Newark, June 20, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the U.S. hospice market will grow from USD 33.06 Billion in 2022 to USD 80.96 Billion by 2032. The ageing population and rising frequency of chronic and age-related illnesses are expected to lead the market to grow faster than usual. The growing number of Americans aged 65 and over is expected to rise. The market is expected to grow due to the rising incidence of cancer, dementia, kidney, respiratory, and cardiovascular illnesses among the senior population.
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Key Insight of the Hospice Market
The continuous home care segment is expected to grow at the highest CAGR of 11.83% during the forecast period.
The type segment is divided into continuous home care, general inpatient care, routine home care, and inpatient respite care. During the projection period, the continuous home care segment is projected to expand at the highest CAGR of 11.83%. Continuous home care is a short-term service offered at home when symptoms can't be controlled. Additionally, because the primary goal of CHC is to handle acute symptom emergencies at home, it substantially lowers hospital admissions. Hospice CHC lowers the risk of hospitalisation and disenrollment. It offers complete end-of-life care as a result. These aspects are expected to fuel the segment's expansion.
The home hospice care segment is expected to grow at the highest CAGR of 12.62% during the forecast period.
The location segment is divided into hospital, skilled nursing facility, hospice center, and home hospice care. During the projection period, the home hospice care segment is projected to expand at the highest CAGR of 12.62%. The need for respite care is growing as more people want to provide their primary carer some personal time. During the projected period, it is anticipated that the market for home hospice care will rise significantly. The increase in demand for home hospice care among patients and their families, which provides a more pleasant atmosphere for the patient and freedom for visitors, is credited with the segment's boost. Additionally, it avoids the cost of travel for family members to visit the patient. Compared to extended hospital stays, it is a more affordable option.
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Market Dynamics
Driver: A rise in the frequency of terminal illnesses
The number of Americans dying each year is on the rise, primarily due to the ageing population and the increase in chronic diseases like cancer and heart disease. The demand for hospice care is predicted to increase as more people experience terminal illnesses and pass away. Patients, families, and carers are increasingly knowledgeable of hospice care and its benefits. Hospice care is believed to be more caring and comprehensive than other types of medical treatment. Hospice care helps patients manage the mental and spiritual side effects of their illness and provides them with emotional and physical support. The U.S. government heavily funds hospice care through the Medicare and Medicaid programmes. Hospice care costs are also mostly covered by the Medicaid programme. There are more nursing homes and assisted living facilities in the U.S. due to the ageing population. These hospitals are increasingly preferring hospice care for their patients. Home-based care is becoming increasingly popular with both patients and carers. Home-based care has been considered to be more efficient and pleasing than hospital-based care. The patient can get hospice care at home, where they can be surrounded by things and individuals they are acquainted with.
Challenge: Insufficient hospice providers
The number of Americans living with Alzheimer's is projected to double. It will increase pressure on the hospice market because people with dementia are more likely to require higher levels of care. In the U.S., hospice providers are limited. Even if this number is projected to increase in the coming years, it still won't be enough to meet the growing number of patients requiring hospice care. There is a persistent need for hospice nurses in the U.S. Over the following years; this shortage is expected to worsen as demand for hospice care increases. The cost of providing hospice care is also rising. This is due to several factors, including an increased number of dementia patients and a shortage of hospice nurses.
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Some of the major players operating in the hospice market are:
• Amedisys
• Brookdale Senior Living, Inc.
• Crossroads Hospice
• Accentcare, Inc.
• Oklahoma Palliative & Hospice Care
• Kindred Healthcare Inc.
• Chemed Corp.
• Heart to Heart Hospice
• LHC Group, Inc.
• Seasons Hospice & Palliative Care
Key Segments Cover in the Market:
By Type:
• Continuous Home Care
• General Inpatient Care
• Routine Home Care
• Inpatient Respite Care
By Location:
• Hospital
• Skilled Nursing Facility
• Hospice Center
• Home Hospice Care
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a country basis. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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