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How has the hospice care market grown in recent years?

In recent times, the size of the hospice care market has seen a dramatic expansion. It is projected to surge from $4.76 billion in 2024 to $5.33 billion in 2025 with a compound annual growth rate (CAGR) of 11.9%. The growth experienced during the historical period is a result of several factors including the rise in the elderly population, a surge in terminal illnesses, the growing preference for palliative care, expanded medicare coverage, and an increment in home-based care services.

How is the hospice care market size expected to evolve during the forecast period?

In the forthcoming years, the market size for hospice care is projected to witness significant growth, escalating to $8.23 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 11.5%. The increase during the projection period can be credited to the ongoing surge in the aging populace, management of chronic diseases, integration of telehealth, and implementation of new regulations. Key trends expected during this time frame encompass personalized care plans, a wholesome approach, pediatric hospice care, grief support, and a focus on quality and outcome measures.

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Which key drivers are propelling the hospice care market’s growth?

An increase in the occurrence of chronic illnesses is projected to stimulate the expansion of the hospice care market shortly. Chronic illnesses are generally long-term conditions, lasting over a year, requiring regular medical treatment, or inhibiting regular daily activities. There is an escalating prevalence of chronic diseases due to factors such as increased usage of tobacco, inadequate nutrition, lack of physical activity, excessive alcohol consumption, and more. Many patients with advanced chronic illnesses, like cancer, prefer hospice care. According to data from the World Health Organization, a specialized agency of the United Nations based in Switzerland, there were 41 million deaths in September 2023, which accounted for 74% of global deaths as a result of non-communicable diseases (NCDs) or chronic conditions annually. These deaths include 17.9 million from cardiovascular diseases, 9.3 million due to cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Consequently, an upswing in chronic disease prevalence is expected to raise the growth potential of the hospice care market.

What are the market segments in the hospice care industry?

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 leading companies are shaping the growth of the hospice 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

What key trends are currently impacting the hospice care market’s development?

The primary trend in the hospice care market relates to the incorporation of new technology. Key players in the field are integrating technological advancements, such as artificial intelligence tools for the early identification of patients requiring their services and to ensure the right level of home care support as conditions worsen. For example, Amedisys Inc., an American hospice provider, put Medalogix’s Muse into play in February 2022. This tool improves end-of-life care by leveraging machine learning to forecast patient transitions. The company’s focus, through this large-scale deployment, is centered on the last week of patient transition. Muse not only recognizes more patients requiring intensive care but also equips the caregiving team to respond effectively.

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Which geographic areas are influencing 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.

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