Palliative Care Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR (2024 - 2029) | 8.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Palliative Care Market Analysis
The Palliative Care Market is expected to register a CAGR of 8.10% during the forecast period.
The major factors expected to drive market growth include an increase in life-threatening and chronic diseases, an increase in the aging population, and an increase in palliative care centers. In addition, the public's increasing awareness of palliative care is expected to grow significantly in the market. For instance, as per the May 2024 update by Palliative Care Services in Australia, 51,300 primary palliative care services were provided, alongside 43,500 other palliative care services, translating to 19.9 and 16.9 services per 10,000 population, respectively, in Australia in 2022.
As per the same source, out of every four services, three (77%) were catered to individuals aged 65 years and above, with 21% specifically tailored for those aged 85 years and older. Further, on average, each person received 4.8% of services. Around 80% of the services (55,200) were administered in consulting rooms or hospitals, 3.8% (2,500) were provided in alternative settings (like a person's residence), and the remaining 13% (8,700) were allocated for case conferences (comprising community and discharge case conferences). This shows the huge participation of patients in palliative care, which is expected to impact the market significantly over the study period.
Furthermore, the establishment of new palliative care services by various market players increases the adoption of palliative care, which is expected to boost market growth. For instance, in October 2022, a 10-bed pediatric palliative care ward was opened at Sparsh Hospice at Khajaguda, Hyderabad, on World Hospice and Palliative Care Day. These new palliative care facilities increase the demand for palliative services, which is expected to propel market growth over the forecast period.
However, the high cost of treatments and insufficient access to palliative care are the factors that are expected to hinder the growth of the market over the forecast period.
Palliative Care Market Trends
Cancer Segment is Expected to Record Significant Share in the Market Over the Forecast Period
Palliative care is a type of medical care that relieves pain and other symptoms while also assessing all other aspects of a patient's physical, psychological, and spiritual well-being. It intends to improve the quality of life for sick cancer patients and their families. The cancer segment is expected to hold a significant market share over the forecast period, owing to the high burden of cancer cases, the growing geriatric population, and the increasing adoption of palliative care in cancer treatment.
The expansion of the program that helps with healthcare costs in cancer through increasing palliative care is expected to drive market growth. For instance, in September 2022, the American Cancer Society (ACS) stated that a new study showed Medicaid’s expansion was associated with increased palliative care use for cancer patients diagnosed with advanced disease. This can help cover medical costs for some people with limited income and resources and likely propel the market's growth over the study period.
Furthermore, the new funding for palliative care is expected to register significant growth in the market. For instance, in August 2023, Mark Butler, the Minister for Health and Aged Care, unveiled funding for 14 national palliative care projects. These initiatives aim to enhance the quality and accessibility of crucial support and treatments for individuals facing life-limiting illnesses, including cancer. Similarly, in January 2022, Vynca secured USD 30 million in funds to expand its integrated palliative care platform in the United States. Questa Capital led the investment with participation from existing investors, including Generator Ventures, First Trust Capital Partners, 4100 Group, and OCA Ventures. Hence, the new funding for palliative care in cancer is expected to boost market growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to grow in the palliative care market due to the region's proper reimbursement and insurance facilities for palliative care services. The United States holds most of the North American market’s share due to the growing healthcare expenditure and the rapid adoption of point-of-care testing.
The new initiatives by the government in the region improve palliative care. For instance, in May 2022, US senators Tammy Baldwin (D-WI) and Shelley Moore Capito (R-WV) reintroduced the Palliative Care and Hospice Education and Training Act (PCHETA), a bipartisan bill to grow, improve, and sustain the palliative and hospice care workforce to cater to patients' needs and help improve the well-being of Americans suffering from life-threatening illnesses and their families. This is expected to boost market growth over the forecast period.
In addition, government funding in support of palliative care can propel the market in the region. For instance, in August 2022, the government of Canada announced USD 2 million in support for palliative care for homeless people. Thus, such new government funding initiatives are expected to expand the region's palliative care services market over the forecast period.
Palliative Care Industry Overview
The palliative care market is vast and competitive. In terms of share, a few key players dominate the market and will continue to dominate for the next few years. The major players in the market are engaged in product development and strategic alliances to cater to the growing global demand for the market and gain a robust share of the market. Major companies profiled in the market report include Genesis HealthCare Corporation, VITAS HealthCare, Amedisys, Sunrise Senior Living LLC (Revera), Lifepoint Health Inc. (Kindred Healthcare), Honor Technology Inc., ProMedica Health System Inc., and Cipla Palliative Care & Training Centre (Cipla Foundation).
Palliative Care Market Leaders
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Genesis Healthcare Corporation
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VITAS Healthcare
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Sunrise Senior Living LLC (Revera)
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Amedisys
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Lifepoint Health, Inc (Kindred Healthcare)
*Disclaimer: Major Players sorted in no particular order
Palliative Care Market News
- June 2024: The Center for Hospice Care unveiled its latest initiative, Kaleidoscope, a community-based palliative care program. This program takes a comprehensive approach to supporting patients with advanced illnesses, delivering care directly to their homes. The dedicated team, comprising a nurse practitioner, palliative care nurse, community health worker, spiritual care provider, and volunteers, ensures patients receive holistic care in the comfort of their own homes.
- May 2024: Thyme Care, a prominent player in value-based cancer care, appointed Dr. Julia Frydman as its inaugural Medical Director for palliative care, bringing a wealth of clinical knowledge. This virtual palliative care program is designed to assist qualifying members and their caregivers in managing physical and psychological symptoms, offering crucial support as they navigate life with cancer.
Palliative Care Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumption and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increase in Life-threatening and Chronic Diseases
- 4.2.2 Increase in the Aging Population
- 4.2.3 Increase in Palliative Care Centers
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4.3 Market Restraints
- 4.3.1 Excessive Cost of Treatments
- 4.3.2 Insufficient Access to Palliative Care
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4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Provider
- 5.1.1 Hospitals and Clinics
- 5.1.2 Nursing Homes
- 5.1.3 Rehabilitation Centers
- 5.1.4 Other Providers
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5.2 By Application
- 5.2.1 Cancer
- 5.2.2 Cardiovascular Disease
- 5.2.3 Chronic Obstructive Pulmonary Disease (COPD)
- 5.2.4 Other Applications
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5.3 By Age Group
- 5.3.1 Adult
- 5.3.2 Pediatric
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5.4 By Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Mexico
- 5.4.2 Europe
- 5.4.2.1 United Kingdom
- 5.4.2.2 France
- 5.4.2.3 Germany
- 5.4.2.4 Italy
- 5.4.2.5 Spain
- 5.4.2.6 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 India
- 5.4.3.2 China
- 5.4.3.3 Japan
- 5.4.3.4 Australia
- 5.4.3.5 South Korea
- 5.4.3.6 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 5.4.4.1 GCC
- 5.4.4.2 South Africa
- 5.4.4.3 Rest of Middle East and Africa
- 5.4.5 South America
- 5.4.5.1 Brazil
- 5.4.5.2 Argentina
- 5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Genesis HealthCare Corporation
- 6.1.2 VITAS HealthCare
- 6.1.3 Amedisys
- 6.1.4 Sunrise Senior Living LLC (Revera)
- 6.1.5 Lifepoint Health Inc. (Kindred Healthcare)
- 6.1.6 Honor Technology Inc.
- 6.1.7 ProMedica Health System Inc.
- 6.1.8 Cipla Palliative Care & Training Centre (Cipla Foundation)
- 6.1.9 Cornerstone Hospice and Palliative Care
- 6.1.10 Seymour Health
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityPalliative Care Industry Segmentation
As per the report's scope, palliative care improves the quality of life of patients with life-threatening illnesses and their families facing challenges. This caregiving can be physical, psychological, social, or spiritual. The quality of life of caregivers improves as well through palliative care.
The palliative care market is segmented by provider, application, age group, and geography. By provider, the market is segmented into hospitals and clinics, nursing homes, rehabilitation centers, and other providers. By application, the market is segmented into cancer, cardiovascular disease, chronic obstructive pulmonary disease (COPD), and other applications. By age group, the market is segmented into adult and pediatric. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD) for all the above segments.
| By Provider | Hospitals and Clinics | |
| Nursing Homes | ||
| Rehabilitation Centers | ||
| Other Providers | ||
| By Application | Cancer | |
| Cardiovascular Disease | ||
| Chronic Obstructive Pulmonary Disease (COPD) | ||
| Other Applications | ||
| By Age Group | Adult | |
| Pediatric | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | United Kingdom |
| France | ||
| Germany | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| By Geography | Asia-Pacific | India |
| China | ||
| Japan | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| By Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Palliative Care Market Research FAQs
What is the current Palliative Care Market size?
The Palliative Care Market is projected to register a CAGR of 8.10% during the forecast period (2024-2029)
Who are the key players in Palliative Care Market?
Genesis Healthcare Corporation, VITAS Healthcare, Sunrise Senior Living LLC (Revera), Amedisys and Lifepoint Health, Inc (Kindred Healthcare) are the major companies operating in the Palliative Care Market.
Which is the fastest growing region in Palliative Care Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Palliative Care Market?
In 2024, the North America accounts for the largest market share in Palliative Care Market.
What years does this Palliative Care Market cover?
The report covers the Palliative Care Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Palliative Care Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Palliative Care Industry Report
Statistics for the 2024 Palliative Care market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Palliative Care analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
