Rising demand for cancer palliative care, rising prevalence of life-threatening diseases such as Parkinson’s and Alzheimer’s diseases, growing global geriatric population, and improved accessibility to palliative care are some key factors expected to drive market growth
The global palliative care market size is expected to reach USD 6.43 Billion in 2028 and register a CAGR of 7.8% during the forecast period, according to the latest report by Reports and Data. Rising demand for cancer palliative care, availability of advanced palliative care models, and increasing focus on improving quality of life of patients with debilitating and life-threatening illnesses are key factors expected to drive market revenue growth over the forecast period. In addition, implementation of favorable reimbursement policies in various developed countries, and establishment of professional palliative care organizations to improve accessibility to robust care services to all across the globe are some other key factors expected to boost revenue growth of the market.
Palliative care is an interdisciplinary specialty that focuses on improving quality of life of patients and elderly with serious illnesses. Palliative care aims to treat pain, alleviate symptoms, provide psychological support to patients and their families, and delivers patient-centric care to help patients better manage their illness. Over the recent years, palliative care has undergone substantial development and change with respect to introduction of new-care delivery models, innovative payment systems, increasing awareness among public and professionals, and implementation of robust palliative care services. Palliative care maximizes quality of life of patients by effective symptom control, spiritual and social support, and by utilizing a multi-disciplinary approach. Palliative care is offered in almost all healthcare settings including community services, nursing homes, palliative care centers, private hospitals, and pediatric services.
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Some Key Highlights from the Report:
- Private resident care segment is expected to account for largest revenue share over the forecast period attributable to rising preference for home-based palliative care due to various advantages such as reduced financial burden on health care systems and patients’ families, maximum convenience, reduced need for re-hospitalization, and enhanced patient satisfaction.
- Cancer segment is expected to register significantly fast revenue growth rate during the forecast period attributable to growing advancements in cancer palliative care, increasing need for palliative and end-of-life care for cancer patients to better manage symptoms and pain, and rising need for physical and emotional support to caregivers and families of cancer patients.
- Palliative care centers segment is expected to register a robust revenue CAGR between 2021 and 2028 owing to increasing development of state-of-the-art palliative care centers that ensure high-quality and excellent care to patients with unmanageable symptoms and advanced illnesses and availability of expert staff and professionals.
- North America is expected to account for largest revenue share in the global market over the forecast period owing to availability of palliative care supportive policies in the United States, growing integration of palliative care in health care management programs, availability of specialized training programs, and presence of key providers in countries in the region.
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For the purpose of this report, Reports and Data have segmented the global Palliative Care market, according to Care Type, Application, End-user, and Region:
Care Type Outlook (Revenue, USD Billion; 2018-2028)
- Hospital Inpatient Care
- Private Resident Care
- Hospice Resident Care
- Nursery and Residential Facility Care
Application Outlook (Revenue, USD Billion; 2018-2028)
- Chronic obstructive pulmonary disease (COPD)
- Cardiac diseases
- Alzheimer’s disease
- Parkinson’s disease
- Kidney failure
- Amyotrophic Lateral Sclerosis (ALS)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Palliative care centers
- Home care settings
- Long-term care centers Rehabilitation Centers
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Regional Outlook (Revenue, USD Billion; 2016-2027)
- North America
- Asia Pacific
- Latin America
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