Market Scenario
Global Palliative Care market is expected to grow during the
forecast period (2018–2023) at a CAGR ~8.1 %.
Palliative care helps to improve the quality of life of
patients and their families facing the problems of serious illness. The main
focus of Palliative care is to provide relief from symptoms and stress of a
serious illness. Their main goal is to improve the quality of life for both the
patient and the family. Palliative care treats people living with a serious
illness such as cancer, cardiac diseases such as congestive heath failure,
kidney failure, Alzheimer’s and many more. It improves the quality of life of
the patient and supports the primary physician, patient, and family. In last 15
years, the Palliative care market has a stunning growth and the factors that
have led to the growth of this market are growing the aging population,
increase in chronic life-threatening disease, initiative taken by the
government and non- profit organization, and rise in government
funding.
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However, the high cost of treatment, misuse of funding and
lack of awareness are some of the factors which are hampering the growth of the
market during the forecast period.
Segmentation
The Global Palliative Care Market is segmented into types
such as private residence care, hospice inpatient care, hospital inpatient
care, nursing home and residential facility care and others. On the basis of
application, the market is further segmented into cancer, cardiac diseases such
as congestive heart failure (CHF), chronic obstructive pulmonary disease
(COPD), kidney failure, Alzheimer’s, Parkinson’s, Amyotrophic Lateral Sclerosis
(ALS) and many more. On basis of end-user, the market is further segmented into
hospitals, home care settings, palliative care centers, long-term care centers
& rehabilitation centers.
Regional Market Summary
The market has been segmented, by region, into the Americas,
Europe, Asia Pacific, and the Middle East and Africa. The Global Palliative
Care Market in the Americas has further been segmented into North America and
South America, with the North American market divided into the US and Canada.
The European Global Palliative Care Market has been segmented into Western
Europe and Eastern Europe. Western Europe has further been classified as
Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The
Global Palliative Care Market in Asia-Pacific has been segmented into Japan,
China, India, South Korea, Australia, and the rest of Asia-Pacific. The
Palliative care market in the Middle East and Africa has been segmented into
the Middle East and Africa.
In terms of market value, North America will dominate the
Palliative care market during the forecast period. Increasing incidences of
life-threatening illness such as cancer, cardiovascular diseases, Alzheimer’s
disease, kidney failure, chronic obstructive pulmonary disease and many more
are some of the factors which are responsible for the growth of the market
during the forecast period. In 2015 on average 90 % of US hospitals containing
300 beds or more provide Palliative care services to their patients. This has
led to the growth of the market in coming years. The European market is
expected to be the second-largest Palliative care market. The market growth in
this region can be attributed to government funding and support of the
healthcare sector coupled with increasing research and development. Moreover, a
growing number of Palliative care centers worldwide, extending application for
homecare, increasing number of qualified physicians for Palliative care center
and expanding aging demographics are some of the factors responsible for the
rise in the global Palliative care market. Asia-Pacific is expected to be the
fastest-growing Palliative care market during the forecast period owing to the
increasing prevalence of cardiac diseases, rising investments in healthcare,
increasing geriatric population, and expansions by market players in the
region. Asia-Pacific is giving the strong competition in the global Palliative
care market by producing a cost-effective treatment that is high in demand in
local as well as in the global market. The market in the Middle East and Africa
is expected to account for the smallest share in the global Palliative care
market due to the underdeveloped healthcare sector, lack of technical
knowledge, and poor medical facilities.
Key Players
Some of the key players in the Global Palliative Care market
are Vitas Healthcare Corporation, Skilled Healthcare Group Incorporated,
Sunrise Senior Living LLC, Kindred Healthcare Incorporated, Gentiva Health
Services Incorporated, Home Instead Senior Care Incorporated, Amedisys
Incorporated, Genesis HealthCare Corporation.
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