Palliative Care Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 8.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Palliative Care Market Analysis
The palliative care market is expected to register a CAGR of 8.1% over the forecast period.
Professionals in supportive and palliative care faced challenges due to the COVID-19 pandemic, yet palliative care is an essential intervention for enhancing the quality of life for cancer patients. For instance, as per the report published by Frontiers in Public Health in November 2022, from the oncologist's perspective, the COVID-19 pandemic had an adverse impact on the palliative care practice, daily clinical routine, and personal lives of the patients. However, as per the same source, the corresponding measures like remote assistive technology in palliative care and encouraging home-based and personalized palliative care treatment are expected to have increased demand which will likely propel the market to grow over the coming years.
The major factors expected to drive the 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 AIHW report, in 2021, 58,700 patients received palliative care from the 177 palliative care services participating in the Australian Palliative Care Outcomes Collaboration (PCOC) program. This shows the huge participation of patients in palliative care, which is expected to impact the market over the study period significantly.
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 widespread services that likely propel the 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 Have 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 the market to grow. For instance, in September 2022, the American Cancer Society (ACS) stated that a new study showed Medicaid expansion 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 have significant growth in the market. For instance, in December 2021, the Minister for Health, Ireland funded USD 10.6 million (EUR 10 million) for palliative and end-of-life care through several national organizations, including the Irish Cancer Society. Hence, the new funding for palliative care in cancer is expected to boost the market 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 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 in the region. For instance, in May 2022, United States 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 keep pace with patients' needs and to help improve the well-being of Americans with life-threatening illnesses and their families. Palliative and hospice care focus on relieving patients suffering from serious illnesses and working to improve their quality of life which is expected to boost the market over the forecast period.
In addition, funding in support of palliative care by the government 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 persons who are homeless or vulnerably housed. Thus, a new government funding initiative can expand the region's palliative care services and is expected to boost the 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
Genesis Healthcare Corporation
VITAS Healthcare
Sunrise Senior Living LLC (Revera)
Amedisys
Lifepoint Health, Inc (Kindred Healthcare)
*Disclaimer: Major Players sorted in no particular order
Palliative Care Market News
- February 2023: Athulya Senior Care, in association with Pallium India, launched palliative care services in South India.
- 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.
Palliative Care Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
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
4.3 Market Restraints
4.3.1 Excessive Cost of Treatments
4.3.2 Insufficient Access to Palliative Care
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 million)
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
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
5.3 By Age Group
5.3.1 Adult
5.3.2 Pediatric
5.4 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
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
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 (hospitals and clinics, nursing homes, rehabilitation centers, and other providers), application (cancer, cardiovascular disease, chronic obstructive pulmonary disease (COPD), and other applications), age group (adult and pediatric), and geography (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 (in USD million) 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 |
| Geography | ||||||||
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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.
