The North America Palliative care market is projected to grow from $6.54 Bn in 2022 to $11.24 Bn by 2030, registering a CAGR of 7% during the forecast period of 2022 - 2030. The main factors driving the growth would be the increasing prevalence of chronic diseases, government initiatives, well-established reimbursement policies, and extensive studies and research relating to the palliative care market. The market is segmented by service type and by the end user. Some of the major players include Amedisys, Vitas Healthcare, Golden Living Centers, Genesis Healthcare, Home Instead, and Kindred hospice.
The North America Palliative care market is projected to grow from $6.54 Bn in 2022 to $11.24 Bn by 2030, registering a CAGR of 7% during the forecast period of 2022 - 2030. One of the largest GDPs in the entire world is found in North America, which consists of the US and Canada. The World Bank projects that North America's GDP will reach $20.5 trillion in 2020. Even though healthcare costs vary from one country to the next in North America, they are frequently exorbitant. According to the WHO, the US spends 17.2% more on healthcare as a percentage of GDP than any other nation in North America. The percentage of GDP that was spent on healthcare in Canada was 10.3%.
For those dealing with a terminal disease and their families, palliative care aims to improve their quality of life. It prevents and lessens suffering by early detection, precise diagnosis, and efficient treatment of pain and other disorders, whether they are physical, psychosocial, or spiritual. Taking care of issues that go beyond physical sensations is a component of happiness. A team approach is used in palliative care to support patients and their carers. This includes providing for practical needs and providing bereavement counseling. It offers a support system that enables patients to live as fully as possible up until their deaths.
North America, which actually holds and contributes the largest revenue shares to the palliative care market, is anticipated to rise significantly throughout the forecast period with the growing market competition. The majority of the North American market share is held by the US as a result of rising healthcare costs and the quick uptake of point-of-care testing.
Market Growth Drivers
As chronic diseases like Chronic Obstructive Pulmonary Disease (COPD) are becoming more common in North America, integrated palliative care for COPD and cancer patients is becoming more popular. It has emerged as a significant market trend in the area. Due to this, the US and other North American nations are concentrating their efforts and increasing their investments to add more palliative care teams to hospitals. This has caused reimbursement policies for palliative care systems to become available, which has accelerated the market's expansion. Additionally, in North America, there have been extensive studies and research relating to the palliative care market. The market for palliative care in North America will see a large increase in income due to the new and varied models with palliative multidisciplinary teams.
Market Restraints
The factors that are limiting the growth of the palliative care market in North America are the high cost of palliative care services and limited integration with other services. Palliative care services in North America can sometimes be less successful and have less of an impact on patient outcomes due to their separation from other healthcare facilities like hospices and hospitals.
Key Players
April 2022: Amedisys acquired home healthcare company Evolution Health. Evolution Health, 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: In Florida, Vitas Healthcare opened a brand-new site, 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.
The market for palliative care is significantly impacted by North American healthcare regulations and policy. Palliative care services are covered by the Centers for Medicare & Medicaid Services (CMS) in the US and are available to those who have serious or terminal diseases. But depending on the state and the kind of insurance coverage, there are differences in the coverage and payment for palliative care services.
The Canada Health Act, which governs the financing of the country's healthcare system, includes coverage for palliative care services. Palliative care services are also financially supported by the government, which helps to guarantee that patients have access to them extensively. The Canadian Hospice Palliative Care Association (CHPCA) additionally promotes the creation and provision of top-notch palliative care services throughout the nation.
In North America, reimbursement practices have a significant impact on the quantity and quality of palliative care services. Palliative care treatments are covered by Medicare and Medicaid in the US for patients with serious or terminal illnesses, but the extent of the coverage and the amount of the reimbursement might vary by state and by kind of insurance. Palliative care services are provided free of charge to patients in Canada as part of the country's publicly funded healthcare system. Accessibility issues could still exist, especially in remote locations where there may be a shortage of palliative care professionals.
Palliative care services are also covered by private insurance policies; however, the scope of the coverage and the reimbursement amounts can differ greatly. Patients may be required to cover a sizable percentage of the costs out of pocket, and some insurance plans may need prior authorization for palliative care services.
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
By Service Type (Revenue, USD Billion):
Based on service type, the North America palliative care market is divided into the following:
By End User (Revenue, USD Billion):
Based on end-user type, the North America palliative care market is divided into the following:
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:
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:
2. Primary Research
To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:
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:
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.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.