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The Palliative
Care market trends is expected to reach USD 10.815 Billion by 2030 at 7.90%
CAGR during the forecast period 2022-2030. Palliative care is a
multidisciplinary approach focused on providing relief to patients and their
families suffering from terminal illness. Demographic, epidemiological
transitions and changes in lifestyle have raised the incidence of cancer and
other life-threatening or fatal diseases such as cancer, congestive heath
failure, kidney failure, Alzheimer’s and others. In case of such diseases,
control of pain, of other symptoms and psychological, social and emotional
challenges is of paramount importance where palliative care aims to provide the
highest quality of life possible to such patients. Palliative care also extends
to bereavement, if necessary. The global palliative care market is
expected to expand at a CAGR of 8.1% over the forecast period of 2018-2023,
affirms Market Research Future (MRFR) in an in-depth study.
The need for a systematic and comprehensive approach to
cater to all the specific needs at the last stage of a patients’ life has led
to the massive popularity of palliative care, especially in the developed
countries. Various non-profit organizations are initiating towards reducing the
burden of diseases among below-average and average income population which has
further raised demand within the global palliative care market.
Palliative care is gaining widespread acceptance as an
alternative method to curative care by patients who are at the end of their
life. Growing aging population has positively influenced the growth of the market.
Supporting factors include a shift in preference towards non-acute care and the
economic advantages associated with palliative care. Palliative care involves
shifting patients from a high-cost setting to a lower cost setting which
ultimately leads to cost avoidance. Moreover, there is a steep surge in the
awareness regarding the benefits associated with palliative care among the
families of patients which continue to drive the market ahead.
Palliative care has witnessed a dramatic increase in certain
fields such as oncology, and surging prevalence of cancer has been a plus for
the growth of the market. Moreover, oncology disorders among children growing
at an incremental rate have raised the requirement for palliative care as they
are more likely to face disruption in their life.
The recent years have witnessed a significant rise in the
number of palliative care consultation team in hospitals and other healthcare
institutes which triggered growth within the market. The global palliative care
market is expected to find growth opportunities as palliative care is estimated
to penetrate other fields such as neurology, nephrology, and surgery.
On the other hand, the increasing gap between the available
service and identified needs, especially in developing countries are
restricting the growth of the market. Misuse of funding and lack of awareness
are other bottlenecks to market growth.
Segmentation
The global palliative care market has been segmented based
on type, application, and end user.
By type, the global palliative care market has been
segmented into private residence care, hospice inpatient care, hospital
inpatient care, nursing home, and residential facility care and others.
By application, the global palliative care market has been
segmented into cancer, cardiac diseases such as congestive heart failure (CHF),
chronic obstructive pulmonary disease (COPD), kidney failure, Alzheimer’s,
Parkinson’s, Amyotrophic Lateral Sclerosis (ALS) and many more.
By end user, the global palliative care market has been
segmented into hospitals, home care settings, palliative care centers,
long-term care centers & rehabilitation centers.
Regional Analysis
By region, the global palliative
care market report has been segmented into the Americas, Europe, Asia
Pacific (APAC), and the Middle East & Africa (MEA).
North America dominates the global palliative care market
due to the high incidence rate of life-threatening diseases in the region. An
increasing number of palliative care facilities in the US coupled with the
availability of funds for R&D development are factors igniting growth
within the North America market.
Europe is the second largest market for palliative care.
Government support increased R&D activities and the growing number of
palliative care centers and aging demographics are driving the growth of the
Europe market.
APAC is expected to showcase a relatively faster growth rate
over the forecast period. An increasing prevalence of chronic diseases, the
rise in geriatric population, and growing awareness regarding palliative care
are expected to stimulate the growth of the APAC market.
The MEA market is likely to showcase sluggish growth due to
lack of knowledge, underdeveloped medical facilities and lack of awareness,
especially in the Africa region.
Competitive Landscape
Kindred Healthcare Incorporated, Gentiva Health Services
Incorporated, Skilled Healthcare Group Incorporated, Amedisys Incorporated,
Sunrise Senior Living LLC, Genesis HealthCare Corporation, Vitas Healthcare
Corporation, and Home Instead Senior Care Incorporated are the key players in
the global palliative care market.
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