Hospice Care Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 75.44 Billion |
| Market Size (2029) | USD 112.72 Billion |
| CAGR (2024 - 2029) | 8.36 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Hospice Care Market Analysis
The Hospice Care Market size is estimated at USD 75.44 billion in 2024, and is expected to reach USD 112.72 billion by 2029, growing at a CAGR of 8.36% during the forecast period (2024-2029).
Factors such as higher chances of developing terminal illnesses, growing demand for end-of-life care, and an increasing number of hospice care centers are anticipated to drive the market’s growth.
Hospice and end-of-life care are growing in demand because the target population lives longer with multiple long-term terminal illnesses. For instance, as per the data updated by the Hospice UK organization in January 2023, more than 200 hospices across the United Kingdom cared for more than 300,000 terminally ill people or people at the end of life and their families annually. In addition, as per the data updated by the UK government in July 2022, the government invested nearly GBP 400 million (USD 503.34 million) that were available to hospices to increase capacity and enable patients to be discharged from hospitals. Hence, the presence of hospice care centers and investments by governments across developed countries is anticipated to contribute to the segment’s growth during the forecast period.
Furthermore, the availability of service providers is one of the crucial factors driving the overall market growth. For instance, in February 2023, in the United States, OpusCare of Florida opened a new inpatient hospice facility after receiving approval to launch the center from the Florida Agency for Health Care Administration (AHCA). AHCA awarded the organization a certificate of need for Miami-Dade and Monroe counties. This made the facility the first freestanding hospice center in that region.
Similarly, in September 2023, in India, the construction of the Manipal Hospice and Respite Centre in Havange, Udupi District, was initiated. It aims to provide palliative care to ensure a high quality of life for all, regardless of health conditions. Such rising initiatives by key market players are expected to propel market growth.
Hence, due to the increasing number of hospice care centers, investments, and availability of service providers, the market studied is anticipated to grow during the forecast period.
However, a lack of awareness regarding hospice care, late physician referrals, and high medical costs are expected to hamper the market’s growth.
Hospice Care Market Trends
Home Care Settings Segment is Expected to Grow Significantly during the Analysis Period
Home care settings are anticipated to grow significantly during the forecast period due to their associated benefits and increasing adoption of home healthcare by the target population. Home healthcare (HHC) is intended to deliver various health services and equipment to terminally ill patients while they are home. HHC services are helpful when an individual requires a prolonged stay in a healthcare facility.
Most patients with dementia are eligible for home care hospice care because when a person with dementia approaches the end of their life, it can be a tough time for them and the people around them. According to a report published by the BMC Geriatrics Journal in January 2022, home healthcare hospice for dementia fueled the hospice care market’s growth by increasing referrals and demand for specialized palliative services, which were integral in managing the demand for complex end-of-life care. This expansion underscored the necessity for integrated, multidisciplinary approaches and policy reforms to enhance the quality and efficiency of hospice care delivery. With increasing cases of terminally ill dementia patients, the demand for home care settings for dementia is also increasing. For instance, according to a report published by the Marie Curie Organization in October 2023, dementia is a terminal illness, and as the end of life approaches, the pattern in which patients with advanced dementia experience distressing, such as severe pain and other symptoms, is similar to patients dying of more commonly recognized terminal conditions. Hence, the demand for at-home care for dementia is increasing and is expected to fuel the segment's growth.
Furthermore, hospice care with home healthcare services reduces hospital readmissions and improves the quality of life. Hence, many patients' families choose home care. For patients receiving in-home hospice care, the primary caregiver provides most of the physical care for the patient and helps with keeping records of symptoms and other problems. This is expected to increase the number of home healthcare services the service providers offer. For instance, in November 2022, BAYADA Home Health Care launched its Springfield, MO-based Integrity Home Care + Hospice on BAYADA’s operating systems to help support the organization in growing access to quality in-home care. These growth strategies by key players are expected to propel market growth.
Thus, the increasing adoption of home healthcare for terminally ill patients, particularly those with dementia, is driving significant growth in the hospice care segment by improving the quality of life, reducing hospital readmissions, and enhancing service delivery.
North America is Expected to Hold a Significant Share of the Market
North America is expected to hold a significant market share during the forecast period. Factors such as the increasing incidence and prevalence of terminally ill diseases and the demand for end-of-life care services by the geriatric population and their family members, creating the need for hospice care in the region, are predicted to drive market growth.
The United States, among other countries in the region, is expected to hold a significant market share owing to the presence of various service providers and the adoption of hospice care by end users. In addition, due to the high burden of terminal illnesses among the target population. For instance, according to the data updated by Asbestos and the Mesothelioma Center in March 2023, hospice care began in the United States with a focus on primarily assisting terminal cancer patients, but now hospice is used by patients with a broad range of diagnoses. In addition, as per the source above, patients with Alzheimer’s and dementia accounted for the largest portion of hospice care patients in the country.
According to a press release published by the National Hospice and Palliative Care Organization (NHPCO) in December 2022, Medicare beneficiaries eligible for hospice care chose to enroll at higher rates than other Americans. Over the last two decades, the diversity of hospice patients has progressed, with more hospice-eligible Black Americans, Asian Americans, Hispanic Americans, and Native Americans choosing hospice care. Thus, it shows that the adoption of hospice services is growing across the country for all ethnicities and is expected to drive the market’s growth in the region.
Furthermore, as per the data updates by the US Centers for Medicare and Medicaid Services (CMS) in May 2023, Medicare’s hospice benefits were completely funded; they covered the majority of costs faced by beneficiaries, making hospice one of the least expensive care plans available to patients. Most private insurance also covers hospice expenses. Thus, there is rising adoption of hospice care for various terminal diseases in the country, driving the market's growth.
Therefore, the increasing adoption of hospice care by the target population and the availability of Medicare benefits are predicted to fuel the market studied in the region during the forecast period.
Hospice Care Industry Overview
The hospice care market is semi-consolidated, with the presence of well-known service providers. Major market players are competing against each other by expanding their range of solutions and services. The key players have been involved in various strategic alliances such as acquisitions, collaborations, and the launch of advanced services to secure their position in the global market. These companies include Hospice Care Providers Inc., Kindred Healthcare LLC, OasisHospice, Gentiva, and Vitas Healthcare Corporation.
Hospice Care Market Leaders
-
OasisHospice
-
Hospice Care Providers, Inc.
-
Vitas Healthcare Corporation
-
Gentiva
-
Kindred Healthcare, LLC
*Disclaimer: Major Players sorted in no particular order
Hospice Care Market News
- June 2024: Axxess and SimiTree launched two new products designed to provide Axxess's home health and hospice clients in the United States with insights to plan and drive growth strategically.
- February 2024: Sarah Bush Lincoln Hospice inaugurated a new inpatient facility in Mattoon, Illinois, United States. The Willow Breeze Hospice House has eight patient rooms, each featuring a private bathroom. This center is designed to provide general inpatient care (GIP) to adult and pediatric hospice patients.
Hospice Care Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Higher Chances of Developing a Terminal Illnesses
4.2.2 Growing Demand for End-of-Life Care
4.2.3 Increasing Number of Hospice Care Centers
4.3 Market Restraints
4.3.1 High Medical Cost
4.3.2 Lack of Knowledge about Hospice and Late Referrals by Physicians
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Service
5.1.1 General Inpatient Care
5.1.2 Continuous Care
5.1.3 Routine Home Care
5.1.4 Respite
5.2 By Service Provider
5.2.1 Hospitals
5.2.2 Home Care Settings
5.2.3 Hospice Care Centers
5.2.4 Other Service Providers
5.3 By Patient Type
5.3.1 Cancer
5.3.2 Dementia
5.3.3 Congestive Heart Failure
5.3.4 Other Patient Types
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Vitas Healthcare Corporation
6.1.2 Skilled Healthcare Group Incorporated
6.1.3 Hospice Care Providers, Inc.
6.1.4 Kindred Healthcare LLC
6.1.5 Covenant Care
6.1.6 PruittHealth
6.1.7 Gentiva
6.1.8 OasisHospice
6.1.9 Home Instead Inc.
6.1.10 Marie Curie
6.1.11 Benton Hospice Services
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Hospice Care Industry Segmentation
As per the scope of the report, hospice care focuses on the comfort, care, and quality of life of a person with a serious illness. Hospice care is designed for situations when it is impossible to cure a serious illness, or a patient may choose not to undergo certain treatments. The hospice care market is segmented by service, service provider, patient type, and geography. The services segment is further divided into general inpatient care, continuous care, routine home care, and respite. The service provider segment is further segmented into hospitals, home care settings, hospice care centers, and other service providers. The patient type segment is further divided into cancer, dementia, congestive heart failure, and other patient types. The geography segment is further divided into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (USD) for the above segments.
| By Service | |
| General Inpatient Care | |
| Continuous Care | |
| Routine Home Care | |
| Respite |
| By Service Provider | |
| Hospitals | |
| Home Care Settings | |
| Hospice Care Centers | |
| Other Service Providers |
| By Patient Type | |
| Cancer | |
| Dementia | |
| Congestive Heart Failure | |
| Other Patient Types |
| By Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Hospice Care Market Research Faqs
How big is the Hospice Care Market?
The Hospice Care Market size is expected to reach USD 75.44 billion in 2024 and grow at a CAGR of 8.36% to reach USD 112.72 billion by 2029.
What is the current Hospice Care Market size?
In 2024, the Hospice Care Market size is expected to reach USD 75.44 billion.
Who are the key players in Hospice Care Market?
OasisHospice, Hospice Care Providers, Inc., Vitas Healthcare Corporation, Gentiva and Kindred Healthcare, LLC are the major companies operating in the Hospice Care Market.
Which is the fastest growing region in Hospice Care Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Hospice Care Market?
In 2024, the North America accounts for the largest market share in Hospice Care Market.
What years does this Hospice Care Market cover, and what was the market size in 2023?
In 2023, the Hospice Care Market size was estimated at USD 69.13 billion. The report covers the Hospice Care Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hospice Care Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hospice Care Industry Report
Statistics for the 2024 Hospice Care market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hospice Care analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
