Palliative Care Market Trends

Global Palliative Care Market Overview

Palliative Care Market Size was valued at USD 5.1 Billion in 2023. The palliative care market industry is projected to grow from USD 5.47 Billion in 2024 to USD 9.65 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.4% during the forecast period (2023 - 2032). Key market drivers anticipated to propel market revenue growth include increasing emphasis on enhancing patients' quality of life by reducing pain and symptoms, the establishment of professional palliative care organizations, and accessibility to advanced palliative care services worldwide.

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

The global availability of sophisticated palliative care services, the proliferation of professional palliative care organizations, and the growing emphasis on improving patients' quality of life by alleviating pain and other symptoms are all factors expected to fuel the market's expansion.

The number of people in need of care who are also eligible to get it has grown because to the establishment of palliative care groups. A multidisciplinary team approach to treating pain and symptoms and providing grieving counseling has resulted in coordinated care that focuses enhancing quality of life and aiding patients in obtaining care in their homes, daily support, proactive medical therapy, and disease management. These have resulted in lower costs, improved service quality, and more word-of-mouth advertising. These pivotal factors are expected to have a major bearing on the CAGR of the market.

July 2023: An app that provides comprehensive palliative care services is planned to be developed by students at the International Institute of Information Technology in Hyderabad (IIITH) in the month of July 2023. Motivation for the idea came from the fact that only a small fraction of the Indian population (1%) had access to palliative care services, compared to 14% worldwide. When it comes to the care component of healthcare, we don't have any apps, either. The app's goal is to provide not only extensive materials and professional guidance to assist them better understand their problem, but also a list of possible treatment alternatives and holistic approaches, as well as a supportive community in which they can share their own experiences and get the emotional support they need.

In August 2023, Georgian Bay General Hospital (GBGH) has enhanced its offerings for end-of-life care. Earlier this summer, the hospital initiated the provision of medical assistance in dying (MAID) and palliative care. While the use of this treatment is not new, the hospital aims to enhance it by enlisting a team of five exceptionally skilled doctors. The objective is to enhance the care provided to eligible patients by providing access to the expertise and abilities of a physician who has received specialized training in palliative medicine.

In August 2023, Four Seasons of North Carolina, a hospice firm, has implemented a mobile palliative care unit to enhance the provision of medical services to patients residing in remote places. The mobile clinic will offer medical services in six distinct counties in North Carolina. Furthermore, it possesses an on-board training simulator. A multidisciplinary team consisting of doctors, advanced practice registered nurses (APRNs), and social workers collaborate to deliver a level of care in the unit that is equivalent to what would be provided at the patient's residence or a medical facility.

In May 2023, ICU physicians successfully decreased the unfulfilled palliative care needs of critically ill patients and their families by utilizing ICUconnect, as demonstrated via a randomized controlled experiment, in comparison to traditional care. ICUconnect is a smartphone application that simplifies communication between families and ICU clinicians. It enables families to exchange and receive information about essential palliative care ideas, while allowing ICU professionals to present patient and family data for improved care. Patients were administered the Needs at the End of Life Screening Tool (NEST) one week after being admitted to the intensive care unit.

Palliative Care Market Trends

• Favorable reimbursement regulations and expanded access to palliative care are two major drivers anticipated to fuel market growth

The establishment and execution of policies that support palliative care services under essential healthcare facilities is the result of recent improvements and changes in the health care system ly. For instance, Medicare Hospice Benefits (MHB) pays 87% of the costs associated with patient days at the hospice and palliative care facilities, with the remaining 15% covered by Medicaid, self-pay, private insurers, and charitable donations. Palliative care is becoming more widely used in patient care due to increased integration at the primary and secondary levels of healthcare. The necessity for hospitalization and Medicare costs are both decreased by home-based palliative care treatments. Health systems and payers are becoming more interested in palliative care models as financial and quality incentives are now available for home-based palliative care. The creation of palliative care organizations has increased the number of qualified patients and families for care. Coordinated care that emphasizes enhancing quality of life and assisting patients in receiving care in their homes, daily support, proactive medical treatment, and disease management has been achieved due to a multidisciplinary team approach to treat pain and symptoms and provide grief counseling. These have produced further cost reductions, delivering services of the highest caliber, and a strong referral network. These crucial elements are anticipated to substantially impact the market CAGR.

ly, 727 million people are believed to be 65 or older, according to the Department of Economic and Social Affairs. Additionally, it is predicted that by 2050, this population will have more than doubled, reaching almost 1.5 billion people. All older persons with chronic conditions, regardless of where they receive medical treatment, should receive the best palliative care, according to a joint statement from the European Union Geriatric Medicine Society and the European Association for Palliative Treatment. Additionally, chronic diseases, including cancer, cardiovascular disease, and neurological problems, are more prevalent among older persons and tend to afflict them more frequently. The percentage of the  population over 60 years old will nearly double from 12% to 22% between 2015 and 2050, according to the WHO. With an emphasis on the body, mind, and spirit, pain and symptom control, and helping patients and their families comprehend treatment plans, palliative care helps the elderly avoid unnecessary hospital visits. Furthermore, compared to the general population, the needs of the elderly population in terms of palliative care are particular. Future potential for the market participants in palliative care will be brought about by an aging population expanding ly. Thus, driving the palliative care market revenue.

Palliative Care Market Segment Insights

Palliative Care Type Insights

The  palliative care market segmentation, based on type includes Hospital Inpatient Care, Hospice Inpatient Care, Nursing Homes, Residential Facility Care, Homecare and Private Residence Care. The hospital inpatient care segment dominated the market. Palliative care given in hospitals is referred to as hospital inpatient care. Patients with severe illnesses like cancer receiving hospital inpatient care receive palliative care; the condition is treated without necessitating the patient to relocate. Hospitals worldwide are providing more palliative care in addition to disease treatment, propelling growth for this market. For instance, Let's Get Healthy California; US reports that over 80% of hospitals in California are anticipated to offer inpatient palliative care by 2022, up from 37.3% in 2012.

Palliative Care End-User Insights

The  palliative care market segmentation, based on end-user, includes Long Term Care Centers & Rehabilitation Centers, Hospitals & Clinics, Palliative Care Centers and Home Care Settings. The long term care centers & rehabilitation centers category generated the most income. The terms "long-term care facilities" and "rehabilitation facilities" describe establishments that offer support and care all day long and 24/7 access to specialized nurses. The four basic types of long-term care facilities are independent living apartments, nursing homes, assisted living communities, and continuing care retirement communities. Long-term care institutions include hospitals that provide long-term chronic care, rehabilitation centers, and inpatient behavioral health facilities. The main drivers are the rising admission rates and expanding senior population in this market.

Figure 1  Palliative Care Market, by End-User, 2022 & 2032 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Palliative Care Application Insights

The  palliative care market segmentation, based on application includes Cardiac Disease, Congestive Heart Failure, Cancer, Chronic Obstructive Pulmonary Disease (COPD), Kidney Failure, Alzheimer’s Disease, Parkinson’s Disease and Amyotrophic Lateral Sclerosis (ALS). The cardiac disease segment dominated the market. The older population is growing, and patients with heart conditions are demanding more palliative care, driving huge growth in the cardiac disease industry. To improve the patient's wellbeing, palliative care teams use a variety of strategies. Additionally, treatments like lymphatic drainage may help with conditions like edema and leg pain. According to the WHO, around 40 million individuals ly use palliative care each year, with cardiovascular illnesses having the highest incidence of use (38.5%).

August 2023:Georgian Bay General Hospital (GBGH) in August 2023 has improved its end-of-life care services. The hospital began offering medical aid in dying (MAID) and palliative care earlier this summer. Although such treatment is not novel, the hospital hopes to improve upon it by employing a group of five highly qualified doctors. The goal is to improve treatment for eligible patients by making available the knowledge and skills of a physician trained in palliative medicine.

August 2023:In order to better serve patients in outlying areas, the hospice company Four Seasons of North Carolina has introduced a mobile palliative care unit in the month of August 2023. The mobile clinic will provide medical services in six different counties in North Carolina. In addition, it has a training simulator on board. A team of doctors, APRNs, and social workers work together to provide the same high standard of care in the unit as they would in the patient's own home or a clinic.

Palliative Care Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American palliative care market area will dominate this market due to the growing integration of palliative care into health care management programs, favorable policies and reimbursement schemes that cover palliative and end-of-life care, developments in palliative care, and the presence of important players in the area. These crucial factors are anticipated to further fuel revenue growth of the North American market over the forecast period because palliative care is regarded as an established field of medicine with a formal accreditation process in the United States, has growing professional and public awareness, has a high availability of training options, and is provided in nearly all healthcare settings.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2  PALLIATIVE CARE MARKET SHARE BY REGION 2022 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe palliative care market accounts for the second-largest market share due to the widespread occurrence of cardiac problems, the growing popularity of palliative care, and payment for palliative care. A growing number of people are getting older and the European region has a well-developed healthcare system. Eurostat estimates that in 2020, 20.6% of EU citizens will be 65 years of age or older. The need for palliative care is anticipated to rise since senior populations are increasingly likely to have chronic diseases. Further, the German palliative care market held the largest market share, and the UK palliative care market was the fastest growing market in the European region

The Asia-Pacific Palliative care Market is expected to grow at the fastest CAGR from 2023 to 2032 due to factors such as the presence of organisations like the Asia Pacific Hospice Palliative Care Network (APHN), which supports a network of people and national organizations active involved in palliative care to streamline palliative care services, the rising availability of essential drugs for palliative care, the rising availability of specialist palliative care services, and the increasing number of patients diagnosed with advanced stage diseases. Moreover, China’s palliative care market held the largest market share, and the Indian palliative care market was the fastest growing market in the Asia-Pacific region.

Palliative Care Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the palliative care market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, palliative care industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the palliative care industry to benefit clients and increase the market sector. In recent years, the palliative care industry has offered some of the most significant advantages to market. Major players in the palliative care market attempting to increase market demand by investing in research and development operations include Vitas Healthcare Corporation (US), Sunrise Senior Living, LLC (US), Home Instead, Inc. (US), Amedisys, Inc. (US), Genesis Healthcare, Inc. (US), LHC Group, Inc. (US), Revera Inc. (Canada), FC Compassus LLC (Japan), Kindred Healthcare (US) and Seymour Health (Australia).

In the field of senior living, Revera is a prominent owner, operator, and investor. Over 500 sites in Canada, the United States, and the United Kingdom are owned or operated by Revera through its network of partnerships, providing services to over 55,000 people. The organization also provides senior residences by offering independent living, assisted living, memory care, long-term care, and skilled nursing. Revera is assisting senior citizens in living life to the fullest with the support of its about 50,000 staff who are committed to offering first-rate care and service. Revera's social cause of choice is ageism, which it is dedicated to addressing through Age is More.

Healthcare provider Amedisys Inc. (Amedisys) provides individualized home health care, hospice care, and personal care in the US. The business provides practical nursing care, occupational therapy, counselling, pharmaceutical management, spiritual care, and supplies and equipment for people with terminal illnesses and diseases that are associated to them. Additionally, it offers companion care, rehabilitative and disability care, homemaker services, social services for acute and chronic illnesses, and services for home health aides. It provides services through a network of hospice care facilities, personal care facilities, and home health care facilities with Medicare certification that are located in many US states and the District of Columbia.

Key Companies in the palliative care market include

• Vitas Healthcare Corporation (US)


• Sunrise Senior Living, LLC (US)


• Home Instead, Inc. (US)


• Amedisys, Inc. (US)


• Genesis Healthcare, Inc. (US)


• LHC Group, Inc. (US)


• Revera Inc. (Canada)


• FC Compassus LLC (Japan)


• Kindred Healthcare (US)


• Seymour Health (Australia)

Palliative Care Industry Developments

February 2023:Palliative care services were introduced in South India by Athulya Senior Care in collaboration with Pallium India.

January 2023:To extend its integrated palliative care platform in the US, Vynca has obtained USD 30 million in funding. Existing investors Generator Ventures, First Trust Capital Partners, 4100 Group, and OCA Ventures joined Questa Capital in leading the investment.

November 2022:According to Home Health Care News (HHCN), Home Instead Inc. announced that through a new partnership with DispatchHealth, its clients would have access to in-home acute care. DispatchHealth, a Denver-based business first established as an in-home urgent care service provider, now provides home-level treatment.

Palliative Care Market Segmentation

Palliative Care Type Outlook (USD Billion, 2018-2032)

• Hospital Inpatient Care


• Hospice Inpatient Care


• Nursing Homes


• Residential Facility Care


• Homecare


• Private Residence Care

Palliative Care End-User Outlook (USD Billion, 2018-2032)

• Long Term Care Centers & Rehabilitation Centers


• HOSPITALS & CLINICS


• Palliative Care Centers


• Home Care Settings

Palliative Care Application Outlook (USD Billion, 2018-2032)

• Cardiac Disease


• Congestive Heart Failure


• Cancer


• Chronic Obstructive Pulmonary Disease (COPD)


• Kidney Failure


• Alzheimer’s Disease


• Parkinson’s Disease


• Amyotrophic Lateral Sclerosis (ALS)

Palliative Care Regional Outlook (USD Billion, 2018-2032)

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America