Market Overview
The global palliative care market is estimated to register a significant CAGR of 8.69% during the forecast period and will exceed USD 282,307.1 million by the end of 2027. Palliative care aims to improve the personal satisfaction of patients with real or dangerous diseases, such as malignancies, and to help them feel better about their treatment. Palliative care can be provided to patients in a clinic, long-term care office, short-term center, or at home under the supervision of a clinical specialist. Rising prevalence of dangerous infections such as malignancies and cardiovascular diseases is driving the global palliative care market.
The global palliative care market is gaining in importance owing to rising number of patients with persistent illnesses, rising cases of irresistible infections, and increasing number of patients with underlying diseases. There is growing interest in palliative care management due to the increasing number of patients suffering injuries and the increasing number of street incidents requiring remedial management. In addition, further development of the healthcare base of the creation economy is also relied upon to support market growth. Nonetheless, lack of mindfulness associated with palliative care is hampering the growth of the market. However, lack of access to palliative care services in some countries is expected to restrain the market.
Market Segment Overview
The global palliative care market is segmented into type, application, and end user.
Based on type segment, the global market is segmented into hospital inpatient care, hospice inpatient care, nursing home, residential facility care, home care, and private residential care.
By application, the market is segmented into heart disease, congestive heart failure, cancer, chronic obstructive pulmonary disease (COPD), kidney failure, Alzheimer's disease, Parkinson's disease, amyotrophic lateral sclerosis (ALS), and others.
Based on end user, the global market has been segmented into long-term care and rehabilitation centers, hospitals and clinics, palliative care centers, and home care institutions.
Regional Analysis
America held the largest market share of 37.0% in 2020 and is likely to dominate the market in the future. The regional market is attributed to the large number of patients with underlying diseases and the difficulty of persistent diseases.
Europe is expected to display a CAGR of 9.10% over the estimated time frame. According to Eurostat, 20.6% of the EU population will be aged 65 or over in 2020. Older adults are more likely to suffer from ongoing illness, which has fueled local interest in palliative care.
The Asia Pacific region, which includes countries such as China, India, Japan, the Republic of Korea, and Australia, is expected to grow at the highest CAGR in the market and will continue to do so over the projected time frame. The Middle East & Africa region is assessed as showing striking development due to the presence of low- and middle-income countries and inadequate healthcare systems.
The main participants
The major listed companies in the global palliative care market include Vitas Healthcare Corporation (US), Sunrise Senior Living, LLC (US), Home Instead, Inc. (US), Amedisys, Inc. (US), Genesis Healthcare, Inc. (Germany) , LHC Group, Inc. (Germany), Revera Inc. (USA), FC Compassus LLC (Japan), Kindred Healthcare (Sweden), and Seymour Health (USA).
COVID 19 Impact
We have been tracking the impact of the COVID-19 pandemic on various industries and verticals across all sectors. Due to the impact of COVID-19 on the industry, our research report contains the same to help you understand the decline and rise. Additionally, we help you identify the gap between supply and demand in your market of interest. Additionally, the report helps you in your analysis, revisions to government regulations, and many other useful insights.
