Palliative Care Market Set to Reach USD 17.73 Billion by 2034, Driven by Rising Chronic Illness and Global Aging Population | FMI

The global palliative care market is on a steady growth trajectory, with projections indicating a rise from USD 13.45 billion in 2024 to USD 17.73 billion by 2034, expanding at a CAGR of 2.8%. As the need for compassionate, symptom-oriented care grows alongside the aging population and rising burden of chronic diseases, the palliative care landscape is evolving with transformative trends, collaborative innovations, and policy reforms.

Integrated Care Models Drive Demand

Recent research emphasizes the clinical and emotional benefits of integrating palliative care with curative treatments. This dual-approach model has shown substantial improvements in symptom management, patient satisfaction, and reduced hospitalizations. In response, healthcare systems are prioritizing the integration of palliative services across diverse care settings, including hospitals, outpatient clinics, long-term care institutions, and community-based programs.

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“The boost in the prevalence of chronic and life-limiting illness is considered one significant factor pushing the palliative care market,” states a Future Market Insights analyst.

The Aging Population: A Key Growth Catalyst

One of the core factors driving this market surge is the rising geriatric population, particularly in developed nations. Elderly individuals are more prone to chronic illnesses, often requiring long-term, holistic care approaches. Advancements in medical technology and extended life expectancies have shifted focus from merely curing diseases to improving the overall quality of life. This paradigm shift is a strong contributor to the market’s upward trajectory.

Access Barriers Still Prevail

Despite growing demand, many regions face critical access challenges in delivering effective palliative care. These include:

• Inadequate funding
• Workforce shortages
• Low public awareness
• Limited palliative care training among general practitioners

Addressing these systemic barriers will require multistakeholder collaboration. Policymakers, healthcare providers, and advocacy groups must work in tandem to establish frameworks ensuring equitable and high-quality palliative care for all patients, especially in underserved communities.

Key Market Insights

• Hospital inpatient care is projected to hold 29.8% of the market share in 2024, making it the leading service type segment.
• Palliative care centers will continue to dominate as end users, with a significant market share of 34.7% in 2024.
• Canada is expected to grow at a CAGR of 2.4% over the forecast period.
• France stands out with a robust CAGR of 4.8%, reflecting increased national investments in palliative health infrastructure.

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Competitive Landscape: Strategic Collaborations on the Rise

The palliative care market comprises a diverse ecosystem of providers, ranging from hospital networks and hospices to independent care centers. To keep pace with growing demand, many organizations are engaging in strategic partnerships and technological investments to scale operations and improve service delivery.

Noteworthy Developments:

• Vynca, a digital health company, raised $30 million in January 2022 to expand its palliative care platform across the United States. The funding round was led by Questa Capital and included Generator Ventures, First Trust Capital Partners, 4100 Group, and OCA Ventures.
• Home Instead Inc. collaborated with DispatchHealth in November 2022 to deliver in-home acute care services. This partnership enabled clients to access urgent care from the comfort of their homes, reflecting a broader shift towards home-based palliative models.

These developments highlight the increasing interest in scalable, patient-centric care solutions as providers recognize the economic and emotional benefits of palliative services.

Key Companies Profiled

The market is home to both public and private players, including academic medical centers, nonprofit organizations, and tech-enabled startups. Prominent stakeholders include:

• Center to Advance Palliative Care (CAPC)
• UCLA Health
• National Hospice and Palliative Care Organization
• Vitas Healthcare Corporation
• CHI Franciscan
• University of Washington (UW Medicine)
• Seymour Health
• KEHPCA (Kenya Hospices and Palliative Care Association)
• Sunrise Senior Living LLC

These organizations are actively shaping best practices, training programs, and patient-centered frameworks that are setting new standards in palliative care delivery.

Market Segmentation Snapshot

By Service Type:

• Private Residence Care
• Hospice Inpatient Care
• Hospital Inpatient Care
• Nursing Home and Residential Facility Care
• Others

By End User:

• Hospitals
• Home Care Settings
• Palliative Care Centres
• Long-Term Care & Rehabilitation Centres

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• Middle East and Africa

Conclusion

The next decade presents a pivotal opportunity for the palliative care market. With aging populations, rising chronic disease burdens, and a global push toward human-centered healthcare, palliative care will play a central role in how health systems evolve. However, this growth must be accompanied by policies that promote access, innovation, and workforce development.