New York, March 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hospice Care Global Market Report 2023" - https://www.reportlinker.com/p06433298/?utm_source=GNW
, Amedisys, Gentiva Health Services, Samaritan Health Services, Brookdale Senior Living Inc and Seasons Hospice.
The global hospice care market grew from $3.67 billion in 2022 to $4.07 billion in 2023 at a compound annual growth rate (CAGR) of 10.7%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hospice care market is expected to grow to $6.23 billion in 2027 at a CAGR of 11.3%.
The hospice care market includes revenues earned by entities by providing palliative care services, home and inpatient care services, spiritual care services, and coordination care services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Hospice care is a special kind of care that focuses on improving the quality of life for people who are experiencing an advanced, life-limiting illness or their caregivers. The main goal of hospice care services is to comfort the patients while allowing them to enjoy their last stage of life.
North America was the largest region in the hospice care market in 2022. The regions covered in the hospice care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of hospice care are nursing, medical supply, physician services, and other services.Nursing services refer to assigning case manager nurses to a hospice patient.
Nursing services are used for nursing care, in which nurses visit patients one to three days a week.Caregivers can also access an on-call nurse 24 hours daily, depending on the need.
Home settings, hospitals, specialty nursing homes, and hospice care centers are the applications of hospice care.
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.
New technology penetration is the key trend in the hospice care market.Major companies operating in the 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.
In December 2021, Traditions Health, a US-based hospice and home health services provider, acquired Homestead Hospice and Palliative Care for an undisclosed amount.With this acquisition, Traditions Health will develop and spread its end-of-life care across the country while maintaining the ongoing and regular provision of the highest caliber of care for our patients.
Homestead Hospice and Palliative Care is a Georgia-based service provider of hospice care and palliative care.
The countries covered in the hospice care market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hospice care market research report is one of a series of new reports that provides hospice care market statistics, including hospice care industry global market size, regional shares, competitors with a hospice care market share, detailed hospice care market segments, market trends and opportunities, and any further data you may need to thrive in the hospice care industry. This hospice care market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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