Hospice Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Hospice Market in 2021?

The global hospice market size in 2021 was valued at USD 92.2 billion, with a compound annual growth rate (CAGR) of 7.2%. The market is expected to reach USD 154.6 billion by 2028.

COVID-19 Impact on the Hospice Market

The COVID-19 pandemic had a significant impact on the hospice market. Due to restrictions on in-person visits and capacity limitations, many hospice providers shifted to telehealth services. There was also an increased focus on end-of-life care and the mental health of patients and their families.

Hospice Dynamics

The hospice market is driven by the rising aging population, increasing prevalence of chronic illnesses, and the growing acceptance of palliative care. Technological advancements in hospice care, such as telemedicine and electronic health records, are also shaping the market dynamics.

Segments and Related Analysis

The hospice market is segmented based on service type, service provider, and end-user. In terms of service type, the inpatient hospice care segment accounted for the largest market share in 2021, followed by home-based hospice care. By service provider, non-profit organizations were the dominant players in the market. End-users of hospice services include hospitals, specialty clinics, and home care settings.

By Region Analysis

North America was the leading region in the global hospice market in 2021, owing to the well-established healthcare infrastructure and government support for hospice care. Europe and Asia Pacific followed closely behind, with the Middle East and Africa witnessing a growing demand for hospice services.

Key Market Players and Competitive Landscape

Key players in the hospice market include VITAS Healthcare, Kindred Healthcare, Amedisys, Inc., Dignity Health, and LHC Group. These companies focus on expanding their service offerings, enhancing patient experience, and forming strategic partnerships to gain a competitive edge in the market.

Recent Happenings in the Hospice Market

In recent years, the hospice market has witnessed several developments, such as the introduction of virtual reality for pain management, the integration of artificial intelligence in hospice care, and the establishment of specialized hospice centers for specific patient populations. These advancements are aimed at improving patient outcomes and enhancing the quality of end-of-life care.