Palliative care is a multidisciplinary approach focused on providing relief to patients and their families suffering from terminal illness. Demographic, epidemiological transitions and changes in lifestyle have raised the incidence of cancer and other life-threatening or fatal diseases such as cancer, congestive heath failure, kidney failure, Alzheimer’s and others. In case of such diseases, control of pain, of other symptoms and psychological, social and emotional challenges is of paramount importance where palliative care aims to provide the highest quality of life possible to such patients. Palliative care also extends to bereavement, if necessary. The global palliative care market is expected to expand at a CAGR of 8.1% over the forecast period of 2018-2023, affirms Market Research Future (MRFR) in an in-depth study.
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The need for a systematic and comprehensive approach to cater to all the specific needs at the last stage of a patients’ life has led to the massive popularity of palliative care, especially in the developed countries. Various non-profit organizations are initiating towards reducing the burden of diseases among below-average and average income population which has further raised demand within the global palliative care market.
Palliative care is gaining widespread acceptance as an alternative method to curative care by patients who are at the end of their life. Growing aging population has positively influenced the growth of the market. Supporting factors include a shift in preference towards non-acute care and the economic advantages associated with palliative care. Palliative care involves shifting patients from a high-cost setting to a lower cost setting which ultimately leads to cost avoidance. Moreover, there is a steep surge in the awareness regarding the benefits associated with palliative care among the families of patients which continue to drive the market ahead.
Palliative care has witnessed a dramatic increase in certain fields such as oncology, and surging prevalence of cancer has been a plus for the growth of the market. Moreover, oncology disorders among children growing at an incremental rate have raised the requirement for palliative care as they are more likely to face disruption in their life.
The recent years have witnessed a significant rise in the number of palliative care consultation team in hospitals and other healthcare institutes which triggered growth within the market. The global palliative care market is expected to find growth opportunities as palliative care is estimated to penetrate other fields such as neurology, nephrology, and surgery.
On the other hand, the increasing gap between the available service and identified needs, especially in developing countries are restricting the growth of the market. Misuse of funding and lack of awareness are other bottlenecks to market growth.
The global palliative care market has been segmented based on type, application, and end user.
By type, the global palliative care market has been segmented into private residence care, hospice inpatient care, hospital inpatient care, nursing home, and residential facility care and others.
By application, the global palliative care market has been segmented into cancer, cardiac diseases such as congestive heart failure (CHF), chronic obstructive pulmonary disease (COPD), kidney failure, Alzheimer’s, Parkinson’s, Amyotrophic Lateral Sclerosis (ALS) and many more.
By end user, the global palliative care market has been segmented into hospitals, home care settings, palliative care centers, long-term care centers & rehabilitation centers.
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By region, the global palliative care market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America dominates the global palliative care market due to the high incidence rate of life-threatening diseases in the region. An increasing number of palliative care facilities in the US coupled with the availability of funds for R&D development are factors igniting growth within the North America market.
Europe is the second largest market for palliative care. Government support increased R&D activities and the growing number of palliative care centers and aging demographics are driving the growth of the Europe market.
APAC is expected to showcase a relatively faster growth rate over the forecast period. An increasing prevalence of chronic diseases, the rise in geriatric population, and growing awareness regarding palliative care are expected to stimulate the growth of the APAC market.
The MEA market is likely to showcase sluggish growth due to lack of knowledge, underdeveloped medical facilities and lack of awareness, especially in the Africa region.
Kindred Healthcare Incorporated, Gentiva Health Services Incorporated, Skilled Healthcare Group Incorporated, Amedisys Incorporated, Sunrise Senior Living LLC, Genesis HealthCare Corporation, Vitas Healthcare Corporation, and Home Instead Senior Care Incorporated are the key players in the global palliative care market.
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