Global Palliative Care Market (by Type, Age Group, Application, End-User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)

Palliative care is specialized medical care provided to those suffering from a serious or life-threatening disease such as cancer in order to improve their quality of life and make them feel more at ease with their treatment.

Palliative care is given to patients suffering from diseases such as cancer, congestive heart failure (CHF), CNS disorders, chronic pulmonary obstructive disease (COPD), and others, and it includes symptomatic relief for nausea and vomiting, diarrhea, pain and anxiety, lack of appetite, and many other symptoms. As a result, the rising frequency of chronic illnesses is one of the primary reasons driving the demand for palliative care in the future years. The global palliative care market is likely to escalate to US$15.33 billion by 2023, growing at a CAGR of 8.68%, during the forecast period.

Segment Covered

By Type: On the basis of type, the report provides the bifurcation of the global palliative care market into five segments: Hospital Inpatient Care, Hospice Inpatient Care, Nursing Home, Residential Facility Center, and Others. The hospital inpatient care held highest share of the market and the segment is expected to grow at a significant CAGR in the forthcoming years on account of growing availability of specialist palliative care services in various hospitals, creating lucrative opportunities for the market.

By Age Group: In terms of age group, the report provides the bifurcation of the palliative care market into two segments: Adult, and Pediatric. The adult segment held the largest share in the market. The market's expansion is aided by the increasing geriatric population along with rising incidences of multiple chronic health conditions, such as Alzheimer's, dementia, cancer, asthma, cardiovascular diseases, etc.

By Application: According to the application, the report provides the bifurcation of the market into the following categories: Cancer, Cardiovascular Diseases, Chronic Respiratory Diseases, and Others. The cancer segment held the maximum share in the market. The market is expected to expand on account of increasing preference for palliative and end-of-life care for cancer patients. In addition, palliative care also provides support to caregivers and children of cancer patients and help them balance care for the patients and their own health.

By End-User: The report further provides the segmentation based on the end-user: Hospitals & Clinics, Home Care Settings, Palliative Care Centers, and Others. The supermarket/hypermarkets held the highest share in the market. The market's expansion was aided by the rising need for palliative care worldwide as hospitals & clinics are the preferred choice of treatment for palliative care, rapid establishment of palliative care centers in hospitals and expansion of clinic-based specialized application of palliative care. in selected patients.

Geographic Coverage

According to this report, the global palliative care market can be divided into four regions namely North America, Europe, Asia Pacific, and the Rest of the World. The countries covered in North America region are the US, Canada, and Mexico, while Europe includes Germany, France, Italy, The UK, Spain and Rest of the Europe. Moreover, China, Japan, South Korea and Rest of the Asia Pacific are included in the Asia Pacific region. North America held the dominant share in the market owing to increasing integration of palliative care into health care management plans, the implementation of preferential policies and reimbursement plans covering palliative care and hospice care, advances in palliative care, and the presence of major players in the region. In Europe, Germany is expected to be the fastest growing region in the forecasted period. Whereas, in the Asia Pacific region, China held the largest share in the market owing to the rapid rise in aging population and an increasing number of patients with life-threatening illnesses such as cancer.

Top Impacting Factors

Growth Drivers

• Increasing Geriatric Population
• Surging Prevalence of Chronic Diseases
• Upsurge in Healthcare Expenditure
• Rising Affordability

Challenges

• Limited Palliative Care Workforce and Training Opportunities
• Lack of Access to Palliative Care Services in Underdeveloped Countries

Trends

• Escalating Incidence of Dementia
• Accelerating Number of Palliative Care Centers Worldwide
• Surging Application of Palliative Care for Homecare
• Technological Advancements

Driver: Increasing Geriatric Population

The prevalence of heart disease, diabetes, arthritis, Alzheimer’s disease and other dementias, and cancer, major drivers of illness, disability, deaths and healthcare costs, all increase with aging. As hospice care became a more mainstream part of care delivery, payers, providers and policymakers began to realize the potential benefits of palliative care for patients with serious illness at any stage, namely improved quality of life and reduced costs. Palliative care assists the elderly in reducing hospital visits, focusing on the body, mind, and spirit, providing pain and symptom control, and assisting patients and families in understanding treatment plans. Thus, the need for palliative care is growing as the global population ages, which in turn, has augmented the growth of the global palliative care market.

Challenge: Limited Palliative Care Workforce and Training Opportunities

Despite increased awareness and growth, structural barriers such as “limited palliative care training opportunities and workforce and inappropriate funding systems are likely to restrict the growth of palliative care in countries like the U.S. Current training capacity is insufficient to keep up with population growth and demand for services. Moreover, one of the largest issues facing palliative care market in the coming years is the workforce. Currently, 4,400 physicians work in hospice and palliative programs, which translates to 1 hospice and palliative medicine (HPM) physician for every 20,000 older adults with a life-limiting illness and 1 HPM physician for every 11,000 Medicare deaths. It is estimated that there is a shortfall of 6,000-10,000 palliative care physicians and an equal number of advanced practice nurses. Board certification in HPM is now only available through fellowship training in some countries like the US and Europe. The number of fellowship positions in the US is currently fewer than 200 per year, with little chance of more government funding, so the problem is anticipated to continue for the foreseeable future. Therefore, limited palliative care workforce and training opportunities is expected to hamper the market growth of palliative care in coming year.

Trend: Escalating Incidence of Dementia

Dementia is a major health problem which not only affects the physical and cognitive functions, but also takes toll on the psychological, social, spiritual and financial aspects of patients and their loved ones. Owing to this, the demand for palliative care is rising as it focusses on quality of life for people with long term diseases. Palliative care can improve symptom burden, prevent under treatment of symptoms and overtreatment with unnecessary and burdensome treatment, and can also reduce caregiver burden and enhance caregiver quality of life. The rapid growth in the number of people suffering from Dementia would directly cause an increase in the demand for palliative care services and thus lead to the growth of the market in the coming years.

The COVID-19 Analysis

In 2020, the COVID-19 pandemic outbreak severely affected healthcare organizations worldwide, and the provision of palliative care to cancer patients was no exception. However, with continuous surge in confirmed cased and associated deaths, the demand for palliative care services surged. The technological advancements like remote monitoring have also helped palliative care service providers to align with safety regulations. Moreover, telemedicine also simplified cooperation between the specialized palliative care team nurses and community nurses, which was a useful parameter during the COVID-19 pandemic.

Analysis of Key Players

The global palliative care market is highly fragmented, with a large number of small- and medium-sized manufacturers operating in the market. The key players in the global palliative care market are Amedisys, Inc., Chemed Corporation (Vitas Healthcare Corporation), Brookdale Senior Living Inc., LHC Group, Inc., Genesis Healthcare, Inc. (Skilled Healthcare Group Inc.), Home Instead, Inc., Kindred Healthcare, Inc., Revera Inc., UCLA Health, National Hospice and Palliative Care Organization (NHPCO), Seymour Health, Sunrise Senior Living, LLC, and Senior Care Centers of America, Inc.