Europe Palliative Care Market Analysis

Europe Palliative Care Market Executive Summary

The Europe Palliative care market is projected to grow from $2.49 Bn in 2022 to $4.19 Bn by 2030, registering a CAGR of 6.74% during the forecast period of 2022 - 2030. An increase in healthcare spending in the Europe region over the past few years has been attributed to a number of factors, including an ageing population, an increase in the prevalence of chronic diseases, and a rise in the demand for high-quality healthcare services. According to the WHO, there are significant differences across European countries in healthcare spending as a share of GDP. Many countries, notably the UK, Germany, France, Italy, and Spain, have high healthcare spending as a percentage of GDP.

Patients with terminal diseases and their loved ones can receive palliative care. Palliative care services seek to recognise and address pain and other physical, mental, and spiritual problems as early as possible in order to prevent and lessen suffering. Patients who get palliative care also receive team-based treatment and career assistance. Taking care of practical needs and creating a support network is necessary to enable patients to live as active a life as they can until they die away. People with chronic renal failure, diabetes, cancer, chronic respiratory disorders, cardiovascular diseases, and chronic liver disease must get palliative care.

Increased research and development will boost the European palliative industry. The development of alternative models that make use of interdisciplinary teams will soon open up new revenue streams for the European palliative care sector.

Market Dynamics

Market Growth Drivers

The Europe palliative care market is expected to be driven by factors such as the ageing population, improving awareness, increasing research and development and government support. Moreover, the quality of palliative care services is improving due to developments in medical technology, especially in the areas of symptom and pain management. For instance, the use of telemedicine and electronic health information is enabling medical providers to deliver palliative care that is more personalized and successful.

Market Restraints

The high cost associated with palliative care services and limited resources is limiting the growth of the palliative care market in the region. According to the level of palliative care coverage in Europe, 59% of the region's nations have either a very low or restricted availability of palliative care resources for their palliative care requirements.

Competitive Landscape

Key Players

• Everycare
• Trinity Hospice
• Home Instead
• La Maison
• Domus Salutis

Notable Recent Deals

April 2022: MercyOne was purchased by Trinity Health in order to expand hospice services in Iowa. They have strengthened and consolidated their system with MercyOne's capacity to serve Trinity's patients and communities through this acquisition.

Healthcare Policies and Regulatory Landscape

The European palliative care market is governed by a variety of policies and regulations aimed to guarantee that patients receive the best possible treatment. The European Medicines Agency (EMA), which oversees the approval and regulation of medications for human use, is a significant regulatory organisation in the European Union. The EMA is in charge of making sure that drugs used in palliative care are both safe and efficient for patients and that they adhere to the highest standards of quality. The European Society for Medical Oncology (ESMO), another important regulatory body, offers guidelines and suggestions for the therapy of cancer-related symptoms and consequences. A set of palliative care recommendations created by ESMO are widely applied in Europe.

The European Association for Palliative Care (EAPC) is a specialised group that brings together medical experts from all across Europe to exchange information and best practices in the area of palliative care. The EAPC offers direction and support to healthcare professionals engaged in palliative care research, teaching, and training. Additionally, a lot of European nations have their own laws and rules governing palliative care. For instance, the National Institute for Health and Care Excellence in the United Kingdom (NICE)

Reimbursement Scenario

The reimbursement scenario for the European palliative care market varies based on the country and healthcare system. In the UK, the National Health Service (NHS) offers free palliative care services to all patients in need, irrespective of their financial situation. Hospice care is also covered by the NHS, so patients can get it without having to pay anything out of pocket. In France, the national healthcare system reimburses palliative care services, which are covered under the same reimbursement system as other medical services. Palliative care can be provided to patients with terrible illnesses at home or in a hospice, and the national health insurance program will pay for it.

Palliative care funding is less apparent in some nations, like Spain and Italy, and patients may be compelled to pay out of pocket for some or all of the services they get. However, a lot of charitable organisations that offer palliative care services in these nations also do so for patients who cannot afford to pay full price.