Palliative Care Market Size, Share, Opportunities, And Trends By Application (Cancer, Neurological Disorders, Cardiovascular Diseases, Respiratory Diseases, Chronic Kidney Disease, Hiv/Aids, Others), By Type Of Service (Home-Based Palliative Care, Inpatient Palliative Care, Hospital-Based Palliative Care, Palliative Care Centers And Facilities, Others), By End-User (Hospitals And Clinics, Home Care Settings, Hospice Centers, Nursing Homes, Others), And By Geography - Forecasts From 2023 To 2028

The palliative care market is estimated to grow at a CAGR of 7.63% during the forecast period.

The palliative care market is an important component of the healthcare business that is committed to enhancing the quality of life for people suffering from terrible diseases. Palliative care, regardless of prognosis, focuses on alleviating pain, controlling symptoms, and giving emotional support to patients and their families. This sector includes a variety of services such as pain management, counselling, and spiritual care. The demand for palliative care is increasing as the world population ages and chronic illnesses become more widespread. Furthermore, rising awareness of the benefits of palliative care and its incorporation into mainstream healthcare have fueled the market's growth. The palliative care market is critical to improving end-of-life care and bringing comfort to patients during difficult times.

Growing Awareness and Acceptance of Palliative Care Enhances the Palliative Care Market Growth

The palliative care market is expanding as patients, families, and healthcare professionals become more aware of and adopt palliative care. People are becoming more aware of the benefits of palliative care and are increasingly accepting it as a necessary component of healthcare. Palliative care's emphasis on enhancing patients' quality of life and providing emotional and psychological support is becoming more widely recognised and acknowledged. Palliative care is being integrated into healthcare organisations' service offerings, and governments are emphasising its relevance in healthcare policy. This growing knowledge and acceptance of palliative care is propelling the industry forward, assuring improved end-of-life treatment and support for patients and their families.

Integration of Palliative Care in Mainstream Healthcare in Palliative Care Market

As palliative care becomes more incorporated into mainstream healthcare, the palliative care market is expanding. According to a World Health Organisation (WHO) survey, around 78% of nations have begun attempts to incorporate palliative care into their health systems. Healthcare professionals are recognising the importance of palliative care in improving patient outcomes and increasing the quality of life for people suffering from terrible diseases. Training healthcare personnel in palliative care practises, establishing palliative care units inside hospitals, and encouraging multidisciplinary care teams are all examples of integration initiatives. This integration is being driven by a rising acknowledgement of the advantages of palliative care, which is resulting in increased access and availability of palliative care services inside mainstream healthcare settings.

Rising Demand for Home-Based Palliative Care Services Boosts the Palliative Care Market Size.

As patients and families seek personalised and comfortable care alternatives, the palliative care market is seeing a surge in demand for home-based services. According to research published in JAMA Internal Medicine, home-based palliative care can cut hospitalisations by 50% while also considerably lowering healthcare expenses. Home-based palliative care has become a favoured alternative due to an ageing population and a preference for getting care in familiar circumstances. In addition, the COVID-19 epidemic has hastened the introduction of home-based care strategies. As a result, healthcare providers and organisations are extending their home-based palliative care programmes, providing patients with comprehensive medical, emotional, and spiritual support, resulting in market development in this sector.

Europe is the Market Leader in the Palliative Care Market.

The palliative care market is dominated by Europe. Several factors contribute to the region's significance. To begin with, Europe has a well-established healthcare system that emphasises comprehensive and patient-centred treatment, including palliative care. Second, the region's population is quickly ageing, resulting in a larger frequency of chronic and life-limiting diseases, which raises the need for palliative care. Furthermore, Europe has been at the forefront of palliative care research and policy implementation to incorporate palliative care into mainstream healthcare. Furthermore, rising awareness and advocacy for improved end-of-life care have led to the expansion of the European palliative care market.

Increasing Hospice and Palliative Care Facilities in Palliative Care Market.

With the increased creation of hospice and palliative care institutions, the palliative care market is growing. According to the National Hospice and Palliative Care Organisation (NHPCO), the United States alone will have over 5,500 hospice programmes by 2021. The world's ageing population and increasing need for specialised end-of-life care have fueled the growth of hospice centres and palliative care units. These facilities provide a wide range of treatments, including as pain management, emotional support, and grief counselling, which improves the overall quality of care for patients and their families. The increased availability of hospice and palliative care facilities shows the market's response to the rising need for compassionate and personalised end-of-life care.

Key Developments:

• In March 2023, WellSky, a leading supplier of health and community care technologies, announced a new relationship with VITAS Healthcare, the nation's premier end-of-life care provider. VITAS will use WellSky technology to simplify processes, allowing physicians to focus on providing high-quality patient care. The two companies will also work together to promote innovations inside the WellSky Hospice & Palliative solution and to expedite VITAS' attempts to expand into new areas.
• In December 2022, ScionHealth announced the signing of a leasing agreement with Upshot Capital Advisors (Upshot) to develop and manage a 53-bed long-term acute care hospital (LTACH) with a rehabilitation unit at 9278 Turkey Lake Road in the heart of the Orlando, Florida tourism industry.
• In December 2020, AccentCare of Dallas and Seasons Hospice & Palliative Care of Rosemont, Illinois (Seasons), along with Advent International, AccentCare's private equity sponsor, announced a merger agreement to better meet the growing demand for their services. The two declared their intention to unite last month and want to proceed with a careful integration now that the transaction is finalised. 

Company Products:

• Emotional Support: HCR ManorCare provides patients and their family with counselling and emotional support, addressing psychosocial issues and offering comfort during difficult times.
• Inpatient Palliative Care: Encompass Health provides palliative care services in hospital settings or dedicated inpatient facilities, giving professional medical and emotional support.
• Symptom Management: Amedisys focuses on improving patients' overall well-being by efficiently treating complicated symptoms such as pain, nausea, and shortness of breath.
• Home-Based Palliative Care: Kindred Healthcare delivers personalised and compassionate palliative care services in the comfort of patients' homes.
• Hospice Care: VITAS provides specialised hospice care services, including medical, emotional, and spiritual support to patients in their homes or in hospice facilities.

Key Segment:

• By Application
  • Cancer
  • Neurological Disorders
  • Cardiovascular Diseases
  • Respiratory Diseases
  • Chronic Kidney Disease
  • Hiv/Aids
  • Others 
• By Type Of Service
  • Home-Based Palliative Care
  • Inpatient Palliative Care
  • Hospital-Based Palliative Care
  • Palliative Care Centers And Facilities
  • Others  
• By End-User
  • Hospitals And Clinics
  • Home Care Settings
  • Hospice Centers
  • Nursing Homes
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain   
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others