Hospice care services provide medical care, pain management, and emotional/spiritual support for people in the final phases of a terminal illness and support for their families. This type of care is focused on comfort and quality of life instead of cure. It can be provided in a patient's home, nursing home, hospice center, or hospital. The goal of hospice care is to manage a patient's pain and other symptoms so they may be comfortable and have the best possible quality of life. Hospice services also provide respite care to give usual caregivers temporary break and bereavement counseling for family/friends after the patient's death.
Global hospice services market is estimated to be valued at USD 4.40 Bn in 2024 and is expected to reach USD 8.11 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.1% from 2024 to 2031.
Key Takeaways
Key players operating in the Hospice Care Services are VITAS Healthcare, Amedisys, Kindred Healthcare, LHC Group, Brookdale Senior Living Solutions, AccentCare, Curo Health Services, Seasons Hospice Palliative Care, Compassus, Providence Health Services, AseraCare Hospice, Hospice of the Valley, CHEMED Corporation, TIDEWELL HOSPICE, Senior Care Health Rehabilitation. There is rapidly growing demand for hospice care services with increasing prevalence of terminal diseases like cancer, heart disease, kidney failure, Alzheimer's etc. and rising aging population globally. As per WHO, world's population aged over 60 years will double from 12% to 22% between 2015-2050 globally.
Major hospice care service providers are expanding their geographic footprints in emerging countries of Asia, Latin America and Africa. For instance, Kindred Healthcare entered South Korea by acquiring partner's interest in local JV and Brookdale is present across 46 international markets as of 2022.
Market Drivers
The primary driver augmenting the Hospice Care Services Market Demand is growing need for palliative care. As medical advancements are prolonging life expectancy across world, there is increasing need for end-of-life and comfort care rather than aggressive treatment in final stages which hospices provide effectively. The availability of both public and private insurance coverage for hospice care in major countries is boosting the demand as well by making such services more affordable.
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