Global Hospice Care Market Opportunities And Strategies 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s hospice care market report forecasts the hospice care market size to grow to $6.23 Billion by 2027, with a CAGR (compound annual growth rate) of more than 11%.
Learn More On The Hospice Care Market Report 2023 – https://www.thebusinessresearchcompany.com/report/hospice-care-global-market-report
Hospice Care Market Size Forecast
The global hospice care market is expected to grow from $3.67 billion in 2022 to $4.07 billion in 2023 at a compound annual growth rate (CAGR) of 10.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hospice care market size is expected to grow to $6.23 billion in 2027 at a CAGR of 11.3%.
North America held the largest hospice care market share.
Key Hospice Care Market Driver – Rise In The Prevalence Of Chronic Diseases
According to an American Action Forum research report published in September 2020, chronic disease prevalence and costs are increasing in the United States. They are expected to rise further as disease prevalence among children and young adults increases. Chronic disease is a serious healthcare issue because the rising cost of chronic disease in the United States totals $3.7 trillion per year, or approximately 19.6% of the country’s gross domestic product (GDP). As a result, an increase in the prevalence of chronic diseases is expected to propel the hospice care market forward.
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Key Hospice Care Market Trend – Adopting New Technology Penetration
Major market players are introducing new technological innovations, such as the use of new machine learning tools to identify patients who require their services earlier in their illness and to ensure that patients receive the appropriate level of home care as their illness progresses. Amedisys Inc., a US-based hospice provider, for example, adopted Medalogix’s Muse in February 2022, which enables better end-of-life care for patients by using machine learning to predict patient transitions. Amedisys In focuses on the final seven days of patient transition as part of this enterprise deployment. Muse not only identifies more patients who require higher levels of care, but it also better prepares the care team to act.
Hospice Care Market Segment
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 Centres
Hospice Care Market Major Players and Strategies
Major players in the hospice care market are Covenant Care, the National Association for Home Care and Hospice, Kindred at Home, PruittHealth, Dierksen Hospice, the National Hospice and Palliative Care Organization, Oklahoma Palliative and Hospice Care, Benton Hospice Services, the Alzheimer’s Association, the New Hampshire Hospice and Palliative Care Organization, VITAS Healthcare, LHC Group Inc., Amedisys, Gentiva Health Services, Samaritan Health Services, Brookdale Senior Living Inc., and Seasons Hospice.
Traditions Health, a hospice and home health services provider based in the United States, paid an undisclosed sum for Homestead Hospice and Palliative Care in December 2021. With this acquisition, Traditions Health will expand and expand its end-of-life care across the country while continuing to provide the highest calibre of care to our patients on a regular basis. Homestead Hospice and Palliative Care is a hospice and palliative care service provider based in Georgia.
The Hospice Care Global Market Report 2023 covers regional data on hospice care market size, hospice care market trends and drivers, opportunities, strategies, and hospice care market competitor analysis. The countries covered in the hospice care market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Hospice care is a type of care that focuses on improving the quality of life for people who are suffering from a terminal illness or their carers. Hospice care services’ main goal is to comfort patients while allowing them to enjoy their final stage of life.
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