Canada Palliative Care Market Analysis Report [2022-30]

Canada Palliative Care Market Analysis

$ 3999

The Canada Palliative care market is projected to grow from $1.05 Bn in 2022 to $1.94 Bn by 2030, registering a CAGR of 8% during the forecast period of 2022-2030. The main factors driving the growth would be increasing funding for research and development, integration with other healthcare services, government support, and the aging population. The market is segmented by drug type and by disease. Some of the major players include Bayshore HealthCare, Extendicare, Revera, Sienna Senior Living, and Equinoxe life care.

ID: IN10CAHS013 CATEGORY: Healthcare Services GEOGRAPHY: Canada AUTHOR: Neha Davda

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Canada Palliative Care Market Executive Summary

The Canada Palliative care market is projected to grow from $1.05 Bn in 2022 to $1.94 Bn by 2030, registering a CAGR of 8% during the forecast period of 2022 - 2030. The cost of national healthcare in Canada increased substantially in 2019, from 10.81% of the GDP to 10.84%. Seniors incur the highest medical expenses. Population aging is only a modest driver of rising health care costs, contributing only around 1% annually, despite the fact that per-person spending climbed dramatically with age, from $6,656 for those aged 65 to 69 to $20,793 for those aged 80 and older. As a percentage of Canada's GDP, health spending is generally on the rise.

Palliative care is a specialty form of medical care for people with serious diseases. The primary objective of this type of care is to provide relief from the illness's symptoms and stress. The goal is to improve the quality of life for both the patient and their family. Palliative care is provided by a specially trained team of doctors, nurses, and other specialists who work together with a patient's medical clinicians to provide an additional layer of support. Instead of focusing on the patient's prognosis, palliative care focuses on their needs. It can be administered alongside curative care at any age or stage of a serious illness. North America is now dominating the palliative care industry in terms of revenue due to intensifying market competition and is anticipated to grow rapidly.

canada palliative care market analysis

Market Dynamics

Market Growth Drivers

The Canada palliative care market is expected to be driven by factors such as increasing funding for research and development, integration with other healthcare services, and the aging population. Moreover, through efforts like the Canada Health Act, which guarantees that all Canadians have access to medically essential hospital and physician treatments, the Canadian government is also helping to promote palliative care.

Market Restraints

The current state of palliative care lacks standardization, which makes it challenging for patients and their families to comprehend what services are offered and how to receive them. Further, the high cost of palliative care services limits the growth of the market in the country.

Competitive Landscape

Key Players

Bayshore HealthCare (CAN)
Extendicare (CAN)
Revera (CAN)
Sienna Senior Living (CAN)
Equinoxe life care (CAN)

Notable Recent Deals

April 2021: Bayshore HealthCare announced that the Nunavut Department of Health had chosen them to be the primary provider of nursing and midwives under a multi-year staffing agreement. To stabilize and greatly boost the number of high-quality community health relief support services it offers to Nunavut's three regions, Bayshore will collaborate with the government of Nunavut as the major supplier.

March 2021: Extendicare and Revera have entered into agreements for Extendicare to purchase a 15% management interest in a total of 18 "class A" long-term care facilities in Ontario and six facilities in Manitoba (the "Acquisition"). An Axium associate will continue to own the remaining 85% of the interest.

Healthcare Policies and Regulatory Landscape

The publicly funded healthcare system and the involvement of both the federal and provincial/territorial governments influence the healthcare policies and regulatory environment for the palliative care market in Canada. The Palliative Care Services Act in Ontario regulates the provision of palliative care services in that province, whereas the Canada Health Act establishes the framework for the universal supply of essential health services. The Canadian Medical Association (CMA) offers ethical and clinical guidelines on palliative care, while the Hospice Palliative Care Association of Canada (HPCC) offers advice on standards and best practices. There are different regulatory frameworks across the nation due to the fact that the funding and delivery of palliative care services might differ by province or territory.

Reimbursement Scenario

In Canada, the publicly funded healthcare system, which is financed by the province and territory governments, largely determines the payment rules for palliative care. The majority of palliative care services, including doctor visits, nursing care, and hospice services, are provided free of charge or for a small co-payment to qualified individuals through the public healthcare system. Private rooms and other specialty services, for example, could not be fully covered and necessitate additional out-of-pocket costs. The reimbursement procedures and co-payments for palliative care might differ by province or territory, with some governments providing broader coverage than others.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Palliative Care Market Segmentation

By Service Type (Revenue, USD Billion):

Based on service type, the Canada palliative care market is divided into the following:

Private residence care
Hospice inpatient care
Hospital inpatient care
Nursing home and residential facility care
Others

By End User (Revenue, USD Billion):

Based on end-user type, the Canada palliative care market is divided into the following:

Hospitals
Home Care Settings
Palliative Care Centers
Long-Term Care Centers & Rehabilitation Centers

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.