Hospice market size to grow by USD 89.07 billion between 2022 and 2027; Nursing services segment to account for maximum growth - Technavio
NEW YORK, March 31, 2023 /PRNewswire/ -- The hospice market is estimated to grow by USD 89.07 billion during 2022-2027. However, the growth momentum will progress at a CAGR of 4.11% during the forecast period. The market is segmented by service (nursing services, medical supply services, physician services, and other services), end-user (home settings, hospitals, specialty nursing homes, and hospice care centers), and geography (North America, Europe, Asia, and Rest of World (ROW)). To learn more about the professional skincare market, request a sample report
The nursing services segment will account for a significant share of the market growth during the forecast period. Nursing services are available at nursing homes, hospice centers, and home hospice care. These services can be provided by a Certified Hospice and Palliative Licensed Nurse (CHPLN). They focus on the medical and psychological care of terminally ill patients.
The market is driven by the increasing geriatric population. The increasing prevalence of diseases in the aging population is one of the major factors driving the growth of the global market. East and Southeast Asia have the world's largest elderly population, with 260 million people in the 65+ age group. These regions are followed by Europe and North America, with over 200 million people in this age group. Hence, the increasing geriatric population across the globe will increase the incidence of diseases, which will drive the global market during the forecast period.
Hospice Market Insights -
Vendors: 15+, Including AccentCare Inc., Amedisys Inc., Brookdale Senior Living Inc., Caritas Internationalis, Chemed Corp., COVENANT HEALTH AND COMMUNITY SERVICES INC., Crossroads Hospice and Palliative Care, Dierksen Hospice, FC Compassus LLC, Golden Living Centers, Intrepid USA Healthcare Services, LHC GROUP Inc., LifePoint Health Inc., National Association for Home Care and Hospice, Oklahoma Palliative and Hospice Care, PeaceHealth, ProMedica Health Systems Inc., PruittHealth Corp., Samaritan Health Services, The Ensign Group Inc., among others
Coverage: parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
Global Hospice market - Vendor Insights
The global hospice market is fragmented. The competitive landscape of the market is expected to intensify due to the increase in service extensions, the availability of new services, and new applications of integrated service offerings. Moreover, the key market players compete on service, quality, pricing, and service differentiation. Some of the key vendors covered in the report include:
AccentCare Inc.: The company offers hospice services by providing comfort and symptom management during the end of life.
Amedisys Inc.: The company offers hospice services that provide quality of life for patients with life-limiting illnesses.
Brookdale Senior Living Inc.: The company offers hospice services that can be provided in any place, including nursing homes and assisted living facilities.
Crossroads Hospice and Palliative Care: The company offers hospice services by helping patients use emotional and spiritual therapy.
Global Hospice Market – Market Dynamics
Major Trends -
Increased incidence of life-threatening diseases
Increasing healthcare spending worldwide
Expansion and growth of several healthcare domains
The CDC defines lifestyle diseases as illnesses caused by unhealthy habits such as smoking, drinking, and lack of exercise. The most common lifestyle diseases include stroke, heart attack, obesity, diabetes, hypertension, and cirrhosis. However, with proper treatment and medical care, these diseases can be cured or made less severe. Moreover, the increase in the prevalence of lifestyle diseases drives admission rates in healthcare facilities. To meet the high demand for healthcare facilities, manufacturers and suppliers are introducing advanced products and increasing market penetration through efficient distribution networks. All these factors will drive the growth of the market during the forecast period.
Key challenges -
Lack of skilled nursing staff
High cost of healthcare
Increasing cases of fraudulent home healthcare services
Prospective employees, such as medical students, prefer to pursue medical specialties outside of primary care for better monetary benefits. Medical professionals such as nurses and physician assistants play an important role in the care of hospice center residents. However, the lack of skilled staff can discourage prospective new residents, thereby reducing the market's revenue. Therefore, such factors will negatively impact the market growth during the forecast period.
The hospice market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
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What are the key data covered in this Hospice Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the hospice market between 2023 and 2027
Precise estimation of the hospice market size and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the hospice market across North America, Europe, Asia, and Rest of World (ROW)
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of hospice market vendors
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Hospice Market Scope | |
Report Coverage | Details |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Accelerate at a CAGR of 4.11% |
Market growth 2023-2027 | USD 89.07 billion |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 3.54 |
Regional analysis | North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution | North America at 32% |
Key countries | US, Canada, UK, Germany, and China |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled | AccentCare Inc., Amedisys Inc., Brookdale Senior Living Inc., Caritas Internationalis, Chemed Corp., COVENANT HEALTH AND COMMUNITY SERVICES INC., Crossroads Hospice and Palliative Care, Dierksen Hospice, FC Compassus LLC, Golden Living Centers, Intrepid USA Healthcare Services, LHC GROUP Inc., LifePoint Health Inc., National Association for Home Care and Hospice, Oklahoma Palliative and Hospice Care, PeaceHealth, ProMedica Health Systems Inc., PruittHealth Corp., Samaritan Health Services, and The Ensign Group Inc. |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Table of contents:
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global hospice market 2017 - 2021
4.2 Service Segment Analysis 2017 - 2021
4.3 End-user Segment Analysis 2017 - 2021
4.4 Geography Segment Analysis 2017 - 2021
4.5 Country Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Service
6.1 Market segments
6.2 Comparison by Service
6.3 Nursing services - Market size and forecast 2022-2027
6.4 Medical supply services - Market size and forecast 2022-2027
6.5 Physician services - Market size and forecast 2022-2027
6.6 Other services - Market size and forecast 2022-2027
6.7 Market opportunity by Service
7 Market Segmentation by End-user
7.1 Market segments
7.2 Comparison by End-user
7.3 Home settings - Market size and forecast 2022-2027
7.4 Hospitals - Market size and forecast 2022-2027
7.5 Specialty nursing homes - Market size and forecast 2022-2027
7.6 Hospice care centers - Market size and forecast 2022-2027
7.7 Market opportunity by End-user
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 North America - Market size and forecast 2022-2027
9.4 Europe - Market size and forecast 2022-2027
9.5 Asia - Market size and forecast 2022-2027
9.6 Rest of World (ROW) - Market size and forecast 2022-2027
9.7 US - Market size and forecast 2022-2027
9.8 China - Market size and forecast 2022-2027
9.9 UK - Market size and forecast 2022-2027
9.10 Canada - Market size and forecast 2022-2027
9.11 Germany - Market size and forecast 2022-2027
9.12 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 AccentCare Inc.
12.4 Amedisys Inc.
12.5 Brookdale Senior Living Inc.
12.6 COVENANT HEALTH AND COMMUNITY SERVICES INC.
12.7 Crossroads Hospice and Palliative Care
12.8 Dierksen Hospice
12.9 Golden Living Centers
12.10 LHC GROUP Inc.
12.11 LifePoint Health Inc.
12.12 National Association for Home Care and Hospice
12.13 Oklahoma Palliative and Hospice Care
12.14 ProMedica Health Systems Inc.
12.15 PruittHealth Corp.
12.16 Samaritan Health Services
12.17 The Ensign Group Inc.
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
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