Advance Directives Global Market Report 2024

The advance directives market size has grown exponentially in recent years. It will grow from $130.74 billion in 2023 to $159.03 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth during the historic period can be attributed to several factors, increased awareness of patient rights, expansion of palliative and hospice care services, heightened advocacy by healthcare professionals, the growing involvement of caregivers and families, and more research and data on end-of-life care.

The advance directives market size is expected to see exponential growth in the next few years. It will grow to $350.94 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. The growth in the forecast period can be attributed to rising investments in advance care planning, a growing proportion of the aging population, increased prevalence of chronic and life-limiting illnesses, a higher incidence of dementia, and a stronger focus on data security. Major trends expected during this period include technological advancements, the digitalization of advance directives, integration with electronic health records, cultural tailoring of advance care planning, and the expansion of telehealth services.

The increased prevalence of chronic and life-limiting illnesses is expected to drive the growth of the advance directives market in the future. Chronic and life-limiting illnesses are conditions that persist over time and significantly reduce lifespan and quality of life. This increased prevalence can be attributed to various factors, including genetic predispositions, lifestyle choices, and an aging population. In the context of these illnesses, advance directives are crucial for ensuring healthcare aligns with individual values and preferences. They enhance patient autonomy, alleviate family burdens, improve communication, and provide legal safeguards, ultimately enhancing the quality of care for those facing serious illnesses. For example, in January 2023, the American Cancer Society, a US-based nonprofit cancer advocacy organization, reported an increase in cancer cases to 1,958,310, a 3.16% rise from 1,898,160 in 2021. Additionally, in July 2021, the International Diabetes Federation, a Belgium-based non-governmental organization, estimated that the number of adults with diabetes was 537 million in 2021, projected to increase to 783 million by 2045. Therefore, the rising prevalence of chronic and life-limiting illnesses is propelling the growth of the advance directives market.

Major companies in the advance directives market are focusing on introducing advanced technological solutions, such as online portals or websites, to provide comprehensive information about advance directives and gain a competitive edge. A dedicated advance directives website offers essential tools and information to help individuals legally document their healthcare wishes for future medical situations. For instance, in February 2022, Health Current, a US-based health information exchange company, launched AzHDR.org, the website for the Arizona Healthcare Directives Registry (AzHDR), an online repository for storing and accessing advance directives. This website facilitates communication between healthcare providers, end-of-life decision-making professionals, and patients. Its primary functions include allowing users to initiate end-of-life care discussions, obtain advance directive paperwork, and securely register healthcare preferences. The AzHDR was created to ensure that patients' healthcare preferences are honored throughout their medical care, especially when they are unable to express their wishes due to incapacity.

In January 2022, Aledade Inc., a US-based health technology company, acquired Iris Healthcare Technologies Private Limited for an undisclosed amount. This acquisition aims to enhance Aledade Inc.'s value-based care offerings by integrating comprehensive advance care planning (ACP) solutions, thereby improving patient outcomes and satisfaction by ensuring care aligns with individual preferences and values, particularly in managing chronic and serious illnesses. Iris Healthcare Technologies is a US-based healthcare technology company specializing in providing advance directives.

Major companies operating in the advance directives market are Kaiser Foundation Health Plan Inc., Providence Health & Services, Lantern Health Inc., Dignity Health, Geisinger Health Plan, Sharp HealthCare, Island Health Authority, Bronson Healthcare Group Inc., Affirm Health Inc., LegalZoom.com Inc., National Hospice and Palliative Care Organization, Vital Decisions LLC, Caring Conversations LLC, Trust & Will Inc., Tulip Cremation, Advance Care Planning Australia Ltd, ThroughCare Inc., DocuBank Ltd., Everplans Inc., ADVault Inc., OneAccord Health LLC, GoodTrust Corporation, Thanacare Pty Ltd, Cake Software Inc., WiserCare Inc.

North America was the largest region in the advance directives market in 2023. The regions covered in the advance directives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the advance directives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Advance directives are legal documents that enable individuals to express their healthcare preferences in case they become unable to do so themselves. These documents offer guidance to healthcare providers and loved ones about the medical treatments the person wishes to accept or refuse, ensuring their healthcare decisions are respected.

The main components of advance directives include software and services. In this context, software refers to digital tools that help individuals create, manage, and store their end-of-life care preferences and legal documents electronically. The involved demographics include the elderly (over 65 years), middle-aged adults (40 to 64 years), and young adults (18 to 39 years). These directives are used by various end users, including businesses, individual consumers, and others.

The advance directives market research report is one of a series of new reports that provides advance directives market statistics, including advance directives industry global market size, regional shares, competitors with an advance directives market share, detailed advance directives market segments, market trends and opportunities, and any further data you may need to thrive in the advance directives industry. This advance directives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The advance directives market includes revenues earned by entities by legal services, healthcare services, and documentation 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.

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.


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