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How Rapidly is the Hospice Care Market Expected to Expand Between 2025 and 2034 Based on Current Trends?

The hospice care sector has undergone rapid expansion over the past few years. Its market size is projected to expand from $4.76 billion in 2024 to $5.33 billion in 2025, with a compound annual growth rate (CAGR) of 11.9%. Factors contributing to the growth observed during the historical period include an upsurge in the elderly population, rising incidence of terminal diseases, the embrace of the palliative care approach, expanded medicare coverage, and the prevalence of home-based care.

In the upcoming years, the hospice care market is projected to experience swift growth, with its value expected to reach $8.23 billion in 2029 at a compound annual growth rate (CAGR) of 11.5%. The significant expansion anticipated during this period is likely a result of factors such as a persistently aging population, improved chronic disease management, the increasing incorporation of telehealth, and ongoing regulatory changes. Key trends predicted for this period encompass the adoption of individualized care plans, a comprehensive approach to care, the inclusion of pediatric hospice care, grief support offerings, and a focus on quality and results.

Which Factors Are Enhancing the Growth of the hospice care Market?

The increase in chronic disease cases is anticipated to boost the hospice care market’s expansion. Chronic diseases, which are conditions that persist for a year or longer, necessitate ongoing medical attention or impose limitations on everyday life. The growth of chronic diseases is due to factors such as enhanced tobacco consumption, poor nutrition, lack of physical activity, heavy alcohol use, and others. Many patients with serious chronic diseases, including cancer, prefer hospice care. For example, the World Health Organization, a special United Nations agency headquartered in Switzerland, reported in September 2023 that 41 million deaths, 74% of all deaths, were due to non-communicable diseases (NCDs) or chronic conditions each year. These deaths included 17.9 million from cardiovascular diseases, 9.3 million related to cancer, 4.1 million linked to chronic respiratory diseases, and 2.0 million resulting from diabetes. This increasing prevalence of chronic diseases, therefore, is expected to spur the growth of the hospice care market.

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Who Are the Influential Players Reshaping the Hospice Care Market Landscape?

Major companies operating in the hospice care market include:

• Dierksen Hospice_x000D_

• Kindred at Home_x000D_

• PruittHealth Inc._x000D_

• Covenant Care_x000D_

• AseraCare Hospice_x000D_

What New and Evolving Trends Are Having a Lasting Impact on the Hospice Care Market?

The prevalence of new technology is a primary trend in the hospice care market. Several leading companies in the sector are embracing innovative solutions, such as employing machine learning tools to identify patients requiring their services much earlier in their illness. They also make efforts to ensure adequate home care for these patients as their disease progresses. As an illustration, Amedisys Inc., a hospice provider based in the US, implemented Medalogix’s Muse in February 2022. This allows enhanced end-of-life care for patients through machine learning predictions of patient transitions. The concentration of Amedisys Inc is on the final week of patient transition through this comprehensive deployment. Besides recognizing more patients who need increased levels of care, Muse also adequately arms the care team to respond.

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What Are the Strategic Segments Comprising the Hospice Care Market and Their Growth Contributions?

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

Which Geographic Locations Are Critical to the Growth of 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.

What Does the Definition of the Hospice Care Market Include?

Hospice care is a special kind of care that focuses on improving the quality of life for people who are experiencing an advanced, life-limiting illness or their caregivers. The main goal of hospice care services is to comfort the patients while allowing them to enjoy their last stage of life.

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