Growing need for palliative care due to rising incidence of cancer and lifestyle-related risk factors, significant reduction in healthcare expenses due to implementation of palliative care, and enhanced accessibility to palliative care drugs are some key factors expected to drive market growth.
Growing need for palliative care due to rising incidence of cancer and lifestyle-related risk factors, significant reduction in healthcare expenses due to implementation of palliative care, and enhanced accessibility to palliative care drugs are some key factors expected to drive market growth
The global palliative care market size is expected to reach USD 6.43 Billion in 2028 and register a revenue CAGR of 7.8% during the forecast period, according to the latest report by Reports and Data. Increasing importance of palliative care in managing cancer and chronic diseases, rapid integration of palliative care at every level of healthcare on a global scale, and need for robust support system and end of life support for patients and respective families are key factors expected to drive market revenue growth over the forecast period. Palliative care aims to relieve pain and control symptoms in patients suffering from life-threatening, debilitating, or end-stage illnesses and offers a support system to help them live actively until death. Growing professional and public awareness regarding the need for palliative care to chronically-ill patients is another key factor expected to boost revenue growth of the market going ahead.
Palliative care is a specialty that focuses on offering patient-centric and family-centered approach of anticipation, prevention, and treatment of suffering throughout the progression of disease to help families make medically important decisions. Palliative care aims to improve quality of life for both patients and their families with an increasing focus on aggressive symptom management of psychological support. Palliative care plays a crucial part in helping patients, respective families, and caregivers understand the nature of illnesses and prognosis. Palliative care specialists also help them decide appropriate medical care and financial plans and help in figuring out the need for a medical proxy, advanced directives, and resuscitation status at the end of life. Palliative medicine implements goals to relieve suffering during all stages of diseases and is not just limited to comfort care or end-of-life care. Palliative care is often offer by a team of multidisciplinary specialists including physicians, psychologists, nurses, clinical pharmacists, social workers, and occupational therapists, among others. Over the recent years, palliative care has advanced significantly and has become an integral part of health care management systems across the globe and this is expected to continue to drive revenue growth of the market going ahead.
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According to statistical analysis, over 70% people who die are in need for palliative care in high-income countries and nearly 78% people in low- and middle-income countries need palliative care. Lower availability of resources to avail high-end therapeutic options for diseases have shifted focus to palliative care in low- and middle-income regions. Progress in healthcare facilities, growing implementation of favorable policies to support palliative care, and provision of palliative care education to providers, nurses, social workers, and physicians, among others have contributed to market growth over the recent past and is expected to continue to do so going ahead. However, lack of awareness among individuals regarding benefits of palliative care, lack of government regulations on palliative care drugs, and various other challenges in developing countries are some key factors that can restrain market growth over the forecast period.
Some Key Highlights from the Report:
- Increasing demand for home-based palliative care for patients with unmanageable symptoms and life-threatening illnesses due to its numerous advantages such as enhanced patient satisfaction, one-on-one assistance to chronically ill patients, high level of comfort in familiar surroundings, and reduction in additional hospital costs are key factors expected to drive revenue growth of the private resident care segment.
- Cancer segment is expected to register significant revenue growth over the forecast period attributable to increasing incidence of cancer across the globe, growing need for cancer palliative care to help patients and families cope with the diagnosis and treatment, and help in management of distressing symptoms such as anxiety, depression, and sleep problems.
- Palliative care centers are equipped with expert professionals and staff, offer excellent clinical management to patients with advanced illnesses and unmanageable symptoms, provide home-like environment with enhanced focus on privacy, peace, and quiet for complete patient satisfaction, and ensure implementation of consistent quality care plans to patients have increased preference for palliative care centers and are key factors expected to contribute to revenue growth of this segment.
- Asia Pacific market revenue is expected to expand at a steady revenue CAGR over the forecast period attributable increasing demand for and adoption of palliative care due to rising number of patients suffering from advanced and end-stage diseases, availability of specialized palliative care, and presence of organizations such as Asia Pacific Hospice Palliative Care Network (APHN).
- Key companies profiled in the global market report include Skilled Healthcare Group Incorporated, Vitas Healthcare Corporation, Kindred Healthcare Incorporated, Sunrise Senior Living LLC, Home Instead Senior Care Incorporated, Gentiva Health Services Incorporated, Genesis HealthCare Corporation, Amedisys Incorporated, GGNSC Holdings LLC and Senior Care Centers of America.
- In October 2021, Canadian Virtual Hospice, which is a website that offers support to patients and families during disease progression and in bereavement and provides information about palliative care, launched a website called “CaringTogether.Life” for pediatric palliative care.
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For the purpose of this report, Reports and Data has segmented the global palliative care market based on care type, application, end-use, and region:
Care Type Outlook (Revenue, USD Billion; 2018-2028)
- Hospital Inpatient Care
- Private Resident Care
- Hospice Resident Care
- Nursery and Residential Facility Care
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Cancer
- Chronic obstructive pulmonary disease (COPD)
- Cardiac diseases
- Alzheimer’s disease
- Parkinson’s disease
- Kidney failure
- Amyotrophic Lateral Sclerosis (ALS)
- Others
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Hospital
- Palliative care centers
- Home care settings
- Long-term care centers & Rehabilitation Centers
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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