The global palliative care market in 2021 was valued at US$12.95 billion. The market is expected to reach US$21.39 billion by 2027. Palliative care is a specialized medical care given to people living with a serious or life-threatening disease such as cancer to improve the quality of life of patients and to help them feel more comfortable with their treatment.
Palliative care is provided to patients suffering from diseases such as cancer, congestive heart failure (CHF), CNS disorders, chronic pulmonary obstructive disease (COPD) and others, providing symptomatic relief for nausea & vomiting, diarrhea, pain & anxiety, loss of appetite and many more. Therefore, surging prevalence of chronic diseases is one of the main factors that would drive the demand for palliative care in the forthcoming years. The market is expected to grow at a CAGR of approx. 8.7% during the forecasted period of 2022-2027.
Market Segmentation Analysis:
- By Type: The report provides the bifurcation of the market into five segments based on the type: Hospital Inpatient Care, Hospice Inpatient Care, Nursing Home, Residential Facility Center, and Others. In 2021, hospital inpatient care held one fourth share of the market and the segment is expected to grow at the highest CAGR in the forthcoming years on account of growing availability of specialist palliative care services in various hospitals, creating lucrative opportunities for the market.
- By Age Group: The report further provides the segmentation based on the age group: Adult, and Pediatric. The adult segment held the highest share of around 90% in the market. The market's expansion is aided by the increasing geriatric population along with rising incidences of multiple chronic health conditions, such as Alzheimer's, dementia, cancer, asthma, cardiovascular diseases, etc.
- By Application: The report further provides the segmentation based on the application: Cancer, Cardiovascular Diseases, Chronic Respiratory Diseases, and Others. The cancer segment held the highest share of more than 35% in the market. The market is expected to expand on account of increasing preference for palliative and end-of-life care for cancer patients. In addition, palliative care also provides support to caregivers and children of cancer patients and help them balance care for the patients and their own health.
- By End-User: The report further provides the segmentation based on the end-user: Hospitals & Clinics, Home Care Settings, Palliative Care Centers, and Others. The supermarket/hypermarkets held the highest share of more than 36% in the market. The market's expansion was aided by the rising need for palliative care worldwide as hospitals & clinics are the preferred choice of treatment for palliative care, rapid establishment of palliative care centers in hospitals and expansion of clinic-based specialized application of palliative care.
- By Region: The report provides insight into the palliative care market based on the regions namely North America, Europe, Asia Pacific, and the Rest of the World. North America held the major share of above 40% in the market owing to increasing integration of palliative care into health care management plans, the implementation of preferential policies and reimbursement plans covering palliative care and hospice care, advances in palliative care, and the presence of major players in the region.
- In Europe, Germany is expected to be the fastest growing region in the forecasted period. Whereas, in the Asia Pacific region, China held almost 55% share in the market owing to the rapid rise in aging population and an increasing number of patients with life-threatening illnesses such as cancer.
Market Dynamics:
- Growth Drivers: The global palliative care market has been growing over the past few years, due to factors such as increasing geriatric population, surging prevalence of chronic diseases, upsurge in healthcare expenditure, rising affordability, and many other factors. With surging prevalence of chronic diseases among aging population, it is observed that both patients as well as their families, are preferring palliative care services as palliative care services as these services not only improves the patients condition but supports their families as well.
- Challenges: However, the market has been confronted with some challenges specifically, limited palliative care workforce and training opportunities, lack of access to palliative care services in underdeveloped countries, etc.
- Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as escalating incidence of dementia, accelerating number of palliative care centers worldwide, surging application of palliative care for Homecare, etc. Technological advancements have influenced the demand for palliative care services with the help of remote monitoring and telemedicine. In palliative care, there is growing interest in tele-monitoring, digital communications, and mobile applications for symptom palliation and end-of-life care. All these are the result of continuous technological advancements and growing research in the healthcare field.
Impact Analysis of COVID-19 and Way Forward:
In 2020, the COVID-19 pandemic outbreak severely affected healthcare organizations worldwide, and the provision of palliative care to cancer patients was no exception. However, with continuous surge in confirmed cased and associated deaths, the demand for palliative care services surged. The technological advancements like remote monitoring have also helped palliative care service providers to align with safety regulations. Moreover, telemedicine also simplified cooperation between the specialized palliative care team nurses and community nurses, which was a useful parameter during the COVID-19 pandemic.
Competitive Landscape:
The global palliative care market is highly fragmented, with a large number of small- and medium-sized manufacturers operating in the market.
The key players in the global palliative care market are:
- Brookdale Senior Living Inc.
- LHC Group, Inc.
- Amedisys, Inc.
- Chemed Corporation (Vitas Healthcare Corporation)
- Genesis Healthcare, Inc. (Skilled Healthcare Group Inc.)
- Home Instead, Inc.,
- Kindred Healthcare, Inc.
- Revera Inc.
- UCLA Health
- National Hospice and Palliative Care Organization (NHPCO)
- Seymour Health
- Senior Care Centers of America, Inc.
- Sunrise Senior Living, LLC
Some of the strategies among key players in the market for palliative cares are mergers and acquisitions. For instance, in April 2021, Sunrise Senior Living announced the opening of a new community in Newton, Massachusetts, which consists of 85 assisted living and memory care units. In October 2020, LHC Group, Inc., acquired Santa Rita Hospice in Colorado, the US, which would help increase its service offerings.
Table of Contents
1. Executive Summary
Companies Mentioned
- Brookdale Senior Living Inc.
- LHC Group, Inc.
- Amedisys, Inc.
- Chemed Corporation (Vitas Healthcare Corporation)
- Genesis Healthcare, Inc. (Skilled Healthcare Group Inc.)
- Home Instead, Inc.,
- Kindred Healthcare, Inc.
- Revera Inc.
- UCLA Health
- National Hospice and Palliative Care Organization (NHPCO)
- Seymour Health
- Senior Care Centers of America, Inc.
- Sunrise Senior Living, LLC
Methodology
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