In 2022, the global palliative care market is expected to be worth US$ 13,087.9 million. 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, diarrhoea, pain and anxiety, loss of appetite, and other symptoms. The overall demand for Palliative Care is expected to grow at a 7.3% CAGR between 2022 and 2032, reaching approximately US$ 28,518.5 million by 2032.
Sales increased significantly from 2016 to 2021, with an 8.7% CAGR. Because of increased awareness about the physical, social, and psychological needs of patients with life-threatening diseases and their families, the global market for palliative care has flourished and is expected to flourish over the forecast period.
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Crucial information and forecast statistics covered in the Palliative Care market report will arm both existing and emerging market players with necessary insights to craft long-term strategies as well as maintain business continuity during a crisis such as the ongoing COVID-19 pandemic.
COVID-19 Impact Analysis on Palliative Care Market
The recent outbreak of the COVID-19 has turned the spotlight on the healthcare industry, and subsequently impacted the Palliative Care market. Severe shortages of critical medical supplies and a rapid rise in number of COVID-19 cases have resulted into a revolution rather than evolution in the healthcare ecosystems. Consequently, the impact is noticeable in the Palliative Care market.
Following government’s measures, particularly social distancing norms and stay-at-home orders, doctors are delaying or postponing elective surgeries unless critical to prevent the spread of the virus to individuals with comorbidities or chronic conditions. Additionally, movement restrictions and supply chain disruptions have created a logistical nightmare for market players, leading to severe product shortages in the global marketplace.
The FMI’s report includes an interesting chapter on preliminary impact of the COVID-19 on the Palliative Care market. This allows both leading and emerging market players to understand the market scenario during a crisis and aids them in making sound decisions to gain a distinct competitive edge.
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Palliative Care Market: Segmentation
Valuable information covered in the FMI’s Palliative Care market report has been segregated into key segments and sub-segments.
By Service Type:
- Private Residence Care
- Hospice Inpatient Care
- Hospital Inpatient Care
- Nursing Home and Residential Facility Care
By End User:
- Home Care Settings
- Palliative Care Centers
- Long Term Care Centers & Rehabilitation Centers
Palliative Care Market: Competition Analysis
The FMI’s study presents a comprehensive analysis of global, regional, and country-level players active in the Palliative Care market. Competitive information detailed in the Palliative Care market report has been based on innovative product launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation of each market player. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Palliative Care market report.
Key players covered in the report include:
- Center to Advance Palliative Care (CAPC)
- UCLA Health
- National Hospice and Palliative Care Organization
- Vitas Healthcare Corporation
- CHI Franciscan
- University of Washington (UW Medical Center & UW Medicine)
- Seymour Health
- KEHPCA (Kenya Hospices and Palliative Care Association)
- Sunrise Senior Living LLC
Important Questions Answered in the Palliative Care Market Report
- Which end user remains the top revenue contributor in different regional markets?
- At what rate has the global Palliative Care market been expanding during the forecast period?
- How will the global Palliative Care market look like by the end of the forecast period?
- What innovative strategies are adopted by Palliative Care market players to stay ahead of the pack?
- What are the restraints affecting the growth of the global Palliative Care market?
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Key Offerings of the Report
- Growth Drivers and Opportunities: Comprehensive analysis on growth-driving factors and opportunities for market players in different regional markets
- Recent Trends and Forecasts: Detailed assessment on the latest trends, technological developments, and forecasts for a 5-year or 10-year period.
- Segmental Analysis: Extensive analysis on each segment and factors differentiating the role of these segments in market revenue forecasts and growth rate analysis
- Regional Market Forecast: Thorough analysis of each regional market to arm stakeholders with necessary information to take critical decisions
- Competitive Landscape: All-inclusive insights on both leading and emerging players vying for a slice of the Palliative Care market
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