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According to The Business Research Company’s research report on the hospice care market, the rise in the prevalence of chronic diseases is expected to propel the growth of the hospice care market. Chronic diseases refer to conditions lasting a year or more, requiring ongoing medical care, or limiting daily life activities. Chronic diseases are increasing due to the increasing use of tobacco products, poor nutrition, physical inactivity, excessive use of alcohol, and others. Hospice care is opted by several patients suffering from severe chronic diseases, including cancer.
For Instance, according to a research report published by American Action Forum in September 2020, chronic disease prevalence and costs are rising in the United States. They are expected to keep increasing as the disease prevalence among children and young adults rises. Chronic disease is a serious healthcare problem since the rising cost of chronic disease in the United States totals annually $3.7 trillion, which is around 19.6% of the country's gross domestic product (GDP). Therefore, a rise in the prevalence of chronic diseases is expected to drive the growth of the hospice care market.
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The global hospice care market size is expected to grow from $3.35 billion in 2021 to $3.65 billion in 2022 at a compound annual growth rate (CAGR) of 8.87%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The hospice care market is expected to reach $5.47 billion in 2026 at a compound annual growth rate (CAGR) of 10.63%.
New technology penetration is the key trend in the hospice care market. Major companies operating in the hospice care market are introducing new technological innovations such as using new machine learning tools to identify patients who need their services earlier in their illness and ensure that patients receive the appropriate level of home care as their illness progresses. For instance, in February 2022, Amedisys Inc., a US-based hospice provider, adopted Medalogix’s Muse, which enables better end-of-life care for patients by using machine learning to predict patient transitions. Amedisys In focuses on the last seven days of patient transition through this enterprise deployment. In addition to identifying more patients who require greater levels of care, Muse also better prepares the care team to take action.
Major players in the hospice care market are Covenant Care, National Association for Home Care and Hospice, Kindred at Home, PruittHealth, Dierksen Hospice, National Hospice and Palliative Care Organization, Oklahoma Palliative and Hospice Care, Benton Hospice Services, Alzheimer's Association, New Hampshire Hospice and Palliative Care Organization, VITAS Healthcare, LHC Group Inc, Amedisys, Gentiva Health Services, Samaritan Health Services, Brookdale Senior Living Inc and Seasons Hospice.
The global hospice care market analysis is segmented by type into nursing services, medical supply services, physician services, other type of services; by application into home settings, hospitals, specialty nursing homes, hospice care centres.
North America was the largest region in the hospice care market in 2021. The regions covered in the hospice care market overview are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Hospice Care Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide hospice care market forecast size and growth, hospice care market segments and geographies, hospice care market trends, hospice care market drivers and restraints, hospice care market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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