Market Trends of Palliative Care Industry
Cancer Segment is Expected to Record Significant Share in the Market Over the Forecast Period
Palliative care is a type of medical care that relieves pain and other symptoms while also assessing all other aspects of a patient's physical, psychological, and spiritual well-being. It intends to improve the quality of life for sick cancer patients and their families. The cancer segment is expected to hold a significant market share over the forecast period, owing to the high burden of cancer cases, the growing geriatric population, and the increasing adoption of palliative care in cancer treatment.
The expansion of the program that helps with healthcare costs in cancer through increasing palliative care is expected to drive market growth. For instance, in September 2022, the American Cancer Society (ACS) stated that a new study showed Medicaid’s expansion was associated with increased palliative care use for cancer patients diagnosed with advanced disease. This can help cover medical costs for some people with limited income and resources and likely propel the market's growth over the study period.
Furthermore, the new funding for palliative care is expected to register significant growth in the market. For instance, in August 2023, Mark Butler, the Minister for Health and Aged Care, unveiled funding for 14 national palliative care projects. These initiatives aim to enhance the quality and accessibility of crucial support and treatments for individuals facing life-limiting illnesses, including cancer. Similarly, in January 2022, Vynca secured USD 30 million in funds to expand its integrated palliative care platform in the United States. Questa Capital led the investment with participation from existing investors, including Generator Ventures, First Trust Capital Partners, 4100 Group, and OCA Ventures. Hence, the new funding for palliative care in cancer is expected to boost market growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to grow in the palliative care market due to the region's proper reimbursement and insurance facilities for palliative care services. The United States holds most of the North American market’s share due to the growing healthcare expenditure and the rapid adoption of point-of-care testing.
The new initiatives by the government in the region improve palliative care. For instance, in May 2022, US senators Tammy Baldwin (D-WI) and Shelley Moore Capito (R-WV) reintroduced the Palliative Care and Hospice Education and Training Act (PCHETA), a bipartisan bill to grow, improve, and sustain the palliative and hospice care workforce to cater to patients' needs and help improve the well-being of Americans suffering from life-threatening illnesses and their families. This is expected to boost market growth over the forecast period.
In addition, government funding in support of palliative care can propel the market in the region. For instance, in August 2022, the government of Canada announced USD 2 million in support for palliative care for homeless people. Thus, such new government funding initiatives are expected to expand the region's palliative care services market over the forecast period.
