Palliative Care Market: Size & Trends Shows a Rapid Growth by 2027
Global Palliative Care Market, Type (Private Resident Care, Hospital Inpatient Care, Nursing Home and Residential Facility Center, and Others), by Application (Cancer, Kidney Failure, and Others), by End-User (Hospitals, Palliative Care Centers, and Others) Forecast to 2027
Market Scope
Market Research Future (MRFR) studied the global palliative care market 2021 in the review tenure till 2023. As per MRFR data, the market of palliative care market is expected to rise at 8.1% CAGR in the analysis period (from 2018 to 2023). By 2023, the market of palliative care market value is likely to garner considerable revenue.
Market Drivers and Restraints
The growing incidences of chronic diseases, such as; hypertension, and other infectious diseases are expected to prompt the growth of the palliative care market in the near future. There are several causes that are responsible for expansion of the palliative market growth. The rise in adoption of the palliative care market as an interdisciplinary medical caregiving solution that aims at the optimization of quality of care to mitigating suffering among people having serious, and complex illness, can favor the growth of the market. The increase in the number of palliative care centers across the world and expansion of aging demographics can benefit the market upsurge in the near future. The availability of several qualified physicians for providing palliative care are responsible for the rapid expansion of its market. The surge in demand for improved personal satisfaction for both family and the patient can favor the growth of palliative care in the near future. The rise in demand for palliative treatment for genuine ailment alongside remedial treatment is expected to promote the market upsurge in the near future. On the contrary, high treatment cost and low public or private funding in hospital facilities can contribute to the increase in the number of medical centers, which is expected to resist the global palliative care market.
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Market Segmentation
The segment study of the global palliative care market is based on type, end-users, and applications.
The types-based segments of the palliative market are hospice inpatient care, private residence care, nursing home, hospital inpatient care, and residential facility care among others.
The application-based segments of the palliative market are cancer, and cardiac disease, such as; chronic obstructive pulmonary disease, congestive heart failure, Alzheimer, kidney failure, Parkinson’s, and amyotrophic lateral sclerosis among others. The end-user-based segments of the palliative market are palliative care centers, hospitals, long-term care centers, home care settings, and rehabilitation centers among others.
Regional Analysis
The market of palliative care in North America is expected to surge at a high CAGR owing to the availability of good insurance coverage and reimbursement for palliative care services in the region. Regions, such as; Mexico in Latin America, is identified as a region with high potential to generate considerable revenue for the market in the Americas owing to the presence of a large number of palliative care centers for children in this region.
In Europe, the market of palliative care is expected to hold the second-largest portion of the global palliative care market. The rise of the EU market can be attributed to the rise in government support and funding of the growth of the healthcare sector in the region. The increase in research and development, along with rise in the number of palliative care centers and extending application for homecare can prompt the market upsurge in the years to come. The growing number of qualified physicians to run palliative care centers and the expansion of aging demographics in the EU are other causes that are likely to bolster the worldwide market of EU palliative care in the analysis period.
In Asia Pacific, the rapid expansion of the palliative care market can be attributed to the growing prevalence of care concerning cardiac malaises. The hike in investments in the healthcare domain and expansion of geriatric population can promote the palliative care market in the region. In Asia Pacific, the availability of strong competition in the region as several local players are introducing cost-effective treatment, which, in turn, is gaining high traction, is expected to favor APAC palliative care market growth.
The palliative care market in the Middle East and Africa region is expected to hold a small share in the worldwide market owing to the underdeveloped healthcare domain and lack of technical expertise.
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Key Players
Gentiva Health Services Incorporated, Amedisys Incorporated, Home Instead Senior Care Incorporated, Genesis HealthCare Corporation, Skilled Healthcare Group Incorporated, Vitas Healthcare Corporation, Sunrise Senior Living LLC, and Kindred Healthcare Incorporated are some reputed players in the global palliative care market that are listed by MRFR.
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