Global Hospice Market By Service Type, By Care Type, By Application, by Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Hospice Market Overview:

The global Hospice Market size is projected to reach a USD 75.8 Bn growth rate at a CAGR of 8.20%, from USD 34.5 Bn between the forecast period 2022-2023.

Hospice is a unique type of care that focuses on the personal fulfillment of individuals and their guardians dealing with advanced, life-limiting diseases. It refers to the rate of hospice services provided to patients in the last stage of their life. The aim of hospice care centers is to treat sickness, wounds, renal disease, or disease and improve a patient’s health. The primary purpose of hospice is to offer patients quality care and make their lives as comfortable as possible. Hospice healthcare aims to supervise, comfort, and ensure the well-being of patients with severe illnesses who have a shortened lifespan. These services are convenient, effective, less expensive, and aim to treat incurable diseases and severe illnesses efficiently, usually among aging populations.

This hospice market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, and market share. It gives a detailed overview of the parent market, Changing market dynamics in the industry, In-depth market segmentation of Historical, current, and projected market size in terms of volume and value, Recent industry trends, developments, and Competitive landscape. The factors driving the growth of the Global Hospice Care Market are the increasing number of private, government-aided organizations to provide hospice care services and governments taking several initiatives by providing financial assistance to these service providers to accelerate the market growth.

Detailed Segmentation:

The global hospice market is segmented based on – service type, care type, application, and region.

By Service Type

• Nursing Services
• Medical Supply Services
• Counseling Services
• Short-Term Inpatient Services
• Physician Services
• Other Service Types

By Care Type

• Acute Care
• Respite Care
• Bereavement care
• spiritual care

By Application

• Home Settings
• Hospitals
• Specialty Nursing Homes
• Hospice Care Centres

Market segment by Region

• North America
• Europe
• Latin America
• South Africa
• APAC
• Saudi Arabia
• South America
• MEA
• South Korea
• other major regions

Market Dynamics:

These services are a more convenient, effective, less expensive, and efficient treatment for chronic diseases and serious illnesses, generally among aging populations. In addition, medicines, medical products (such as beds, oxygen, wheelchairs, and walkers), and medical supplies (such as skin creams, latex gloves, and bedpans) are delivered directly to a patient’s doorstep. Aggressive treatment may cause symptoms that harm a patient’s quality of life and concerned families who care for a loved one.

Because of the support provided by the government, North America is the largest market for hospice care centers. Complete country-wide and partial lockdowns have significantly impacted healthcare infrastructure, resulting in the inability to accommodate patients and a shortage of crucial supplies, supply chains, and medical equipment.

Key Players:

• Lumina Hospice & Palliative Care
• Oklahoma Hospice
• Dierksen Hospice
• Amedisys, Brookdale Senior Living Solutions
• EXTENDICARE
• SeniorLiving.org
• Genesis HealthCare
• Golden LivingCenters
• HCR ManorCare
• Gentiva Health Services
• Kindred Healthcare, Inc.
• Crossroads Hospice
• LHC Group
• Curo Health Services
• Benton Hospice Services
• Kindred Healthcare LLC
• Oklahoma Palliative & Hospice Care
• The Ensign Group Inc.
• Fairview Health Services
• Living Assistance Services Inc.
• Covenant Care
• VITAS Healthcare
• LHC Group Inc.
• Other major players

Key Developments:

In December 2020, post-acute care company AccentCare and Rosemont-based National Hospice and Palliative Care Organization, Crossroads Hospice, HCR ManorCare, VITAS Healthcare, Oklahoma Hospice Care, and Palliative Care Organization completed their merger, and the combined company would provide a full continuum of home-based health care services, including demand for hospice, and palliative care, inpatient care, home healthcare, as well as personal care.

MARKET DRIVERS: The global hospice market share is growing mainly because of the increasing use of hospice services and the adoption of several hospice organizations. A strict regulatory framework may limit market growth to prevent the misuse of funds for these services.

In April 2021, the American Heart Association, Alzheimer’s Association, and the National Association for Home Care & Hospice Innovation announced a product launch initiative to improve the quality of and access to hospice and palliative care for patients with heart failure.

In September 2020, Alivia Care Inc. began providing a range of services, including Hospice Care Centers, Gentiva Health Services, hospice and palliative care for seniors, and serious illness care in the southeastern United States, South Korea, and other geographical regions. In July 2019, California Hospice announced the launch of the Telehealth Program, telemedicine services, and a rise in government initiatives for Palliative Care. This platform would facilitate virtual visits, medication management, and geographic expansions, among other services.

Hospice services generally provide complete care to patients in their last stage of life. It also treats incurable diseases like cancer, kidney failure, cardiac disorders, congestive heart failure, congestive cardiac failure, respiratory failure, dementia, and a growing incidence rate of lung diseases.

For the Hospice Market research study, the following years have been considered to estimate the market size: