Palliative Care Market to Reach USD 22336 million by 2030 Empowering Patients with Compassionate Care, Transforming Lives

AUSTIN, TEXAS, UNITED STATES, March 14, 2024 /EINPresswire.com/ -- The SNS Insider report indicates that Global Palliative Care Market is expected to reach 22336 million by 2030, reflecting a compound annual growth rate (CAGR) of 7% from its estimated value of USD 13052 million in 2022.

The Palliative Care Market Report provides a comprehensive analysis of the global palliative care market, offering valuable insights into current trends, market dynamics, competitive landscape, and future growth opportunities. This report covers key players in the industry, market size and share, revenue forecasts, and strategic recommendations for businesses operating in this space. It also highlights the increasing demand for palliative care services due to aging populations, rising prevalence of chronic diseases, and growing awareness among patients about the benefits of palliative care. Additionally, it outlines regulatory frameworks governing palliative care services globally and explores innovations in treatment modalities and technologies that are driving market growth. Overall, this report serves as a vital resource for stakeholders looking to make informed decisions to capitalize on the evolving landscape of the palliative care market.

Market Report scope

Palliative care is an approach that increases the quality of life of patients and their families’ facing issues associated with life-threatening diseases. It prevents and relieves suffering through early identification, correct assessment, and treatment of pain, along with addressing physical, psychosocial, or spiritual conditions. Palliative care utilizes a team approach to support patients and their caregivers, aiding them to live as actively as possible until death. The rising number of patients globally and the geriatric population suffering from serious illnesses is driving the palliative care market.

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Major Key Players in the Palliative Care Market:

• Vitas Healthcare
• Healthwise Incorporated.
• TRIHEALTH
• National Hospice and Palliative Care Organization
• UKS Centre of Integrated Oncology and Palliative Medicine
• Akademie Waldschlosschen
• German Hospice and Palliative Association (DHPV)
• Narayana Hrudayalaya Ltd
• AMERICAN HOSPITAL DUBAI
• Mediclinic

Market Analysis:

Rise in the geriatric population, the need for palliative care services in hospitals & clinics, and the surge in the number of qualified physicians for palliative care are major growth factors. Additionally, the increase in public awareness of life-threatening diseases, adoption of sedentary lifestyles, and technological advancements for remote monitoring in the healthcare industry further boost market growth. Government funding in the healthcare system, development of innovative therapies for chronic diseases, and favorable reimbursement policies are driving market expansion. However, lack of access to palliative care services in underdeveloped countries hampers growth, while high growth potential in emerging markets offers lucrative opportunities.

Key Segments Covered in Palliative Care Market Report:

By Age
• Pediatric
• Adults
• Geriatric

By Indication
• Cancer
• Cardiovascular Disease
• Chronic Respiratory Disorders
• HIV/AIDS
• Diabetes
• Others

By End User
• Physician & Nursing Services
• Physiotherapy Services
• Psychological Services
• Others

By Facility Type
• Hospital & Clinics
• Care Centres
• Hospices
• Home Care

The adult segment dominates the palliative care market due to the surge in the need for palliative care and adoption of sedentary lifestyles leading to increased incidence of life-threatening diseases among adults. The cancer segment holds the maximum revenue share owing to the rising prevalence of cancer globally and increasing focus on palliative care services. The chronic respiratory disorders segment is expected to witness rapid growth due to rising respiratory diseases and demand for coordinated care.

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Impact of Recession

The impact of a recession on the palliative care market is significant and multifaceted. During times of economic downturn, individuals are often faced with financial constraints which may limit their access to palliative care services. This can result in increased demand for charitable organizations and government-funded programs to fill the gap in providing essential end-of-life care. Additionally, cuts in healthcare funding may lead to reduced resources for palliative care facilities, resulting in understaffing and decreased quality of care. The recession can also affect pharmaceutical companies producing medications commonly used in palliative care, leading to supply chain disruptions and potential price increases. In order to navigate these challenges, stakeholders in the palliative care market must adapt by finding innovative solutions to ensure that all patients have equal access to high-quality end-of-life care despite economic uncertainties.

Impact of Russia-Ukraine War

The ongoing conflict between Russia and Ukraine has had a significant impact on the palliative care market in both countries. The war has resulted in a strained healthcare system, with limited resources being diverted towards emergency medical services and military needs. This has led to a decrease in funding for palliative care services, resulting in reduced access to end-of-life care for patients suffering from terminal illnesses. Furthermore, the instability caused by the conflict has disrupted supply chains for essential medications and equipment needed to provide quality palliative care. Healthcare facilities have also faced challenges in recruiting and retaining skilled medical professionals due to the dangerous working conditions caused by the war. Overall, the Russia-Ukraine war has exacerbated existing challenges in the palliative care market, making it even more difficult for patients to receive the care and support they need during their final days.

Regional Developments

APAC holds the highest market share, driven by rising awareness and demand for palliative care in emerging countries. Government efforts and the need for palliative care in underdeveloped regions contribute to market growth. Asia, with the highest number of cancer patients, is witnessing significant efforts by organizations and governments to improve palliative care access.

Key Takeaways from Palliative Care Market Study

• Palliative care market set to reach USD 22336 million by 2030, driven by rising global demand.
• Asia-Pacific emerges as a frontrunner, propelled by government initiatives and increasing cancer cases.
• Segments like cancer and chronic respiratory disorders witness robust growth, emphasizing tailored patient care.

Recent Developments:

• February 2023: Athulya Senior Care, in collaboration with Pallium India, launched palliative care services in South India.
• January 2022: Vynca secured USD 30 million in funds to expand its integrated palliative care platform in the United States.
• The National Hospice and Palliative Care Organization (NHPCO) launched a quality and network program, focusing on establishing a quality culture within hospice and palliative care organizations.

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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Palliative Care Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Palliative Care Market Segmentation, By Age
Chapter 9 Palliative Care Market Segmentation, By Indication
Chapter 10 Palliative Care Market Segmentation, By End User
Chapter 11 Palliative Care Market Segmentation, By Facility Type
Chapter 12 Regional Analysis
Chapter 13 Company profile
Chapter 14 Competitive Landscape
Chapter 15 Use Case and Best Practices
Chapter 16 Conclusion

Akash Anand
SNS Insider Pvt. Ltd
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