Dublin, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The "Global Palliative Care Market: Analysis By Type, By Age Group, By Application, By End-User, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The global palliative care market in 2021 was valued at US$12.95 billion. The market is expected to reach US$21.39 billion by 2027. Palliative care is a specialized medical care given to people living with a serious or life-threatening disease such as cancer to improve the quality of life of patients and to help them feel more comfortable with their treatment.
Palliative care is provided to patients suffering from diseases such as cancer, congestive heart failure (CHF), CNS disorders, chronic pulmonary obstructive disease (COPD) and others, providing symptomatic relief for nausea & vomiting, diarrhea, pain & anxiety, loss of appetite and many more. Therefore, surging prevalence of chronic diseases is one of the main factors that would drive the demand for palliative care in the forthcoming years. The market is expected to grow at a CAGR of approx. 8.7% during the forecasted period of 2022-2027.
Market Segmentation Analysis:
- By Type: The report provides the bifurcation of the market into five segments based on the type: Hospital Inpatient Care, Hospice Inpatient Care, Nursing Home, Residential Facility Center, and Others. In 2021, hospital inpatient care held one fourth share of the market and the segment is expected to grow at the highest CAGR in the forthcoming years on account of growing availability of specialist palliative care services in various hospitals, creating lucrative opportunities for the market.
- By Age Group: The report further provides the segmentation based on the age group: Adult, and Pediatric. The adult segment held the highest share of around 90% in the market. The market's expansion is aided by the increasing geriatric population along with rising incidences of multiple chronic health conditions, such as Alzheimer's, dementia, cancer, asthma, cardiovascular diseases, etc.
- By Application: The report further provides the segmentation based on the application: Cancer, Cardiovascular Diseases, Chronic Respiratory Diseases, and Others. The cancer segment held the highest share of more than 35% in the market. The market is expected to expand on account of increasing preference for palliative and end-of-life care for cancer patients. In addition, palliative care also provides support to caregivers and children of cancer patients and help them balance care for the patients and their own health.
- By End-User: The report further provides the segmentation based on the end-user: Hospitals & Clinics, Home Care Settings, Palliative Care Centers, and Others. The supermarket/hypermarkets held the highest share of more than 36% in the market. The market's expansion was aided by the rising need for palliative care worldwide as hospitals & clinics are the preferred choice of treatment for palliative care, rapid establishment of palliative care centers in hospitals and expansion of clinic-based specialized application of palliative care.
- By Region: The report provides insight into the palliative care market based on the regions namely North America, Europe, Asia Pacific, and the Rest of the World. North America held the major share of above 40% in the market owing to increasing integration of palliative care into health care management plans, the implementation of preferential policies and reimbursement plans covering palliative care and hospice care, advances in palliative care, and the presence of major players in the region.
- In Europe, Germany is expected to be the fastest growing region in the forecasted period. Whereas, in the Asia Pacific region, China held almost 55% share in the market owing to the rapid rise in aging population and an increasing number of patients with life-threatening illnesses such as cancer.
Market Dynamics:
Growth Drivers
- Increasing Geriatric Population
- Surging Prevalence of Chronic Diseases
- Upsurge in Healthcare Expenditure
- Rising Affordability
- Rapid Urbanization
- Growing Awareness about Palliative Care
Challenges
- Limited Palliative Care Workforce and Training Opportunities
- Lack of Access to Palliative Care Services in Underdeveloped Countries
- Late Referrals
Market Trends
- Escalating Incidence of Dementia
- Accelerating Number of Palliative Care Centers Worldwide
- Surging Application of Palliative Care for Homecare
- Technological Advancements
Key Players
Companies Mentioned
- Brookdale Senior Living Inc.
- LHC Group, Inc.
- Amedisys, Inc.
- Chemed Corporation (Vitas Healthcare Corporation)
- Genesis Healthcare, Inc. (Skilled Healthcare Group Inc.)
- Home Instead, Inc.,
- Kindred Healthcare, Inc.
- Revera Inc.
- UCLA Health
- National Hospice and Palliative Care Organization (NHPCO)
- Seymour Health
- Senior Care Centers of America, Inc.
- Sunrise Senior Living, LLC
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiling
For more information about this report visit https://www.researchandmarkets.com/r/wfm52h
