Hospice & Palliative Care Centers Market Projected to Witness a Double-Digit CAGR During 2018 to 2026
Hospices & palliative care is a type of care that offers support and care for patients during their last phase of life. It focuses on critically ill patient’s pain and symptoms, and attending to their spiritual and emotional needs, with an approach to improve the life of patients and their families associated with life-threatening illness. Hospice care can be offered by autonomous hospices or through programs based in nursing homes, health care organization, outpatient clinics and hospitals. It can also be offered in the nursing home, patient’s home, a hospital, or private hospice facility. Home hospice care is usually less expensive than that provided in hospitals, nursing homes, or other institutional settings as the cost of additional staff and highly equipped facilities is circumvented when at home. Moreover, patients prefer hospice care as the patient desires to spend the rest of life with loved ones at home.
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Due to an aging U.S. population, and sustained federal reimbursement, the growth of hospice and palliative care sector is increasing rapidly. Companies are also following marketing strategies for converting their companies into profit making organizations.
The global hospice & palliative care centers market is segmented on the basis of service type. Type of hospices & palliative care services includes Institutional care , nursing care, physician services, trained volunteer support, social services, spiritual support and counseling, home health aides, physical, and occupational, speech therapies, inpatient care, respite care, bereavement support and adult day care services. Based on the location, the hospice and palliative care centers market is analyzed for patient’s residence, hospice inpatient facility and acute care hospital.
According to the National Hospice and Palliative Care organization (NHPCO), in 2014 approximately 1.6 to 1.7 million patients received services from hospice care centers. Nearly 60% of the hospice care in 2014 was provided at patient’s residence.
Aging population will be the major driving factor
The hospice & palliative care centers market is driven by various factors including:
Reimbursement from Medicaid and Medicare
Increasing healthcare expenditure and a common drift toward end-of-life care
According to the Centers for Disease Control and Prevention (CDC), there were 40 million people (13% of the total population) aged 65 and above in the United States in 2010. This is projected to reach around 20% of the population of the U.S. by 2030. Furthermore, the NHPCO reports that in 2014, more than 60% of the hospice care was for the people aged 75 years and above in the U.S.
Demand still high in the Developed Markets
Geographically, the hospice & palliative care centers market is segmented into North America, Europe, Asia Pacific, Latin America and Rest of the World. Hospice and palliative care centers are now recognized as a medical subspecialty by the American Board of Medical Specialties, as well as in Australia, Canada, England, New Zealand, and Ireland. Many European countries are also in the process of developing certification for palliative care. Most private health insurance companies include hospice care as a benefit. Some hospices are able to provide services without charge if a patient has limited or no financial resources.
Hospice care expenses in U.S. are mostly paid by the Medicare and Medicaid services and the Department of Veterans Affairs. Additionally, most of the private insurance plans, health maintenance organizations (HMOs) and other managed care organizations also provide the expenses for hospice care in their plans and policies which further propel the demand for hospice and palliative care. Such hospice and palliative centers are also being established in emerging nations such as India, Brazil, Indonesia, and China where there are affordability issues, and inadequate healthcare accessibility. The hospice and palliative services market is therefore establishing in these markets and will be in great demand with increasing awareness.
Major Players in the Global Hospice and Palliative Care Centers Market
Some of the key global participants present in the hospice & palliative care centers market include Vitas Healthcare Corporation, Skilled Healthcare Group Incorporated, Sunrise Senior Living, LLC , Kindred Healthcare Incorporated, Gentiva Health Services Incorporated, Home Instead Senior Care Incorporated, Amedisys Incorporated, Skilled Healthcare Group Incorporated, Genesis HealthCare Corporation, Senior Care Centers of America, and GGNSC Holdings LLC.
Key Developments in the Global Hospice and Palliative Care Centers Market
Increasing government initiatives to support hospices is expected to boost the market growth. For instance, in August 2019, Government of the U.K. announced its plans to pledge around US$ 27 million for hospice care.
Moreover, major hospitals are focused on including palliative care to expand their service portfolio. For instance, in August 2019, St. Mary’s Health System based in Greece added home-based palliative care program in three Georgia counties.
Major organizations are also launching various programs that focus on hospice and palliative care. For instance, in August 2019, National Hospice and Palliative Care Organization (NHPCO), and its advocacy affiliate, the Hospice Action Network (HAN), launched the My Hospice Ambassadors Program that focuses on enhancing awareness of hospice and palliative care public policy issues.
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