Palliative Care Market Trends 2023: USD 25.3 Billion by 2030 , Driven by surge in need of providing palliative care services

Palliative care is an approach to medical care that is aimed at improving the quality of life for individuals with serious illnesses, as well as their families. The focus of palliative care is on identifying and treating pain and other issues at an early stage to prevent and alleviate suffering. A team of healthcare professionals including physicians, nurses, physiotherapists, occupational therapists, pathologists, and other specialists work together to provide palliative care. This type of care is typically provided to patients who are experiencing a range of conditions such as cancer, congestive heart failure, neurological disorders, chronic obstructive pulmonary disease, and others.

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The market for palliative care is experiencing growth due to several factors. One of the main drivers is the rise in the incidence of chronic and life-threatening diseases, as well as favorable reimbursement policies from Medicaid and Medicare. Additionally, the aging population and the increase in government funding in healthcare systems have contributed to the growth of this market. Furthermore, there has been a surge in the number of initiatives taken by government and non-profit organizations to raise public awareness of palliative care services. The market is also being boosted by the high adoption of palliative care centers globally, the development of innovative therapies for chronic diseases, and intense competition among current providers of palliative care services.

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However, the lack of access to palliative care services in underdeveloped countries may hinder market growth in the forecast period. Conversely, the high potential for growth in emerging markets is expected to offer lucrative opportunities in the palliative care market.

KEY FINDINGS OF THE STUDY 

• Based on condition, the cancer segment held the largest palliative care market share in 2020, and is expected to remain dominant during the forecast period.
• On the basis of age group, the adult segment held the largest market share in 2020 and is expected to remain dominant during the forecast period.
• On the basis of provider, the hospitals & clinics segment held the largest palliative care market share in 2020 and is expected to remain dominant during the forecast period.
• Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 10.5% during the forecast period.

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