Market Size of Palliative Care Industry
| 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 |
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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.
