Global palliative care market is garnering huge traction over the past few years. The market growth attributes to the rising demand for improved care services and the rapidly growing healthcare sector worldwide. Palliative care aims at providing relief from symptoms of chronic diseases such as cancer, chronic obstructive pulmonary disease (COPD), cardiac diseases like congestive heart failure (CHF), kidney failure, Parkinson’s, Alzheimer’s, Amyotrophic Lateral Sclerosis (ALS), and many more.
Palliative care helps to improve the quality of life of patients and their families undergoing the problems of serious illness. Such benefits of palliative care accelerate market growth, increasing its adoption worldwide. The market is demonstrating colossal growth prospects on a global platform. According to Market Research Future (MRFR), the global palliative care market is estimated to phenomenally by 2023, registering around 8.1 % CAGR throughout the forecast period (2018–2023).
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Additionally, factors such as improving economic conditions worldwide and increasing healthcare expenses that are widening the access to quality care are influencing the market growth. Also, the improving quality of life of people acts as a significant driving force for the growth of the market. Furthermore, the healthcare sector that is growing by leaps and bound, alongside the ever-increasing population that prompts the demand for effective treatment and care, substantiates the size of the palliative care market.
Global Palliative Care Market – Segments
The report is segmented into four dynamics;
By Types : Private residence care, Hospice inpatient care, Hospital inpatient care, Nursing home, Residential facility care, and others.
By Applications : Cardiac diseases such as congestive heart failure (CHF), Chronic obstructive pulmonary disease (COPD), Cancer, Kidney failure, Parkinson’s, Alzheimer’s, Amyotrophic Lateral Sclerosis (ALS), and others.
By End-User : Hospitals, Home Care Settings, Palliative Care Centers, Long-Term Care Centers & Rehabilitation Centers, and others.
By Regions : North America, Europe, APAC, and Rest of the World.
Global Palliative Care Market – Regional Analysis
North America leads the global palliative care market. The largest market share attributes to the increasing prevalence of life-threatening diseases such as cancer, chronic obstructive pulmonary disease (COPD), cardiovascular diseases, kidney failure, Alzheimer’s disease, and others. Moreover, factors such as the high healthcare expenses and well-spread awareness for health & wellness foster the growth of the market.
Furthermore, the presence of many notable players and the increasing number of specialty care centers foster regional market growth. Canada and the US are the major markets for palliative care in the region. Also, advances in medical technologies drive the growth of the market. The North American palliative care market is estimated to retain its leading position throughout the assessment period.
Europe stands second in the global palliative care market. The market growth is majorly led by government funding and support for the healthcare sector and increasing research & development activities. Moreover, growing numbers of palliative care centers in the region impact the growth of the market, extending application for homecare. Also, an increasing number of palliative care qualified physicians and rising geriatric population foster the growth of the market. The UK is the largest market for palliative care in the region. The European palliative care market is expected to grow further over its previous growth records by 2023.
The Asia Pacific region is a promisingly growing market for palliative care globally. Factors such as the improving per capita healthcare expenses and the growing healthcare sector in the region drive the market growth. Moreover, the increasing advances in healthcare technologies and the rising number of specialty care centers in the region foster the growth of the APAC palliative care market. The APAC region, with its cost-effective treatment procedures, gives tough competition to other leading regions.
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Palliative Care Market – Competitive Analysis
Highly competitive, the palliative care market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, brand reinforcement, mergers & acquisitions, and innovation remain popular trends of the key players. The market is expected to witness fierce competition due to the expected extensions in products and services.
Players leading the global palliative care market include Skilled Healthcare Group Incorporated, Vitas Healthcare Corporation, Sunrise Senior Living LLC, Gentiva Health Services Incorporated, Kindred Healthcare Incorporated, Home Instead Senior Care Incorporated, Genesis HealthCare Corporation, and Amedisys Incorporated.
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