Palliative Care Market Overview
Palliative care is a specialized medical care for people living with a serious illness. It focuses on pain and symptom management. Hospice care is always palliative, but not all palliative care is hospice care. Palliative care includes important components of hospice, but it is only one part of the larger field of palliative care. The key factors that drive the global Palliative Care Market Growth are the increasing instances of life-threatening disease and growing number of palliative care centers worldwide. Growing geriatric population is expected to support the growth of Palliative Care Market Growth. However, lack of access to palliative care services in developing and underdeveloped countries is anticipated to hamper the market growth.
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Segmentation
The global Palliative Care Market Growth has been divided based on type, application and end user. The market, based on type, has been segregated into hospital inpatient care, hospice inpatient care, nursing homes, residential facility care, homecare, and private residence care. The hospital inpatient care segment dominated the market in 2020 and was projected to be the fastest-growing segment. It refers to the palliative care provided in hospitals. Hospital inpatient care provides palliative care to patients suffering from serious illnesses like cancer; the treatment for the disease is conducted without the need for the patient to translocate much.
Based on application, the Palliative Care Market Growth has been divided into cardiac disease, congestive heart failure, cancer, Chronic Obstructive Pulmonary Disease (COPD), kidney failure, Alzheimer’s disease, Parkinson’s disease, Amyotrophic Lateral Sclerosis (ALS) and others. The cardiac disease segment dominated the market in 2020 owing to the increased need for palliative care for patients suffering from cardiac diseases and the growing geriatric population.
On the basis of end user, the Palliative Care Market Growth has been divided into long term care centers & rehabilitation centers, hospitals & clinics, palliative care centers and home care settings. The long term care centers & rehabilitation centers segment dominated the market in 2020. This segment is driven by the increasing admission rates and growing geriatric population.
Regional Analysis
The global Palliative Care Market Growth, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas accounted for the largest market share in 2020 and is anticipated to dominate the global Palliative Care Market Growth during the forecast period. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.
The Americas is expected to dominate with the largest market share in the global Palliative Care Market Growth. This is majorly due to increasing adoption of palliative care, reimbursement for palliative care, and high prevalence of cardiac disorders. The Americas consist of North America and Latin America. The market in North America has been divided into the US and Canada. The US accounts for the largest market share in the North American Palliative Care Market Growth. According to the Center to Advance Palliative Care (CAPC), there has been a significant increase in the adoption of palliative care services in the past two decades. As of 2019, 72% of hospitals in America had a palliative care team which had increased from 67% in 2016 and 7% in 2001. Europe has also evolved as a prominent market for Palliative Care Market Growth with developed healthcare system and the rising geriatric population in major countries such as Germany, the UK, France, Italy, and Spain. Developed healthcare infrastructure, government initiatives, and ageing population in Europe is expected to increase the overall market size.
The Asia-Pacific region represents lucrative opportunities for players operating in the Palliative Care Market Growth, attributed to several factors such as improving healthcare infrastructure, increasing number of palliative care centers in the region, and high prevalence of chronic disorders. Cancer is one of the major diseases that result in the requirement of palliative care which is very high in the region. Improvement in healthcare infrastructure and increased demand for palliative care are the key drivers for the Middle East & Africa's Palliative Care Market Growth. Countries in the Middle East and North Africa, such as Algeria, Egypt, and Iraq, have made substantial improvements in developing their health care systems. The number of hospitals and diagnostic centers is increasing in the region; this creates a demand for palliative care services.
Key Players
MRFR recognizes the following companies as the key players in the global Palliative Care Market Growth— Vitas Healthcare Corporation (US), Sunrise Senior Living, LLC (US), Home Instead, Inc. (US), Amedisys, Inc. (US), Genesis Healthcare, Inc. (US), LHC Group, Inc. (US), Revera Inc. (Canada), FC Compassus LLC (Japan), Kindred Healthcare (US) and Seymour Health (Australia).
among others are some key companies in the global Palliative Care that are listed by MRFR for market research.
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