2084 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!

Which Major Market Drivers Are Expected to Boost the Growth Potential of the Hospice Care Market?

The growth of the hospice care market is anticipated to be fueled by the increasing occurrence of chronic diseases. These refer to conditions that endure for over a year, need persistent medical attention, or curtail daily activities. The surge in these diseases is attributed to undue consumption of tobacco, poor diet, sedentary lifestyle, and excessive alcohol intake among others. Several severely chronically ill patients, including those with cancer, prefer hospice care. For example, the World Health Organization, a specialized agency of the United Nations based in Switzerland, reported in September 2023 that of the total number of deaths, 74% or 41 million deaths are due to non-communicable diseases (NCDs) or chronic conditions every year across the globe. This included 17.9 million cardiovascular disease related deaths, 9.3 million cancer related deaths, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths due to diabetes. Thus, the escalating prevalence of chronic diseases is projected to spur the hospice care market growth.

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#What is the Anticipated CAGR of theHospice Care Market, and What Factors Will Drive It?

Over recent years, the size of the hospice care market has seen rapid expansion. With an expected progression from $4.76 billion in 2024 to $5.33 billion in 2025, it boasts a compound annual growth rate (CAGR) of 11.9%. The previous growth in this market can be linked to several factors including a rise in the aging population, an increase in cases of terminal illnesses, the widespread adoption of the palliative care approach, an expansion in medicare coverage, and a rise in home-based care.

Expectations are high for the hospice care market size to experience significant expansion in the coming years. It’s projected to escalate to a value of $8.23 billion by 2029, growing at a compound annual growth rate (CAGR) of 11.5%. This surge during the forecast period can be traced back to several factors such as the relentless increase in ageing population, the demand for managing chronic illnesses, the rising integration of telehealth, and several regulatory alterations. The forecast period also expects to witness major trends like personalized care plans, a holistic approach to care, the introduction of pediatric hospice care, bereavement support, and a focus on quality and outcome measures.

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What Are the Key Market Innovations in theHospice Care Market Over the Coming Years?

The main trend in the hospice care market is the incorporation of new technology. Leading firms in the industry are leveraging cutting-edge technological advances, such as machine learning tools, to pinpoint patients who require their services at an earlier stage of their illness, guaranteeing optimal home care level as the illness advances. An example of this is Amedisys Inc., an American hospice provider, which in February 2022, adopted Medalogix’s Muse. This tool uses machine learning to predict patient transitions, enabling superior end-of-life care. Amedisys Inc. uses this enterprise deployment to concentrate on the final seven days of a patient’s transition. Besides discovering more patients who need increased care, Muse assists the care team in preparing for proactive care measures better.

Who Are the Top Companies Driving Innovation and Growth in theHospice 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

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Which Key Market Segments Comprise the Hospice Care Market and Drive Its Revenue Growth?

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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Which Regions Are Emerging as Leaders 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.

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