Market Trends of Palliative Care Industry
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.
