Discover trends, market shifts, and competitive outlooks for the hospice care industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

#How Has the Hospice Care Market Growth Performance Trended Historically, And What Lies Ahead?

The market size for hospice care has been expanding swiftly over the past years. It is projected to escalate from $4.76 billion in 2024 to $5.33 billion in 2025, at a compound annual growth rate (CAGR) of 11.9%. The surge during the historical period can be linked to the rise in the elderly population, growth in terminal illnesses, the prevalent adoption of a palliative care approach, an expansion in medicare coverage, and the increasing shift towards home-based care.

The size of the hospice care market is anticipated to expand swiftly in the coming years, reaching a valuation of $8.23 billion in 2029 with a compound annual growth rate (CAGR) of 11.5%. This projected growth during the forecast period can be credited to factors such as growing elderly population, management of chronic diseases, advancement in telehealth integration, and an increase in regulatory changes. Key trends that are expected to prevail during this period include tailoring care according to individual patient needs, a comprehensive approach to care, introduction of hospice care for children, providing support to the bereaved, and an emphasis on the quality and outcomes of care.

Download a free sample to assess the report’s scope and structure:

https://www.thebusinessresearchcompany.com/sample.aspx?id=7429&type=smp

What External and Internal Drivers Are Contributing to the Growth of theHospice Care Market?

An increase in the incidence of chronic diseases is anticipated to stimulate the expansion of the hospice care market. Chronic conditions, which persist for a year or more, necessitate continuous medical care, or restrict daily activities, are on the rise due to factors such as elevated tobacco product usage, improper nutrition, lack of physical activity, and excessive alcohol consumption. Many patients dealing with severe chronic conditions, including cancer, choose hospice care. For instance, the World Health Organization, a Swiss-based specialized agency of the United Nations, reported that in September 2023 there were 41 million fatalities, accounting for 74% of all deaths worldwide every year due to non-communicable diseases (NCDs) or chronic illnesses. These deaths included 17.9 million from cardiovascular diseases, 9.3 million related to cancer, 4.1 million tied to chronic respiratory diseases, and 2.0 million from diabetes. Consequently, an escalation in chronic disease prevalence is projected to fuel the expansion of the hospice care market.

What Segment Types Define the Hospice Care Market Structure?

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

Request customized data on this market:

https://www.thebusinessresearchcompany.com/customise?id=7429&type=smp

Which Geographic Areas Hold the Strongest Growth Potential 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.

What Long-Term Trends Are Transforming the Competitive Landscape of the Hospice Care Market?

The incorporation of new technologies is a significant trend in the hospice care market. Major players in this sector are embracing cutting-edge technological advancements, such as the application of machine learning tools to identify patients who require their services sooner in their illness course and to ensure patients are provided with the correct level of home care as their illness advances. For example, in February 2022, Medalogix’s Muse was adopted by Amedisys Inc., a US-based hospice provider. The system improves end-of-life care for patients by utilizing machine learning to anticipate patient transitions. Amedisys Inc. applies this on a corporate scale, mainly focusing on the final seven days of patient transition. Not only does Muse help to identify more patients in need of elevated levels of care, but it also aids in equipping the care team to respond accordingly.

View the full report here:

https://www.thebusinessresearchcompany.com/report/hospice-care-global-market-report

What Is the Definition of the Hospice Care Market?

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.

Purchase the full report and get a swift delivery:

https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=7429

About The Business Research Company:

With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.

Get in touch with us:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 3156230293

Asia +44 2071930708

Europe +44 2071930708

Email us at [email protected]

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model