What Has Been the Growth of the Hospice Care Market So Far?
The hospice care market has seen considerable growth due to a variety of factors.
• In the past few years, the hospice care market has witnessed remarkable growth. It is anticipated to expand from a value of $4.76 billion in 2024 to approximately $5.33 billion in 2025, experiencing a compound annual growth rate (CAGR) of about 11.9%.
Several factors have contributed to this growth in the historical phase, such as the surge in the elderly population, rise in cases of terminal diseases, the widespread adoption of the palliative care approach, expanded medicare coverage, and the popularization of home-based care.
What Are the Future Growth Projections for the Hospice Care Market?
The hospice care market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the hospice care market is projected to experience substantial growth, with its estimated market value reaching $8.23 billion by 2029, growing at a compound annual growth rate (CAGR) of 11.5%.
The predicted growth in this period can be ascribed to factors such as the ongoing increase in the aging population, effective management of chronic illnesses, integration of increasing telehealth services, and evolving regulatory changes. The period also suggests major market trends to include customized care plans, a comprehensive approach to care, provision of pediatric hospice care, support for bereavement, and emphasis on quality and outcome measures.
Which Factors Are Boosting Growth In The Hospice Care Market?
The increasing occurrence of chronic illnesses is predicted to drive the expansion of the hospice care market in the future. Chronic diseases are defined as conditions that last for more than a year, necessitate continuous medical treatment, or limit daily activities. The rise in chronic diseases can be attributed to the growing consumption of tobacco products, inadequate nutrition, physical inactivity, excessive alcohol consumption, among other factors. Many patients suffering from severe chronic diseases, including cancer, choose hospice care. For instance, the World Health Organization, a specialized agency of the United Nations based in Switzerland, reported in September 2023 that there were 41 million fatalities worldwide each year, accounting for 74% of all deaths, due to non-communicable diseases (NCDs) or chronic conditions. This death toll included 17.9 million from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Consequently, the escalating prevalence of chronic diseases is anticipated to stimulate the growth of the hospice care market.
What Key Areas Define The Segmentation Of The Global Hospice Care Market?
The hospice care market covered in this report is segmented –
1) By Type: Nursing Services, Medical Supply Services, Physician Services, Other Type Of Services
2) By Application: Home Settings, Hospitals, Specialty Nursing Homes, Hospice Care Centers
Subsegments:
1) By Nursing Services: Skilled Nursing Care, Home Health Aide Services, Palliative Care Nursing
2) By Medical Supply Services: Durable Medical Equipment (DME), Medication Management And Supplies, Mobility Aids And Supplies
3) By Physician Services: On-Call Physician Services, Pain Management Consultation, Care Coordination Services
4) By Other Types of Services: Psychological And Counseling Services, Spiritual Care Services, Respite Care Services
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How Are Emerging Trends Reshaping The Dynamics Of The Hospice Care Market?
The penetration of new technologies is a significant trend in the hospice care market. Many top companies in the market are adopting innovative technology such as machine learning tools, which allow them to identify prospective patients earlier in their illness and to make sure that patients get the appropriate home care as their condition evolves. For instance, Amedisys Inc., a hospice provider hailing from the US, utilized Medalogix’s Muse in February 2022. This tool uses machine learning to anticipate patient transitions, thus enhancing end of life care. Amedisys Inc. is primarily focusing on the final seven days of patient transition through this corporate implementation. Besides noting more patients in need of heightened levels of care, Muse also effectively prepares the care team for action.
Who Are the Key Players in the Hospice Care Market?
Major companies operating in the hospice care market include:
• Dierksen Hospice
• Kindred at Home
• PruittHealth Inc.
• Covenant Care
• AseraCare Hospice
• Bristol Hospice
• Brookdale Hospice
• Capital Caring
• Community Hospice & Palliative Care
• Compassus
• Continuum Care Hospice
• Crossroads Hospice
• Encompass Health Corp.
• Four Seasons Hospice
• Gentiva Hospice
• Gilchrist Hospice Care
• Grace Hospice
• Halcyon Hospice & Palliative Care
• Harbor Light Hospice
• Heartland Hospice
• Hope Hospice
• Hospice of Dayton
• Hospice of the Chesapeake
• Hospice of the Valley
• Odyssey Healthcare
• Ohio's Hospice
• Pathways Home Health and Hospice
• Premier Hospice and Palliative Care
• Seasons Hospice & Palliative Care
• Suncoast Hospice
• Tidewell Hospice
• VITAS Healthcare
What Is The Most Dominant Region In The Hospice Care Market?
North America was the largest region in the hospice care market in 2024. The regions covered in the hospice care market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
