End of Life Planning Global Market Report 2024

The end of life planning market size has grown strongly in recent years. It will grow from $30.75 billion in 2023 to $33.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to an increased aging population, greater awareness of advance directives, a rise in chronic illness prevalence, economic uncertainty, and a heightened demand for professional guidance.

The end of life planning market size is expected to see strong growth in the next few years. It will grow to $48.52 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to increasing awareness and education, rising healthcare costs, government policies and regulations, cultural shifts, and the expansion of service providers. Major trends in the forecast period include virtual funeral services, digital legacy management, cultural and religious customization, pre-planning and subscription models, bereavement support services, and legal and financial planning tools.

The increase in the proportion of individuals reaching retirement age is expected to drive the growth of the end-of-life planning market moving forward. Retirement age refers to the time when a person typically ceases full-time employment and may become eligible for retirement benefits. The increasing proportion of individuals reaching retirement age, due to improved healthcare leading to longer life expectancy, the aging of the large baby boomer generation, and declining birth rates reducing the proportion of younger individuals, is contributing to this growth. End-of-life planning is crucial for the retirement-age population to ensure their care preferences and treatment wishes are respected during their final stages of life. For instance, in August 2023, according to data from Statistics Canada, approximately 21.8% of Canadians aged 55 to 59 reported being fully or partially retired. This percentage doubled to 44.9% for those aged 60 to 64 and nearly doubled again to 80.5% for those aged 65 to 69. Therefore, the increase in the proportion of individuals reaching retirement age is driving the growth of the end-of-life planning market.

Major companies operating in the end-of-life planning market are focusing on providing personalized and customized solutions, such as self-authored obituaries, to offer a user-friendly digital platform. A self-authored obituary is a written or recorded reflection on one's life and legacy, often prepared in advance as part of end-of-life planning. For instance, in January 2023, Newham Council, a UK-based government entity, launched the MyWishes digital platform, a tool designed for end-of-life planning and tailored for use by the local community. The platform enables residents to document and share care decisions, including funeral wishes, writing or recording self-authored obituaries, making necessary plans, and leaving goodbye messages for family and friends in the event of their death. This reduces stress on the family post-bereavement. Users can specify health and social care preferences, and printed documents can be shared with healthcare providers.

In May 2023, Wellthy Inc., a US-based service company providing caregiving support, acquired Lantern Co. for an undisclosed amount. With this acquisition, Wellthy aimed to more intentionally support families as they handle the emotional, financial, and logistical challenges that often come with end-of-life situations. Lantern Co. is a US-based artist-led organization offering services that include proactive planning of end-of-life preferences and supportive guidance.

Major companies operating in the end of life planning market are MetLife Inc., Service Corporation International (SCI), Crossroads Hospice & Palliative Care, TrustandWill, Dignity plc, Better Place Forests Co., Gathered Here Pty Ltd., OpusXenta Pty Ltd., Farewill, Perfect Memorials, Funeralwise, Everplans, Eterneva, Lady Anne Funerals, Aftersteps, SafeWill, GoodTrust, GatheringUs, AfterSteps, EstateExec, Going With Grace, Funeralocity Inc., funeralOne, Death With Dignity.

North America was the largest region in the end of life planning market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the end of life planning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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

End-of-life planning refers to the process of making decisions and arrangements for one's care, preferences, and affairs as one nears the end of life or in anticipation of possible incapacity. This planning involves documenting and communicating one's wishes regarding medical care, financial matters, legal affairs, and personal preferences to ensure these desires are respected and carried out when one can no longer make decisions.

The main services involved in end-of-life planning include funeral services, estate planning, digital legacy services, grief counseling and support, advanced healthcare directives, and others. Funeral services involve organizing and managing the rituals and ceremonies associated with a person's burial or cremation. These services cater to demographics such as the elderly population, middle-aged population, and young adults, living in both urban and rural areas.

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

The end-of-life planning market includes revenues earned by entities by providing services such as advance directives, healthcare decision-making, funeral prearrangements, legal consultations, and financial advice. 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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