital Caring, and Community Hospice & Palliative Care.
These organizations lead the way in providing quality, patient-focused hospice care. They are keen to drive technological innovations that improve service delivery and patient outcomes.
What Are The Exciting Trends In The Hospice Care Market?
New technology is increasingly becoming a key trend in the hospice care market. Major companies are investing in technological innovations such as machine learning tools. These tools enable care providers to identify patients who need services early in their illness and ensure that patients receive home care appropriate to their illnesses' progression.
One clear example is Amedisys Inc., a leading US-based hospice provider. In February 2022, the company embraced Medalogix’s Muse technology, which uses machine learning to predict patient transitions, thereby enabling better end-of-life care.
How Is The Hospice Care Market Segmented?
The hospice care market covered in this report is segmented into:
1 By Type: Nursing Services, Medical Supply Services, Physician Services, Other Type Of Services
2 By Application: Home Settings, Hospitals, Specialty Nursing Homes, Hospice Care Centres
Which Region Is Leading The Hospice Care Market?
North America was the largest region in the hospice care market in 2023. The regions included in this market report consist of Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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