Hospice market size was significantly large in 2022 and is expected to continue to register a rapidly inclining revenue CAGR during the forecast period. Hospice care focuses on personal growth and needs of individuals and their guardians who are suffering from life-limiting diseases. Hospice care is crucial and is a lot of individuals these days demand for the same. Patients with terminal illness nearing the end of their lives need physicians and hospice care at all times. At present, the market in developed countries is better than that of emerging countries.
These services focus on the quality of life rather than the length of it, thereby allowing patients to live as comfortably as possible in their final days. Hospice care is used more when a patient\’s life expectancy is fewer than six months. Pain management, home care, inpatient care, spiritual care, family gatherings, respite care, and bereavement care are some of the common services offered in a hospice.
Increasing prevalence of Alzheimer’s, dementia, and other long term diseases among the geriatric population is primarily driving the global hospice market revenue growth. Besides, people requiring constant care is also projected to aid growth. Furthermore, expanding population of aged people, increasing cases of chronic life threatening diseases, such as cancer, end-stage renal disease, heart failure, and respiratory failure are set to boost the hospice market share in the upcoming years. At the same time, rising awareness and adoption rate of hospice services, increasing number of private, government, government aided, and non-profit organizations providing hospice care services would also contribute to this growth.
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Strict regulatory framework, as well as misuse of funds provided by various government or private organizations are likely to hamper growth of the hospice care market during the above-mentioned forecast period.
Based on regional analysis, the hospice market is expected to register a robust revenue CAGR over the forecast period, owing to rising prevalence of chronic illnesses and growing population of aged people. North America is leading the global hospice market and is expected to grow in future due to increasing ageing population.
Europe is the second-largest market followed by North America, owing to increasing awareness of this service among people. Also, the well-established concept of hospice care services among population would propel growth in this region during the forecast period. The Middle Eastern hospice care market may grow at the fastest pace due to increasing adoption of hospice care services in the region. Asia Pacific is also expected to follow the Middle East in terms of growth rate.
Key companies in the global 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.
COVID 19 Impact Analysis
- The global hospice market report offers information and expansive coverage of the current scenario in the market, including impact and changes resulting from the COVID-19 pandemic and emergence of variants of the virus.
- The virus outbreak and social distancing norms and restrictions severely disrupted the overall business landscape and operations worldwide.
- Both negative and positive impacts of the COVID-19 pandemic have been analyzed and details provided in the report.
- COVID-19 pandemic and lockdowns have resulted in several countries shutting down airports, ports, and commercial and domestic transportation. This had impacted manufacturing activities and operations globally and took a toll on the economy of various countries.
- Complete country-wide lockdowns and partial lockdowns had major impact on demand-side and supply-side on the manufacturing sector.
- Sudden and drastic downturn in economic activity caused a slowdown in production and also resulted in employment loss to a major extent.
- Supply impacts were further compounded due to challenges on the demand-side owing to reduced disposable income, depleting savings, and increased concerns and uncertainties.
- The initial impact of the second wave hit small businesses and retailers the hardest owing to liquidity crunches and stretched working capital.
- Healthcare infrastructure also bore major brunt of the results as systemic issues resulted in inability to accommodate patients and shortage of crucial supplies and medical equipment.
- Companies continue to maintain stringent safety regulations and social distancing norms, and the restrictions on number of workers and personnel allowed to work on work floors and office and factory settings etc., at any given time continues to cause ripple effects across various industries and sectors.
- Emergence of variants of the virus and rise in infection rates during the initial waves and subsequent lockdowns has severely impacted operations and disrupted supply chains.
- Companies are making robust and urgent attempts to get accustomed to restrictions and need to deploy more stringent safety measures for workforce and personnel and to manage operations in a ‘new normal’ currently.
- Revenues have been impacted significantly across sectors and industries, and across all major and developing economies, and companies continue to deploy various strategies and focus on managing core tasks as the challenge continues on a global scale.
- Experts are yet to ascertain whether the situation and challenges will clear up or continue indefinitely, but emergence of new variants and potential outbreaks are expected to remain on the horizon for a few more years.
For the purpose of this report has segmented global hospice market on the basis of type, application, and region:
Type Outlook (Revenue, USD Billion; 2023-2032)
- Acute Care
- Respite Care
Application Outlook (Revenue, USD Billion; 2023-2032)
- Home Settings
- Specialty Nursing Homes
- Hospice Care Centers
Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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