Dublin, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The "U.S. Hospice Market: Size, Share & Trends 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. hospice market size is expected to reach USD 65 billion by 2030, growing at a CAGR of 8.02% from 2023 to 2030. The growth can be attributed to the growing geriatric population and the growing prevalence of chronic disorders amid this demographic. The rising demand for end-of-life care for chronic disorders such as cancer, dementia, and cardiovascular disease drives the growth of the industry. According to the NHPCO statistics, in 2020, 1.72 million Medicare beneficiaries in the U.S. received hospice services for at least one day or more. The enrollment rate increased by around 6.8% from 2019.
The adoption of new technologies among providers is constantly growing. This includes bringing services to rural areas, and demonstrating how technology is transforming the approach to care. Many service providers have begun to deploy technology such as telemedicine, predictive analytics, virtual reality, and artificial intelligence. For instance, in March 2023, WorldView partnered with Care Coordinations to design a solution to transform home health & hospice care delivery by integrating automation and patient engagement.
The COVID-19 pandemic negatively impacted the market by affecting the long-term projections and operational goals of the industry in the U.S. The providers reported the lowest share of Medicare decedents enrolled for care since 2013, owing to the death rate outpacing the increase in enrollment rate. According to the NHPCO data, in 2020, around 47.8% of Medicare decedents received hospice care in the U.S., much lower than around 51.6% in 2019. Currently, these centers are adopting advanced technologies due to the refusal of patients to in-person visits during the COVID-19 pandemic. This is expected to drive the market growth post-pandemic.
Market Highlights
- Based on location, the hospice center segment dominated the market, with the largest share of around 60% in 2022. This can be attributed to several benefits offered by these centers. In addition, growing awareness regarding various advantages, such as the 24/7 availability of professional care and emotional support from family members, is projected to propel market growth
- Based on type, Routine Home Care (RHC) held the largest market share of around 90% in 2022, owing to the vast majority of Medicare days of care. According to NHPCO statistics, in 2020, around 92.7% of the Medicare days of care were at the RHC facilities
- Based on diagnosis, the dementia segment dominated the market with a share of around 25% in 2022. This can be attributed to the growing need for care and the high prevalence of the condition
- The market is highly fragmented, with the presence of a few major players and a large number of small- & medium-sized care providers. Service providers are adopting various strategies, such as mergers & acquisitions, market expansion, and technology adoption, to strengthen their market presence. For instance, in July 2021, Amedisys acquired the hospice and home health assets of Visiting Nurse Association, enabling it to provide services in Council Bluffs, Iowa, Omaha, and Nebraska
Key Attributes
| Report Attribute | Details |
| No. of Pages | 90 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $34.5 Billion |
| Forecasted Market Value (USD) by 2030 | $65 Billion |
| Compound Annual Growth Rate | 8% |
| Regions Covered | United States |
Companies Mentioned
- Kindred Healthcare Inc. (Knight Health Holdings, Inc.)
- Amedisys
- LHC Group, Inc.
- Brookdale Senior Living, Inc
- Chemed Corporation
- Crossroads Hospice
- Seasons Hospice & Palliative Care
- Accentcare, Inc.
- Heart to Heart Hospice
- Oklahoma Palliative & Hospice Care
Key Topics Covered
Chapter 1. Methodology and Scope
1.1. Market Segmentation
1.2. Estimates and Forecast Timeline
1.3. Research Methodology
1.4. Information or Data Analysis
1.5. Market Formulation & Validation
1.6. List of Secondary Sources
1.7. List of Abbreviations
1.8. Research Objectives
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segment Snapshot
2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, & Scope
3.1. Market Dynamics
3.2. Industry Analysis Tools
3.3. Regulatory Framework & Reimbursement Scenario
3.4. COVID-19 Impact Analysis
Chapter 4. U.S. Hospice Market: Location Estimates & Trend Analysis
4.1. Segment Definitions
4.2. U.S. Hospice Market: Segment Dashboard
4.3. U.S. Hospice Market: Location Movement & Market Share Analysis
4.4. Hospice Center
4.5. Hospital
4.6. Home Hospice Care
4.7. Skilled Nursing Facility
Chapter 5. U.S. Hospice Market: Type Estimates & Trend Analysis
5.1. Segment Definitions
5.2. U.S. Hospice Market: Segment Dashboard
5.3. U.S. Hospice Market: Type Movement & Market Share Analysis
5.4. Routine Home Care
5.5. Continuous Home Care
5.6. Inpatient Respite Care
5.7. General Inpatient Care
Chapter 6. U.S. Hospice Market: Diagnosis Estimates & Trend Analysis
6.1. Segment Definitions
6.2. U.S. Hospice Market: Segment Dashboard
6.3. U.S. Hospice Market: Diagnosis Movement & Market Share Analysis
6.4. Dementia
6.5. Circulatory/Heart
6.6. Cancer
6.7. Respiratory
6.8. Stroke
6.9. Chronic Kidney Disease
6.10. Others
Chapter 7. Competitive Landscape
7.1. Company Profiles
7.2. Company Categorization
7.3. Company Market Position Analysis
7.4. Strategy Mapping
Chapter 8. Recommendations/Key Market Insights
For more information about this report visit https://www.researchandmarkets.com/r/fgav67
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
