What Fueled The Previous Growth In The Advance Directives Market?
The advance directives market has seen considerable growth due to a variety of factors.
• The advance directives market is forecasted to grow from $159.03 billion in 2024 to $194.25 billion in 2025 at a CAGR of 22.1%.
The growth can be attributed to increased awareness of patient rights, expansion of palliative and hospice care services, stronger healthcare professional advocacy, a larger role for caregivers and families, and more research on end-of-life care.
What Is The Expected Growth In The Advance Directives Template Market?
The advance directives market is expected to maintain its strong growth trajectory in upcoming years.
• The advance directives market is expected to grow exponentially to $427.48 billion by 2029, with a CAGR of 21.8%.
Growth is driven by higher investments in advance care planning, the aging population, the prevalence of chronic and life-limiting illnesses, the rise of dementia, and increasing attention to data security. Key trends include technological advancements, digitalization, integration with electronic health records, telehealth services, and culturally tailored care planning.
Which Drivers Are Accelerating Growth In The Advance Directives Market?
The rising prevalence of chronic and life-limiting diseases is set to drive the growth of the advance directives market. These conditions, which significantly reduce life expectancy and quality of life, are becoming more common due to factors such as genetics, lifestyle, and an aging population. Advance directives are important for individuals with such conditions, helping them make decisions about their healthcare, reducing burdens on their families, and ensuring their wishes are respected. For example, in January 2023, the American Cancer Society reported a 3.16% increase in cancer cases, with the total rising to 1,958,310 in 2023. Similarly, the Alzheimer’s Association reported that the number of Americans aged 65 and older diagnosed with Alzheimer’s dementia is expected to increase from 6.5 million in 2022 to 6.9 million in 2024. As such, the rise in chronic illnesses is expected to drive the growth of the advance directives market.
What Are The Primary Segments In The Global Advance Directives Market?
The advance directives market covered in this report is segmented –
1) By Component: Software, Services
2) By Demographics: Elderly Population (More Than 65 years), Middle Aged (40 To 64 years), Young Adults (18 To 39 years)
3) By End User: Business To Business, Business To Customer, Other End Users
Subsegments:
1) By Software: Advance Directive Creation Software, Cloud-Based Advance Directive Solutions, Mobile Apps For Advance Directives
2) By Services: Consultation And Legal Services, Document Storage And Management Services, Training And Support Services
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Which Key Trends Are Driving Changes In The Advance Directives Market?
Companies in the advance directives market are focusing on creating advanced digital solutions like online portals to provide detailed information about advance directives and gain a competitive advantage. For example, in February 2022, Health Current, a U.S.-based health information exchange company, launched AzHDR.org, a platform for storing and accessing advance directives. This online tool helps users initiate discussions about end-of-life care, access the necessary paperwork, and securely register healthcare preferences, ensuring patients' wishes are respected in case they are unable to communicate.
Who Are the Key Players In The Advance Directives Market?
Major companies operating in the advance directives market are:
• Kaiser Foundation Health Plan Inc.
• Providence Health & Services
• Lantern Health Inc.
• Dignity Health
• Geisinger Health Plan
• Sharp HealthCare
• Island Health Authority
• Bronson Healthcare Group Inc.
• Affirm Health Inc.
• LegalZoom.com Inc.
• National Hospice and Palliative Care Organization
• Vital Decisions LLC
• Caring Conversations LLC
• Trust & Will Inc.
• Tulip Cremation
• Advance Care Planning Australia Ltd.
• ThroughCare Inc.
• DocuBank Ltd.
• Everplans Inc.
• ADVault Inc.
• OneAccord Health LLC
• GoodTrust Corporation
• Thanacare Pty Ltd.
• Cake Software Inc.
• WiserCare Inc.
What Is The Most Dominant Region In The Advance Directives Market?
North America was the largest region in the advance directives market in 2023. The regions covered in the advance directives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
