Palliative Care Market Size (2024 - 2029)

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 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.