Industry Background:
Palliative care is specialized medical care for people living with a serious illness. This type of care is focused on providing relief from the symptoms and stress of the illness. The goal is to improve the quality of life for both the patient and the family. Palliative care is provided by a specially-trained team of doctors, nurses, and other specialists who work together with a patient’s other doctors to provide an extra layer of support. Palliative care is based on the needs of the patient, not on the patient’s prognosis. It is appropriate at any age and at any stage in a serious illness, and it can be provided along with curative treatment.
According to AMA Research, the market for Palliative Care is expected to register a CAGR of 8.3% during the forecast period to 2030. This growth is primarily driven by Increase in Chronic Disease
.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Health Care Facilities sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Vitas Healthcare (United States), Skilled Healthcare Group (United States), Sunrise Senior Living (United States), Kindred Healthcare (United States), Gentiva Health (United States), Home Instead Senior (United States), Amedisys (United States) and Genesis HealthCare (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2020, LHC Group, Inc. (USA) has announced a joint venture agreement with University Health Care System (USA). The agreement is focused on improving home health and hospice services in eight cities in South Carolina and Georgia, USA., In 2020, LHC Group, Inc. (USA) will expand its service offerings by acquiring Santa Rita Hospice, Colorado, USA. and In 2020, Amedisys, Inc. (USA) has entered into an agreement to acquire Asana Hospice (USA). According to the terms of the contract, the former also took over 100% of the shares of the latter.
In 2021, Canadian Virtual Hospice, a website specializing in palliative care support, has introduced a new pediatric palliative care website called “CaringTogether.life”., In 2021, A consortium of palliative care institutions in India has launched the "Saath-Saath" Helpline, a national free service that seamlessly connects patients, caregivers and providers with the nearest palliative care center. The consortium includes Cipla Palliative Care, CanSupport, Pallium India and eight other palliative care organizations. and In 2021, To support countries with a focus on development and quality improvement, the World Health Organization (WHO) has published the WHO Technical Report, which provides a globally applicable and robust set of palliative care indicators, and the Technical Summary on Quality Healthcare and Palliative Care. We announced two new resources. Palliative care services.With the changing landscape, more and more companies are going in for non-linear growth models. The market is also being driven through mergers & acquisitions undertaken by key players, which, when combined with various services, can increase the overall revenue of the market.
Influencing Trend:
Rising Investments in Healthcare
Market Growth Drivers:
Increase in Chronic Disease and Rising Government Funding in Healthcare System
Challenges:
Lack of Awareness and Stringent Government Regulations for Approval of Services
Restraints:
High Cost of the Treatment
Opportunities:
Growing Number of Palliative Care Centers Worldwide and Increasing Number of Qualified Physicians for Palliative Care Center
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Palliative Care Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Palliative Care Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Palliative Care players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Palliative Care Study Sheds Light on
The Palliative Care Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Palliative Care industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Palliative Care industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.