Palliative Services Market Segmentation, Opportunities, Trends & Future Scope To 2026

Global Palliative Care Market, Type (Private Resident Care, Hospital Inpatient Care, Nursing Home and Residential Facility Center, and Others), by Application (Cancer, Kidney Failure, and Others), by End-User (Hospitals, Palliative Care Centers, and Others) Forecast to 2027Palliative care is a multidisciplinary approach focused on providing relief to patients and their families suffering from terminal illness.

The global palliative care market is expected to expand at a CAGR of 8.1% over the forecast period of 2018-2023, affirms Market Research Future (MRFR) in an in-depth study.The need for a systematic and comprehensive approach to cater to all the specific needs at the last stage of a patients’ life has led to the massive popularity of palliative care, especially in the developed countries.

Palliative care involves shifting patients from a high-cost setting to a lower cost setting which ultimately leads to cost avoidance.

Moreover, there is a steep surge in the awareness regarding the benefits associated with palliative care among the families of patients which continue to drive the market ahead.Request Free Sample Copy at:  https://www.marketresearchfuture.com/sample_request/6336 Palliative care has witnessed a dramatic increase in certain fields such as oncology, and surging prevalence of cancer has been a plus for the growth of the market.

Moreover, oncology disorders among children growing at an incremental rate have raised the requirement for palliative care as they are more likely to face disruption in their life.The recent years have witnessed a significant rise in the number of palliative care consultation team in hospitals and other healthcare institutes which triggered growth within the market.

The global palliative care market is expected to find growth opportunities as palliative care is estimated to penetrate other fields such as neurology, nephrology, and surgery.On the other hand, the increasing gap between the available service and identified needs, especially in developing countries are restricting the growth of the market.

Global Palliative Care Market, Type (Private Resident Care, Hospital Inpatient Care, Nursing Home and Residential Facility Center, and Others), by Application (Cancer, Kidney Failure, and Others), by End-User (Hospitals, Palliative Care Centers, and Others) Forecast to 2023Market HighlightsIncreasing incidence of diseases such as cancer, cardiovascular and infective disease are some of the drivers responsible for the market growth of global palliative care market.

Other factors such as a growing number of palliative care centers worldwide, expanding aging demographics, increasing number of qualified physicians for palliative care are responsible for the rise in the global palliative market.

The main object of palliative care is to enhance personal satisfaction for both the patient and family.

This palliative care can be provided at any age and at any phase in a genuine ailment and can be furnished alongside remedial treatment.But the high cost of treatment, less private or public funding to hospital facilities and other medical centers can be a major restraint for the growth of the global palliative care market.Request Free Sample Copy @ https://www.marketresearchfuture.com/sample_request/6336Regional AnalysisNorth America is expected to take a major share in the global palliative care market because of good reimbursement and insurance coverage for palliative care services.

The market growth in this region can be because of government funding and support of the healthcare sector coupled with increasing research and development.

Asia-Pacific is expected to be the fastest-growing palliative care market during the forecast period owing to the increasing prevalence of cardiac diseases, rising investments in healthcare, increasing geriatric population, and expansions by market players in the region.

The growth of this market is mainly driven by the growing geriatric population; increasing incidence of chronic diseases; and rising demand for affordable healthcare delivery systems due to increasing healthcare cost, technological advancements, and government initiatives to promote home healthcare.What the Home Healthcare Market Looks Like?Predicted to grow at a CAGR of 8.3% during the forecast period, the global home healthcare market is estimated to reach USD 353.56 billion by the end of 2022.

The large share of this geographical segment is attributed to factors such as converging trends of aging population, technological advancement, and rising incidence of chronic diseases.Rising incidence of chronic diseasesIn recent years, chronic diseases that require long-term treatment have replaced infections as the primary cause of age-related death, and this shift is not limited to the developed world.

Chronic diseases, which affect older adults disproportionately, contribute to disabilities, diminish the quality of life, and increase long-term care costs, thus opening an array of opportunities for various home healthcare companies.Patients with chronic conditions reportedly show signs of early recovery when treated in a comfortable environment, such as in their homes.

Globally, around 415 million people were affected by diabetes in 2011; by 2030, this number is expected to rise to 642 million (Source: IDF).

The global CAD burden is projected to increase from around 47 million DALYs (disability-adjusted life years) in 1990 to 82 million DALYs by 2020.Changing reimbursement policiesIn October 2014, the CMS announced changes to the Medicare home healthcare management prospective payment system for 2015 in the US.

Recently, in July 2017, CMS further proposed a 0.4% decrease, or a USD 80-million cut, for providers in 2018 and a USD 950-million cut for 2019.

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