The advance directives market was valued at $121.7 billion in 2023, and is projected to reach $510.2 billion by 2033, growing at a CAGR of 15.4% from 2024 to 2033.
Advance directives are legal documents that allow individuals to outline their preferences for medical care in the event that they become unable to communicate or make decisions for themselves due to a serious illness or injury. These documents are vital tools for planning future healthcare needs, ensuring that a person's wishes are respected and adhered to during times when they may be unable to voice their decision. They provide a clear and legally binding way for individuals to express their medical care preferences, thus assisting healthcare professionals with appropriate guidance on how to proceed with treatment and aligning medical interventions with the patient's values and desires.
Rise in awareness of the need for planning end-of-life care and medical decision-making acts as the key driving force of the global advance directives market. Governments of many countries have taken initiatives to raise awareness about the importance of advance directives and encourage individuals to document their medical care preferences. For instance, National Healthcare Decision Day initiated by the U.S. Government is held on April 16 each year. This initiative emphasizes on educating healthcare providers and consumers about advance care planning and make informed decisions about care and services before a crisis. However, lack of awareness regarding advance directives acts as a key deterrent factor of the global market. According to a study published by the National Center for Biotechnology Information - the world's largest database of freely accessible biomedical and genomic information - merely 5% to 25% individuals hold advance directives, although this might increase with age and hospitalization. On the contrary, increase in geriatric population is expected to offer remunerative opportunities for the growth of the market. As the population ages, there is an increased awareness of the need for planning end-of-life care and medical decision-making. In addition, advancements in technology such as developing user-friendly digital platforms and mobile apps for creating and storing advance directives can make the process more accessible and convenient.
The advance directives market is segmented into component, demographic, end user, and region. On the basis of component, the market is bifurcated into software and services. By demographic, it is divided into elderly population (65 years & above), middle aged (40-60 years), and young adults (18-39 years) . Depending on end user, it is classified into payers, providers, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of demographic, the elderly population segment led the advance directives market in 2023.
Depending on end user, the healthcare providers segment held a prominent position in market in 2023.
Region wise, North America is poised to dominate the market 2033.
Advance directives are legal documents that allow individuals to outline their preferences for medical care in the event that they become unable to communicate or make decisions for themselves due to a serious illness or injury. These documents are vital tools for planning future healthcare needs, ensuring that a person's wishes are respected and adhered to during times when they may be unable to voice their decision. They provide a clear and legally binding way for individuals to express their medical care preferences, thus assisting healthcare professionals with appropriate guidance on how to proceed with treatment and aligning medical interventions with the patient's values and desires.
Rise in awareness of the need for planning end-of-life care and medical decision-making acts as the key driving force of the global advance directives market. Governments of many countries have taken initiatives to raise awareness about the importance of advance directives and encourage individuals to document their medical care preferences. For instance, National Healthcare Decision Day initiated by the U.S. Government is held on April 16 each year. This initiative emphasizes on educating healthcare providers and consumers about advance care planning and make informed decisions about care and services before a crisis. However, lack of awareness regarding advance directives acts as a key deterrent factor of the global market. According to a study published by the National Center for Biotechnology Information - the world's largest database of freely accessible biomedical and genomic information - merely 5% to 25% individuals hold advance directives, although this might increase with age and hospitalization. On the contrary, increase in geriatric population is expected to offer remunerative opportunities for the growth of the market. As the population ages, there is an increased awareness of the need for planning end-of-life care and medical decision-making. In addition, advancements in technology such as developing user-friendly digital platforms and mobile apps for creating and storing advance directives can make the process more accessible and convenient.
The advance directives market is segmented into component, demographic, end user, and region. On the basis of component, the market is bifurcated into software and services. By demographic, it is divided into elderly population (65 years & above), middle aged (40-60 years), and young adults (18-39 years) . Depending on end user, it is classified into payers, providers, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By component, the services segment acquired significant market share in 2023.On the basis of demographic, the elderly population segment led the advance directives market in 2023.
Depending on end user, the healthcare providers segment held a prominent position in market in 2023.
Region wise, North America is poised to dominate the market 2033.
Competition Analysis
Competitive analysis and profiles of the major players in the global advance directives market include West Health, MyDirectives, Inc., Aledade, VyncaCare, WiserCare, Sharp HealthCare, Vital Decisions LLC, Affirm Health, thanacare, and Honor My Decisions LLC. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the global market.Additional benefits you will get with this purchase are:
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Key Market Segments
By Component
- Software
- Services
By Demographics
- Elderly Population (65 yrs above)
- Middle Aged (40-60 yrs)
- Young Adults (18-39 yrs)
By End User
- Payers
- Providers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- West Health
- MyDirectives, Inc.
- Aledade
- VyncaCare
- WiserCare
- Sharp HealthCare
- Vital Decisions LLC
- Affirm Health
- thanacare
- Honor My Decisions LLC
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: ADVANCE DIRECTIVES MARKET, BY COMPONENT
CHAPTER 5: ADVANCE DIRECTIVES MARKET, BY DEMOGRAPHICS
CHAPTER 6: ADVANCE DIRECTIVES MARKET, BY END USER
CHAPTER 7: ADVANCE DIRECTIVES MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Advance Directives Market include:- West Health
- MyDirectives, Inc.
- Aledade
- VyncaCare
- WiserCare
- Sharp HealthCare
- Vital Decisions LLC
- Affirm Health
- thanacare
- Honor My Decisions LLC
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 231 |
| Published | July 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 121.7 billion |
| Forecasted Market Value ( USD | $ 510.2 billion |
| Compound Annual Growth Rate | 15.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
