United States Hospice Market to Grow at CAGR of 7.37% through 2029
Growing need of patient centered care and initiatives
taken by the government to support the employee well-Being are the major
drivers for the United States Hospice Market.
According to TechSci Research report, “United
States Hospice Market - By Region, Competition, Opportunities and Forecast, 2019-2029F”, the United States Hospice Market
stood at USD 30.04 billion in 2023 is anticipated to register with a CAGR of
7.37% through 2029. This can be ascribed to collaborations and
partnerships among leading companies with a diverse approach to merge the
expertise of individual companies and to strengthen their position in the
market.
Hospice is a type of care that focuses on the
physical, emotional, and spiritual needs of people who are nearing the end of
life. Hospice care is not about curing an illness, but rather about providing
comfort and support so that people can live their last days as fully as
possible. Hospice care providers have extensive experience in managing pain and
other symptoms of terminal illness. They can help to ensure that patients are
comfortable and free from pain. Hospice care providers offer emotional support to
patients and their families. They can help patients to cope with the emotional
challenges of facing death, and they can also provide support to family members
who are grieving.
Hospice care providers can offer spiritual support
to patients and their families. They can help patients to explore their faith
and to find comfort in their beliefs. Hospice care providers can help patients to prepare
for death. They can discuss the patient's wishes for end-of-life care, and they
can also help the patient to decide for their funeral or memorial service. Hospice Centers in
the United States hospice market is expected to continue to grow as the
country’s population ages and as the number of patients suffering from end-of-
life conditions increase. According to the Centers for Medicare and Medicaid
Services (CMS), in 2019, approximately 1.6 million U.S. Medicare beneficiaries
received hospice services, and Medicare spent approximately USD 20.9 billion on
hospice services.
The demand for hospice is expected to grow over the next few years due to rising Medicare reimbursement and an increase in demand for hospice services in the US. For example, CMS released a hospice payment update for FY 2023 in July 2022, and it showed a 3.8% increase in payments compared to 2022. But other than Medicare, Medicaid, private insurance companies, and charity or non-compensated care providers, hospice in the US is covered by other sources. The market in the United States experienced a slight decrease in the number of patient visits to these centers due to a decrease in referrals from hospitals, as well as the utilization of these centers for the treatment of patients with the pandemic, which had a negative impact on the operations of these centers. In fact, according to a National Association of Hospitals for Children (NAHC) survey conducted in 2020, most hospices (61%) admitted patients who had been diagnosed with the pandemic.
The survey also revealed that more than half of respondents reported a decrease in admissions in March 2020 in comparison to March 2019, with more than a quarter reporting a decrease of 15% or more. In the present situation, hospices have significantly adopted the technology. The U.S. Hospice market is projected to experience a growth soon due to an increase in the need for remote patient monitoring coupled with technological advancements, including hospice. The United States needs approximately 10,000 physicians to meet the demand for hospice and end-of-life care.
Telemedicine is the ideal solution to bridge this gap. In emergency situations, video conferencing utilizing computers and iPads allows physicians to provide the necessary support and advice to caregivers and patients who may be reluctant to receive treatment. In the NAHC’s survey, most respondents (over 84%) indicated that telecommunications technology is utilized to provide services to Medicare beneficiaries, and 82% indicated that two-way audio-visual communications are utilized, which has a positive effect on the overall market..
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The United States Hospice
Market segmentation is based on Type, Location, Diagnosis, By Company, and
Region.
Based on Location, In 2023, the hospice center segment emerged as the dominant force in the U.S. hospice market and is anticipated to maintain its growth trajectory in the coming years. These centers are designed to deliver a more structured and holistic approach to end-of-life care, which helps to ease the burden on hospitals and healthcare systems. Hospice centers cater to individuals who require 24/7 care, as well as those who do not have family members or caregivers available to provide necessary support. By focusing on comfort, dignity, and quality of life, these facilities address the physical, emotional, and spiritual needs of patients and their families during this challenging time. Furthermore, Medicare data indicates that a significant portion of hospice-related deaths occurs in inpatient facilities, highlighting the importance of specialized care environments. As the demand for hospice services continues to rise, hospice centers are well-positioned to expand their offerings and improve patient outcomes. This trend reflects a broader shift in the healthcare landscape toward more patient-centered care models that prioritize comfort and quality of life. As we look ahead, investing in the growth and development of hospice centers will be crucial to meeting the evolving needs of patients and their families.
Some of the major companies
operating in the United
States Hospice Market include:
- Kindred Healthcare Inc. (Knight Health Holdings, Inc.)
- Amedisys Inc.
- LHC Group, INC.
- Brookdale Senior Living, Inc
- Chemed Corporation
- Crossroads Hospice LLC
- Seasons Hospice & Palliative Care
- Accentcare, Inc.
- Heart To Heart Hospice
- Oklahoma Palliative & Hospice Care
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“Certain areas, particularly in the Northeast, are projected to exert significant demand for Hospice in the States. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhance the overall wellbeing of people each year, are expected to contribute to a remarkable growth of the United States Hospice Market in the forecast period", said Mr. Karan Chechi, Research Director of TechSci Research, a research-based Global management consulting firm.
"United States Hospice Market By Type (Routine Home Care, Continuous Home Care, Inpatient Respite Care, General Inpatient Care), By Location (Hospice Center, Hospital, Home Hospice Care, Skilled Nursing Facility), By Diagnosis (Dementia, Circulatory/Heart, Cancer, Respiratory, Stroke, Chronic Kidney Disease, Others), By Region, Competition, Forecast & Opportunities, 2019-2029F", has evaluated the future growth potential of United States Hospice Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in United States Hospice Market.
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