Hospice & Palliative Care Centers Market Size, Status and Forecast to 2026
Hospice center is a place that provides end-of-life care to patients. At hospice, a team of health care professionals and volunteers provide care that focuses on palliation of seriously ill patients. They provide psychological, spiritual, and medical support to patients. The aim of hospice is to help patients, who have limited life span, have comfort, peace, and dignity during their final days. Usually, patients to whom hospice services are provided are predicted to survive six months or even less than that. The caregivers try to cure pain and other symptoms so that patients can remain comfortable and alert as long as possible. Besides, hospice services also provide help and support to patient’s family. Palliative care is specialized medical care for patients with serious illness. Palliative care is focused on providing relief from the symptoms and stress of serious illnesses. The goal of palliative care is to improve quality of life for both the patient and the family.
Increasing prevalence of cancer, affordability of hospice & palliative care centers, high adoption of hospice & palliative care centers in developed markets, and development of innovative therapies are driving the hospice & palliative care centers market. However, high level of competition among existing players, stringent government regulations for approval of services, and lack of awareness among the rural population in underdeveloped and developing economies are likely to hinder the growth of market.
The global hospice & palliative care centers market has been classified based on service type, location, and geography. In terms of service type, the market has been categorized into nursing care, institutional care , physician services, inpatient care, trained volunteer support, social services, respite care, spiritual support and counseling, home health aides, physical, and occupational, speech therapies, bereavement support, and adult day care services. Increasing prevalence of cancer is expected to propel the hospice & palliative care centers market in the near future. According to WHO statistics, 8.2 million people die each year due to cancer, which estimates about 13% of all the deaths worldwide. There are more than 100 types of cancers that require unique diagnoses and therapies. This is anticipated to increase the demand for hospice & palliative care centers in the near future. According to location, the hospice & palliative care centers market can be divided into home hospice care, hospice center, hospital, skilled nursing facility, and others.
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Geographically, the global hospice & palliative care centers market can be segmented into five major regions: North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. In terms of revenue, North America dominates the hospice & palliative care centers market, followed by Europe. The hospice & palliative care centers market in Asia Pacific and Latin America is developing. The trend is expected to continue during the forecast period. Availability of large patient pool, expansion of the health care industry, and rise in government investments in improvement of health care are anticipated to propel the market in these regions. The hospice & palliative care centers market in countries such as Brazil, China, and India is projected to expand at a substantial growth rate during the forecast period due to rise in awareness among people about such centers in treating various types of cancer and rapid innovations in hospice & palliative care centers for various other disorders.
Major players operating in the global hospice & palliative care centers market include VITAS Healthcare, Genesis HealthCare, Revera Inc., Amedisys, Inc., Home Instead, Inc., Kindred Healthcare, LLC, Life Care Centers of America Corporate, LHC Group, Inc., HCR Manor
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