Hospice Care Global Market Report 2024

Hospice care is a specialized form of care designed to enhance the quality of life for individuals facing advanced, life-limiting illnesses and their caregivers. The primary objective of hospice care services is to provide comfort to patients, allowing them to cherish their final stage of life.

The key categories of hospice care encompass nursing, medical supply, physician services, and additional services. Nursing services involve the assignment of case manager nurses to hospice patients, providing nursing care through regular visits, typically ranging from one to three days a week. Additionally, caregivers have access to an on-call nurse 24 hours a day, tailored to the specific needs of the patient. Hospice care can be administered in various settings, including homes, hospitals, specialized nursing homes, and dedicated hospice care centers.

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.

The hospice care market size has grown rapidly in recent years. It will grow from $4.21 billion in 2023 to $4.73 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth observed in the historical period can be attributed to several factors, including the growing aging population, a rise in terminal illnesses, the adoption of a palliative care approach, an increase in Medicare coverage, and the expanding prevalence of home-based care.

The hospice care market size is expected to see rapid growth in the next few years. It will grow to $7.31 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The anticipated growth in the forecast period can be ascribed to the persistent aging population, the management of chronic illnesses, the growing integration of telehealth, and the escalating impact of regulatory changes. Key trends expected in the forecast period encompass personalized care plans, a holistic approach, the emergence of pediatric hospice care, enhanced bereavement support, and a heightened focus on quality and outcome measures.

The hospice care market is set to witness significant growth due to the increasing prevalence of chronic diseases. Chronic diseases, lasting a year or more and requiring continuous medical care, are on the rise, driven by factors such as tobacco use, poor nutrition, physical inactivity, and excessive alcohol consumption. Hospice care, particularly for severe chronic conditions like cancer, becomes a crucial choice for many patients. The World Health Organization reported that 74% of total deaths globally are attributed to non-communicable diseases, underscoring the need for hospice care in addressing chronic conditions.

The aging population is a key factor propelling the growth of the hospice care market. With demographic shifts leading to a higher proportion of elderly individuals in societies, hospice care becomes essential for providing specialized support and comfort to those facing terminal illnesses. The World Health Organization projects a doubling of the global population aged 60 and above by 2050, reaching 2.1 billion, with the number of individuals aged 80 or older expected to triple during the same period.

The notable trend is the penetration of new technologies. Major companies are introducing innovative solutions, such as the use of machine learning tools to identify patients in need of hospice services earlier in their illness. For instance, Amedisys Inc. adopted Medalogix’s Muse, utilizing machine learning to predict patient transitions and improve end-of-life care. This technology not only identifies patients requiring enhanced care but also better equips the care team to take timely action.

Major companies in the hospice care sector are focusing on developing innovative solutions like home-based hospice services to gain a competitive edge. Home-based hospice services offer specialized medical care and emotional support to terminally ill individuals in the comfort of their homes. Kaiser Permanente, a healthcare company, launched Care at Home, a home-based hospice service, allowing individuals with serious illnesses to receive comprehensive care in familiar surroundings. This approach aligns with Kaiser Permanente's integrated care delivery model, emphasizing comprehensive patient options throughout their care journey.

In December 2021, Traditions Health, a hospice and home health services provider, acquired Homestead Hospice and Palliative Care. This acquisition positions Traditions Health to expand its end-of-life care across the country while maintaining a commitment to delivering high-quality care. Homestead Hospice and Palliative Care, based in Georgia, further strengthens Traditions Health's presence in providing hospice and palliative care services.

Major companies operating in the hospice care market include Dierksen Hospice, Kindred at Home, National Association for Home Care and Hospice, PruittHealth Inc., Covenant Care, AseraCare Hospice, Bristol Hospice, Brookdale Hospice, Capital Caring, Community Hospice & Palliative Care, Compassus, Continuum Care Hospice, Crossroads Hospice, Encompass Health Corp., Four Seasons Hospice, Gentiva Hospice, Gilchrist Hospice Care, Grace Hospice, Halcyon Hospice & Palliative Care, Harbor Light Hospice, Heartland Hospice, Hope Hospice, Hospice of Dayton, Hospice of the Chesapeake, Hospice of the Valley, Odyssey Healthcare, Ohio's Hospice, Pathways Home Health and Hospice, Premier Hospice and Palliative Care, Seasons Hospice & Palliative Care, Suncoast Hospice, Tidewell Hospice, VITAS Healthcare

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

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 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.

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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