As per the updated reports of Future Market Insights, our lead analyst gives a detailed analysis of the healthcare market. As per the analysis, sales of palliative care hold a current valuation of USD 13.45 billion in 2024.
Reflecting on consumers’ expectations, palliative care producers work on simpler labels with understandable ingredients, reinforcing continuous demand. Going by this pattern, demand could rise and equate to a market valuation of USD 17.73 billion, with a sluggish CAGR of 2.8% by 2034.
| Attributes | Details |
|---|---|
| Market Value for 2024 | USD 13.45 billion |
| Market Value for 2034 | USD 17.73 billion |
| Market Forecast CAGR for 2024 to 2034 | 2.8% |
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In 2019, the global palliative care market showed a potential worth USD 9.77 billion, according to Future Market Insights (FMI). The palliative care market witnessed significant growth, registering a CAGR of 8.50% from 2019 to 2023.
| Historical CAGR | 8.50% |
|---|---|
| Forecast CAGR | 2.8% |
The significant development of the market indicates a propelling awareness and adoption of palliative care services worldwide. Factors contributing to this improvement include the increase in geriatric populations, the development of the prevalence of chronic diseases, and evolvement in healthcare policies emphasizing patient-centered care.
Upgradations in palliative care treatments and therapies have secured the quality of life for patients with serious illnesses. The historical forecasted CAGR of 8.50% from 2019 to 2023 suggests a potential slowdown in market growth, mainly due to challenges such as healthcare system limitations, inadequate access to palliative care services, and economic constraints.
Despite the projected downtrend, the market remains integral to healthcare, offering comprehensive support and symptom management for individuals with life-limiting illnesses.
The below section shows the leading segment. Based on the service type, the hospital inpatient care segment is accounted to hold a market share of 29.8% in 2024. Based on end-users, the palliative care centers segment is accounted to hold a market share of 34.7% in 2024.
Patients require acute medical interventions and specialized care within hospital settings due to the prevalence of chronic and life-limiting illnesses.
Palliative care centers offer specialized care tailored to the unique needs of patients with life-limiting illnesses, explicitly provides holistic support that encompasses physical, psychosocial, and spiritual aspects of care.
| Category | Market Share in 2024 |
|---|---|
| Hospital Inpatient Care | 29.8% |
| Palliative Care Centers | 34.7% |
Based on the service type, the hospital inpatient care segment stands out, capturing a significant market share of 29.8%. Hospital inpatient care involves providing palliative care services within hospital settings, which caters to patients with complicated medical needs or those that require intense symptom management.
The segment prominently highlights the important role of hospitals in delivering palliative care, generally for patients with progressive illnesses who require specialized medical attention and comprehensive support services.
Based on end-users, the palliative care centers are accounted to hold a market share of 34.7% in 2024 underscoring the importance of dedicated palliative care facilities. Palliative care centers offer a holistic approach to their patients, focusing on symptom management, psychosocial support, and quality of life for individuals with life-limiting illnesses.
The centers contribute to a supportive environment helpful to comprehensive care delivery, encouraging collaborations among interdisciplinary teams and promoting patient and family-centered approaches to palliative care.
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The table describes the top five countries ranked by revenue, with France holding the top position.
France leads the palliative care market because its robust healthcare system integrates palliative care into various settings. The country boasts extensive hospice and palliative care facilities, ensuring comprehensive support for patients with life-limiting illnesses.
France prioritizes interdisciplinary collaboration among healthcare professionals, promoting a patient-centered approach to palliative care that highlights quality of life and holistic support for patients and families.
Forecast CAGRs from 2024 to 2034
| Countries | CAGR through 2034 |
|---|---|
| United States | 1.9% |
| Germany | 3% |
| France | 4.8% |
| Italy | 4.2% |
| Spain | 3.8% |
The palliative care market is primarily utilized within healthcare institutions, including hospitals, hospices, and long-term care facilities.
Palliative care services are unified into the broader healthcare system to provide comprehensive support for patients with serious illnesses, focusing on symptom management, pain relief, and psychosocial support alongside curative treatments.
Palliative care is progressively utilized in community settings, encircling home-based care, outpatient clinics, and community palliative care teams. The emphasis is placed on delivering palliative care services in local healthcare centers, promoting continuity of care.
The palliative care market is primarily utilized in specialized units providing comprehensive care services. The units are often located within hospices and offer multidisciplinary care tailored to the needs of patients with advanced illnesses, focusing on pain management, symptom control, and end-of-life care in a supportive and specialized environment.
Palliative care is integrated into wider healthcare networks that envelop hospitals, primary care centers, and community-based services.
Palliative care teams cooperate with various healthcare professionals to deliver holistic care across different settings that ensure continuity of support for patients and families throughout the illness trajectory.
The market provides long-term care facilities, including nursing homes and residential homes for the elderly.
Such care services are integrated into long-term care settings to address the complex needs of elderly patients with incurable and life-limiting illnesses that emphasize comfort, dignity, and quality of life in a supportive and compassionate environment.
The palliative care market features a mix of established healthcare providers, specialized palliative care centers, and hospice organizations. Entrenched players leverage their experience and infrastructure and offer comprehensive palliative care services, while imminent entrants focus on niche segments or innovative service models.
With the boost in demand for palliative care services, competition intensifies, propelling providers to discriminate through the quality of care, service offerings, and patient-centered approaches that ultimately strive to meet the mellowing needs of patients and families who suffer from serious illness.
Some of the key developments
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | USD 13.45 billion |
| Projected Market Valuation in 2034 | USD 17.73 billion |
| Value-based CAGR 2024 to 2034 | 2.8% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Market Segments Covered | Service Type, End User, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Center to Advance Palliative Care (CAPC); UCLA Health; National Hospice and Palliative Care Organization; Vitas Healthcare Corporation; CHI Franciscan; University of Washington (UW Medical Center & UW Medicine); Seymour Health; KEHPCA (Kenya Hospices and Palliative Care Association); Sunrise Senior Living LLC |
As of 2024, the market for palliative care is expected to be valued at USD 13.45 billion.
The palliative care market is projected to expand at a CAGR of 2.8% between 2024 and 2034.
The hospital inpatient care segment is projected to dominate the industry.
By 2034, the market value of palliative care is expected to reach USD 17.73 billion.
France is likely the top-performing market, with a CAGR of 4.8%.
| Market Value, 2023 | USD 26,099.8 million |
|---|---|
| Market Value, 2033 | USD 40,828.4 million |
| Value-based CAGR, 2023 to 2033 | 4.6% |
| Estimated Market Share in 2023 | USD 1,533.2 million |
|---|---|
| Forecasted Market Size by 2033 | USD 4,209.5 million |
| Projected Market Growth Rate from 2023 to 2033 | 10.6% CAGR |
| Market Value (2022) | USD 2.8 Billion |
|---|---|
| Market Value (2032) | USD 4.8 Billion |
| Market CAGR (2022 to 2032) | 5.7% |
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Palliative Care Market
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