The global palliative care market size was valued at USD 12.74 billion in 2022. It is estimated to reach USD 25.68 billion by 2031, growing at a CAGR of 8.10% during the forecast period (2023–2031).
Palliative care is specialized care provided to improve the lives of people suffering from life-threatening disorders. Palliative care aims to improve the overall wellness of the patient and their families, including physical, mental, emotional, spiritual, and social well-being. Such cases generally occur due to the aggravation of life-threatening chronic disorders. Palliative care focuses on the disease symptoms, stress, and treatment. Pain, sadness, anxiety, tiredness, shortness of breath, constipation, nausea, lack of appetite, and sleeping problems are some of the conditions taken care of in palliative care. It is required for a wide range of serious illnesses such as cancer, cardiac disease, and Alzheimer's disease.
The rising prevalence of fatal diseases like cancer and cardiovascular conditions drives the global market for palliative care. According to GLOBOCAN, there were over 10.0 million cancer deaths and 19.3 million new cancer cases in 2020. For these individuals, palliative care is required due to the rising frequency of cancer. Patients who receive palliative care, in addition to their cancer therapy, enjoy a higher standard of living than those who do not.
The Journal of the American College of Cardiology states that the number of people with cardiovascular diseases has nearly doubled since 1990, from 271 million to 523 million. Cardiovascular disease patients with palliative care had a higher quality of life. The World Health Organization (WHO) estimates that 40 million individuals require palliative care. Due to the rising number of patients with these fatal illnesses, there will be an ever-increasing need for palliative care worldwide.
As the world's population ages and the number of people with life-threatening illnesses rise in both developed and developing nations, palliative care is becoming an increasingly important aspect of healthcare. WHO estimates that just 14% of individuals worldwide receive the required palliative care. Consequently, palliative care facilities are mushrooming all over the world. Throughout the world, palliative care has grown quickly and steadily over the past ten years.
In addition, adults who need palliative care most often have chronic illnesses such as cancer (34%), cardiovascular disease (38.5%), chronic respiratory diseases (10.3%), AIDS (5.7%), and diabetes (4.6%). According to the Center for Advance Palliative Care, palliative care teams are present in roughly 61% of US hospitals with more than 50 beds. Thus, the global palliative care market is expanding due to the increasing number of facilities providing this type of care.
Aseptic transfer processes are incredibly complicated and require a significant capital investment. The technology and equipment needed for aseptic transfer involve a substantial price and significant depreciation risk. Setting up the aseptic pharma transfer equipment is a one-time process with a shelf life of a minimum of ten years. However, the equipment and systems cost is high, which restricts many pharmaceutical manufacturers from setting up an in-house aseptic transfer system. Moreover, once the aseptic transfer systems are installed, they need constant maintenance. The single-use bags used for aseptic transfer also has a high cost. Therefore, the high price of aseptic processing equipment restricts many buyers and forces them to go with the conventional terminal sterilization method, hampering the growth of the pharmaceutical aseptic transfer market.
The Department of Economic and Social Affairs estimates that 727 million persons globally are 65 or older. Additionally, it is anticipated that by 2050, this number will have more than doubled, totaling approximately 1.5 billion people. The European Union Geriatric Medicine Society and the European Association for Palliative Care have called on all older people with chronic diseases to be provided with the best palliative care available, regardless of where they receive medical attention.
In addition, chronic illnesses like cancer, cardiovascular disease, and neurological conditions are more common in older people and tend to affect them more frequently. According to WHO, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Palliative care assists the elderly in reducing hospital visits, focusing on the body, mind, and spirit, providing pain and symptom control, and helping patients and families understand treatment plans. Additionally, aged people have unique palliative care needs compared to the general population. A growing aging population around the globe will create future opportunities for the players engaged in the palliative care market.
The global palliative care market is segmented by type, application, and end-user.
By type, the global market is divided into residence care, hospice inpatient care, hospital inpatient care, nursing home, residential facility care, and homecare.
The hospital inpatient care segment is responsible for the largest market share and is anticipated to grow at a CAGR of 10.41% over the forecast period. Hospital inpatient care refers to the palliative care provided in hospitals. Hospital inpatient care provides palliative care to patients suffering from severe illnesses like cancer; the treatment for the disease is conducted without requiring the patient to translocate. The provision of palliative care apart from disease treatment is increasing across hospitals worldwide, driving growth for this segment. For instance, according to Let's Get Healthy California, US, 37.3% of hospitals in California provided inpatient palliative care in 2012, which is expected to reach over 80% by 2022. The same was observed in Europe, with around a 48% increase in hospital support teams for palliative care from 2005 to 2019, according to a report published in June 2020 by the Global Observatory of Palliative Care.
Private residential care is palliative care delivered in a patient's private residence or home. Patients with fatal diseases still prefer receiving end-of-life care at home over anywhere else. To give the same kind of care in homes as in hospitals and nursing homes, nurses need to be highly trained and specialized. Patients receiving hospice inpatient care hope to enhance their quality of life while receiving advanced, life-threatening care. The primary distinction between hospice and general palliative care is that available palliative care is provided while the disease is still being treated. The treatment for the condition is stopped during hospice care. Not all patients with life-threatening illnesses receive this type of care, only those with prognoses of six months or less.
By application, the global market is segmented into cancer, cardiac disease, Congestive Heart Failure (CHF), Chronic Obstructive Pulmonary Disease (COPD), kidney failure, Alzheimer's Disease, Parkinson's Disease, Amyotrophic Lateral Sclerosis (ALS), and others.
The cardiac disease segment owns the highest market share and is expected to grow at a CAGR of 10.38% for the forecast period. Due to the rising elderly population and the increased demand for palliative care for patients with heart illnesses, the cardiac disease market is expanding tremendously. Teams providing palliative care employ various techniques to enhance the patient's well-being. Additionally, therapies like lymphatic drainage may address symptoms like edema and soreness in the legs. The WHO estimates that roughly 40 million people worldwide need palliative care each year, with 38.5% of those with cardiovascular disorders requiring it, the highest rate of any disease. Further, the risks of cardiac illness rise with age and are exacerbated by the growing elderly population.
Cancer is caused when the normal body cells mutate and start growing uncontrollably. This mutation can happen in any part of the body leading to several types of cancers. The palliative care teams collaborate closely with the patient's oncologist and provide treatments for relieving cancer symptoms, including pain, vomiting, nausea, anxiety, depression, and shortness of breath. According to Global Cancer Statistics 2020, an estimated 19.3 million new cancer cases were recorded worldwide in 2020. It is expected to increase to 28.4 billion points by 2030, a 47% increase from 2020. This rise in cancer cases will drive demand for palliative care, augmenting growth in the market.
By end-user, the global market is divided into hospitals and clinics, home care settings, palliative care centers, and long-term care centers and rehabilitation centers.
The long-term care centers and rehabilitation centers segment is the highest contributor to the market and is estimated to grow at a CAGR of 8.38% over the forecast period. Long-term care centers and rehabilitation centers refer to facilities that provide assistance and care throughout the day, along with access to specialized nurses around the clock. Independent living residences, nursing homes, assisted living communities, and continuing care retirement communities are the four main categories of long-term care institutions. Inpatient behavioral health facilities, rehabilitation facilities, and long-term chronic care hospitals are examples of long-term care centers. This segment is driven by the increasing admission rates and growing senior population.
The home care settings segment is anticipated to hold a significant share in the palliative care market as patients prefer their homes to receive treatment over other medical institutions. Home care settings require hiring healthcare professionals who can provide appropriate palliative care. Reduced healthcare expenses and less utilization of healthcare resources are some of the benefits of home care settings. Moreover, home-care palliative services are improving in quality and accessibility, driving growth for the segment.
By region, the global palliative care market is divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
The Americas is the most significant shareholder in the global palliative care market and is anticipated to grow at a CAGR of 8.22% during the forecast period. Americas dominated the global palliative care market due to the increasing adoption of palliative care, reimbursement for palliative care, and the high prevalence of cardiac disorders. The Center for Advance Palliative Care (CAPC) stated that the number of people using palliative care services had grown significantly in the last 20 years. As of 2019, 72% of hospitals in America had a palliative care team, which increased from 67% in 2016 to 7% in 2001. In addition, CAPC estimated that at least 400,000 children and 12 million adults were living with a fatal illness in the US as of 2019.
Furthermore, heart disease is the main reason people die in the US. According to WebMD, in December 2020, the US globally ranked fourth in the prevalence of cardiac diseases. According to the WHO, this increases the demand for palliative care as patients with cardiovascular diseases require palliative care the most.
Europe is estimated to grow at a CAGR of 9.30% over the forecast period. The European region has a developed healthcare system and a rising geriatric population. According to Eurostat, 20.6% of the people in the European Union were aged 65 and above in 2020. In addition, geriatric populations are more prone to chronic diseases, which is expected to increase the demand for palliative care.
Asia-Pacific is growing exponentially due to several factors, such as improving healthcare infrastructure, increasing the number of palliative care centers in the region, and the high prevalence of chronic disorders. Cancer is one of the major diseases that result in the requirement for palliative care which is very high in the region. According to WebMD, in December 2020, China had the highest number of cardiac disorder deaths, followed by India in 2019. In addition, the region's growing senior population also contributes to the market's expansion. For instance, the UN predicts that from an anticipated 261 million in 2019 to 573 million in 2050, the elderly population will expand at the most significant rate worldwide in Eastern and South-Eastern Asia.
The Middle East and Africa region is estimated to show staggering growth due to the presence of low- and middle-income countries and inadequate healthcare systems. According to the WHO, around 40 million people require palliative care every year, but 78% of them cannot access it, of which around half are from Africa. However, government initiatives to implement better healthcare infrastructure are providing some amount of growth to the regional market.
The key players in the global palliative care market are
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