Global Palliative Care Market Analysis

Global Palliative Management Market Executive Summary

The Global Palliative care market is projected to grow from $13.08 Bn in 2022 to $24.21 Bn by 2030, registering a CAGR of 8% during the forecast period of 2022 - 2030. In 2021, the total amount of national healthcare spending globally as a percentage of GDP was $9.83% or $1,115.01 per person.

Palliative care is a practice that makes it easier for patients and their families to cope with terminal illnesses. Through the early detection, accurate assessment, and treatment of pain and other disorders, including those that are physical, emotional, or spiritual, palliative care services prevent and lessen suffering. Through a collaborative approach, palliative care also benefits patients and those who provide for them. To assist people, and live as actively as possible until death, entails offering a support network and attending to basic needs. Numerous ailments, such as cancer, long-term respiratory disorders, diabetes, kidney failure, long-term liver disease, and others require palliative care.

In 2020, the Americas held a market share of 37.0%. A significant number of patients with serious illnesses and the burden of chronic diseases are to blame for the Americas' high market share. 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. Moreover, a stunning amount of development is anticipated in the Middle East and Africa region as a result of the existence of low- and middle-income nations and weak healthcare systems.

Market Dynamics

Market Growth Drivers

The growing number of patients with chronic illnesses, the rising incidence of infectious diseases, technological advancements, and the vast number of patients with serious illnesses are all contributing to the growth of the worldwide palliative care market. As more patients have trauma and more accidents need rehabilitation services to occur on the road, there is an increased need for palliative care services. Furthermore, expanding healthcare infrastructure in developing nations is anticipated to promote market expansion.

Market Restraints

The WHO claims that stringent controls for morphine and other necessary controlled palliative medications prevent access to sufficient palliative treatment. Around 40 million individuals need palliative care annually, with 78% of them residing in low- and middle-income nations. The global market for palliative care is constrained by the lack of access to palliative care services in developing and underdeveloped nations.

Competitive Landscape

Key Players

• Amedisys
• Home Instead
• Vitas Healthcare
• Sunrise Senior Living Centers
• Golden Living Centers
• Seymour Health
• Genesis HealthCare
• Kindred Healthcare

Notable Recent Deals

April 2022: Home health service business Evolution Health was acquired by Amedisys. Evolution Health, LLC, a division of Envision Healthcare, conducts business as Guardian Healthcare, Gem City, and Care Connection of Cincinnati in 15 locations throughout Texas, Oklahoma, and Ohio. Amedisys has acquired all of Evolution Health's equity stakes.

September 2022: Vitas Healthcare has opened a brand-new site in Florida, expanding its service area to three more counties. The company's newest location is in the Florida town of Clewiston. Contrary to several of its competitors, Vitas has chosen to focus on de novos for geographic growth rather than acquisitions due in part to the industry's increasing valuations.

Healthcare Policies and Regulatory Landscape

Various governmental and non-governmental organizations from different nations oversee the global palliative care business. The World Health Organization (WHO) has established standards and guidelines for palliative care services in recognition of the vital role that palliative care plays in the healthcare system. Additionally, different nations have created their own healthcare laws and guidelines pertaining to palliative care.

The approval and regulation of pharmaceuticals and medical equipment used in palliative care is a significant component of the regulatory environment for these services. These drugs and devices must pass safety and efficacy standards before they can be marketed and used in clinical practice. Regulatory organizations like the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) are in charge of evaluating and approving these drugs and devices.

NGOs and patient advocacy groups may seek to encourage patient access to palliative care services and enhance the standard of care, which may have an impact on the worldwide regulatory environment for palliative care services. While patient advocacy organizations like the American Cancer Society may aim to increase access to palliative care services for cancer patients, the Worldwide Hospice Palliative Care Alliance is an international NGO that promotes palliative care services globally.

Reimbursement Scenario

Depending on the nation and the kind of insurance plan, different countries may have different reimbursement policies for the worldwide palliative care services market. Government initiatives like Medicare and Medicaid, which cover specific palliative care services, may have an impact on reimbursement rules in various nations, including the US. Palliative care services may also be covered by private health insurance plans, albeit the level of coverage will depend on the particular insurance plan.

Palliative care services may be offered through the public health system for free in various nations. For instance, the National Health Service (NHS) in the UK offers palliative care services that are free at the time of delivery. Palliative care services may be offered in other nations, including Canada, using a combination of public and private funding.

Due to a lack of financing and resources, access to palliative care services may be restricted in low- and middle-income nations. The WHO has created a global palliative care plan with the goal of enhancing funding and reimbursement procedures as well as global access to palliative care treatments.