Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "U.S. Hospice Market Size, Share & Trends Analysis Report by Type, Location (Hospice Center, Home Hospice Care), Diagnosis (Dementia, Cancer), and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. hospice market size is expected to reach USD 65.0 billion by 2030, growing at a CAGR of 8.07% from 2024 to 2030, according to the report. Growth can be attributed to the growing geriatric population and the increasing 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 NHPCO statistics, in 2020, 1.72 million Medicare beneficiaries in the U.S. received hospice services for at least one day or more. 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 long-term projections and operational goals of the industry in the U.S. 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 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 patients refusing in-person visits during the COVID-19 pandemic. This is expected to drive market growth post-pandemic.
Key Market Dynamics
Market Driver Analysis
- Rising geriatric population
- Growing prevalence of chronic conditions
- Increasing number of hospice centers
Market Restraint Analysis
- Underutilization of hospice services among population
- Shortage of workforce
Industry Challenges
- Correct documentation
- Misconceptions & late referrals
Industry Opportunities
- Initiatives by hospice care centers
- Adoption of new technologies
U.S. Hospice Market Report Highlights
- Based on location, hospice center segment dominated the market, with the largest revenue share of around 60% in 2023. This can be attributed to several benefits offered by these centers. In addition, growing awareness regarding various advantages, such as 24/7 availability of professional care and emotional support from family members, is projected to propel market growth
- Based on type, the routine home care (RHC) held the largest market share of around 90% in 2023, owing to the vast majority of Medicare days of care. According to NHPCO statistics, in 2020, around 92.7% of Medicare days of care were at RHC facilities
- Based on diagnosis, the dementia segment dominated the market with a revenue share of around 25% in 2023. This can be attributed to the growing need for care and high prevalence of the condition
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 90 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $37.9 Billion |
| Forecasted Market Value (USD) by 2030 | $65 Billion |
| Compound Annual Growth Rate | 8.0% |
| Regions Covered | United States |
Key Topics Covered:
Chapter 1. Methodology and Scope
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
Chapter 7. Competitive Landscape
- 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
For more information about this report visit https://www.researchandmarkets.com/r/tustfa
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