Palliative care is specialized medical care for people suffering from serious illness. This type of care is focused on relief from the symptoms and stress of a serious illness. Palliative care is provided by a specially-trained team of doctors, nurses, and other specialists. Palliative care teams specialize in treating people suffering from serious illnesses such as cancer, congestive heart failure (CHF), chronic obstructive pulmonary disease (COPD), kidney disease, Alzheimer’s, Parkinson’s, Amyotrophic Lateral Sclerosis (ALS) and others. Palliative care market size is increasing in higher income countries such as European countries and Japan due to rising geriatric population suffering from chronic illness. Palliative care also includes equipment such as wheelchairs, walkers, crutches, oxygen equipment, blood pressure monitors, etc.
Global Palliative Care Market Drivers
The palliative care market revenue is expected to witness significant growth over the forecast period, owing to increasing demand for palliative care centers by patients suffering from chronic illness. For instance, according to Center to Advance Palliative Care (CAPC), in North America, the prevalence of hospitals with a palliative care team increased from 658 to 1,831, which is around 178% increase from 2000 to 2016.
Increasing geriatric population suffering from chronic illness is contributing to the palliative care market size. Palliative care centers are widely involved in taking care of elderly patients affected with chronic illness. According to National Council on Aging 2018 report, around 80% of older adults have at least one chronic disease and 77% have at least two chronic diseases such as heart disease, cancer, stroke, and diabetes.
Global Palliative Care Market: Restraints
The major restraining factor for palliative care market growth is unawareness in emerging economies regarding palliative care services and centers, where the services are highly required due to inadequate healthcare facilities. For instance, in 2014, a study named Global Atlas of Palliative Care at the End of Life, published by the World Health Organization (WHO) and the Worldwide Palliative Care Alliance (WPCA), found that only 14% of people in the world needing palliative care receive it and only 20 countries have palliative care firmly integrated into their healthcare systems. According to the report, most palliative care is provided in high-income countries, but almost 80% of the global need for palliative care services is in low- and middle-income countries.
Global Palliative Care Market: Regional Analysis
North America is expected to hold the dominant position in the palliative care market, owing to increased spending on healthcare facilities, infrastructure, and healthcare policies for treatment of chronic diseases. For instance, according to National Health Expenditure Accounts (NHEA), the U.S. health care spending increased 3.9% in 2017 reaching US$ 3.5 trillion or US$ 10,739 per person, compared to 2016 which was US$ 3.3 trillion
Asia Pacific palliative care market revenue is expected to witness significant growth owing to increasing patient base of chronic illness in older adults. For instance, China has the largest population in the world, according to the WHO 2013 report, out of the 202 million older people in China, more than 100 million had at least one chronic non-communicable disease such as ischemic heart disease, cancer, stroke, arthritis and dementia. Furthermore, many had multiple chronic diseases at the same time.
Global Palliative Care Market: Competitive Landscape
Key players operating in the global palliative care market include 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, and Genesis HealthCare Corporation.
Global Palliative Care Market: Taxonomy
The global palliative care market is segmented on the basis of service type, application, and region.
By Service Type