Palliative Care Market Size, Share, Growth Analysis, By Condition(Cancer, Dementia, HIV, Cerebrovascular Disease), By Diagnostics(Communicable diseases, Non-Communicable diseases, Injury, poisoning), By Service Type(Private Residence Care, Hospice Inpatient Care, Hospital Inpatient Care, Nursing Home and Residential Facility Care), By Age Group(Pediatric, Adult, Geriatric), By End User(Hospitals, Home Care Settings, Palliative Care Centre, Long-Term Care Centre & Rehabilitation Centre), By Age Group(Pediatric, Adult, Geriatric), By End User(Hospitals, Home Care Settings, Palliative Care Centre, Long-Term Care Centre & Rehabilitation Centre), By Region - Industry Forecast 2024-2031

Palliative Care Market size was valued at around USD 3.77 billion in 2019 and is expected to reach a value of USD 6.34 billion by 2031, at a CAGR of 7.7% over the forecast period (2024-2031).

The palliative care market is fragmented and highly competitive with the presence of a large number of players operating on a and regional scale. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share. 'Vitas Healthcare Corporation (US)', 'Sunrise Senior Living, LLC (US)', 'Home Instead, Inc. (US)', 'Amedisys, Inc. (US)', 'Genesis Healthcare, Inc. (Germany)', 'LHC Group, Inc. (Germany)', 'Revera Inc. (US)', 'FC Compassus LLC (Japan)', 'Kindred Healthcare (Sweden)', 'Seymour Health (US)', 'Skilled Healthcare Group Incorporated (US)', 'Gentiva Health Services Incorporated (Georgia)', 'Senior Care Centers of America (US)'

As the world's population ages and the number of people suffering from life-threatening illnesses increases in both industrialized and developing countries, the need for palliative care is increasing globally. According to WHO, only about 14% of people who need palliative care currently receive it around the world. As a result, these facilities are increasing globally. Over the past ten years, it has expanded rapidly and steadily throughout the world. Adults who require this care have chronic diseases such as cancer (34%), cardiovascular disease (38.5%), chronic respiratory disease (10.3%), AIDS (5.7%), and diabetes (4.6%). According to the Center for Advanced Palliative Care, approximately 61% of all hospitals with 50 or more beds in the US have a palliative care team. The increasing number of these centers worldwide is driving the market.

A recent estimate indicates that more than 20 million individuals require palliative care each year, 69% of whom will be adults over 60 years of age. According to a recent study, 78% of residents in low- and middle-income nations require this care. Unfortunately, currently, only 14% of people require this at the EOL. Major organ failure, cancer, drug-resistant tuberculosis, extreme frailty of old age, and end-stage chronic diseases are some of the important conditions that require this care. A major factor driving the expansion of palliative care is the aging population with chronic, progressive, or terminal illnesses in developed regions. Further, hospice's increasing focus on comfort and control systems is creating new opportunities for all stakeholders. The increasing role of palliative care in the cancer care delivery system is an important trend witnessing a large scale of developments.

North America is expected to account for the largest revenue share in the market over the forecast period, owing to increased integration of palliative care in health care management programs, implementation of favorable policies and reimbursement plans that cover palliative and end-of-life care, palliative care advancements, and the presence of key players in the region. It is considered an established field of medicine in the United States, with a formal accreditation process, rising professional and public awareness, a wide range of training options, and availability in almost all health care settings, and these key factors are expected to fuel revenue growth in the North America market over the forecast period.