Dublin, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The "United States Hospice Market, By Region, Competition, Forecast and Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The United State Hospice Market was valued at USD 30.04 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 7.37% through 2029.
Hospice is a specialized form of healthcare that prioritizes comprehensive care, comfort, and support for individuals nearing the end of life due to terminal illnesses. The primary objective of hospice care is to enhance the quality of life for both patients and their families during this difficult period. It addresses not only the physical needs of patients but also their emotional, psychological, and spiritual well-being.
As the annual mortality rate in the United States rises - largely due to an aging population and the prevalence of chronic conditions such as cancer and cardiovascular disease - the demand for hospice services is expected to increase. Hospice professionals engage with patients and families to facilitate informed decision-making regarding end-of-life care preferences. This includes advance care planning, discussing medical interventions, and honoring personal wishes.
For instance, the Centers for Medicare & Medicaid Services (CMS) announced its Fiscal Year 2023 Hospice Payment Update in July 2022, which included an increase of $825 million (3.8%) in hospice payments compared to 2022. Beyond Medicare and Medicaid, hospice care is also covered by various private insurance companies, charities, and nonprofit organizations.
Hospice care can be provided by independent hospice organizations or through hospice programs affiliated with hospitals, nursing homes, clinics, or healthcare systems, delivering services either at the patient's home or in dedicated hospice facilities.
Key Market Trends
Hospice care has evolved to address the diverse needs of patients and their families, leading to the development of specialized programs that cater to specific populations and circumstances. These specialized programs enhance the quality of care and support provided during the end-of-life journey. Pediatric hospice is designed to provide specialized care for children with terminal illnesses. It focuses on addressing the unique medical, emotional, and psychosocial needs of pediatric patients and their families. Perinatal hospice supports families facing a terminal diagnosis for their unborn child. It provides emotional support, medical guidance, and counseling to help families navigate this difficult journey.
These programs offer specialized care for military veterans at the end of life. They often include services that recognize and honor veterans' military service and provide tailored support. Specialized programs address the unique challenges of providing hospice care to patients with dementia and Alzheimer's disease. These programs focus on symptom management, communication strategies, and supporting families.
Some hospices offer holistic and integrative care that includes complementary therapies such as music therapy, art therapy, and mindfulness practices to enhance the patient's well-being. These programs focus on supporting patients who are transitioning from curative treatments to hospice care. They provide a smooth transition and help patients and families adjust to the change in care goals.
Regional Insights
The Midwest region has established itself as the leader in the United State Hospice market. For instance, VITAS Healthcare subsidiary Chemed Corporation opened two new in-patient hospice facilities in Florida in February 2022. The new hospice facilities are expected to provide services to an additional 900 patients per year.
The Midwest has a large population of aging individuals, which is a primary demographic for hospice care. As the population ages, the demand for hospice services increases, leading to significant growth opportunities for hospice providers in the region. Many of the earliest and most innovative hospice programs in the U.S. were established in the Midwest. These pioneering institutions laid the groundwork for the development and expansion of hospice care in the region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 87 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $30.04 Billion |
| Forecasted Market Value (USD) by 2029 | $46.54 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | United States |
Report Scope:
Key Market Players
- 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
Hospice Market, By Type:
- Routine Home Care
- Continuous Home Care
- Inpatient Respite Care
- General Inpatient Care
Hospice Market, By Location:
- Hospice Center
- Hospital
- Home Hospice Care
- Skilled Nursing Facility
Hospice Market, By Diagnosis:
- Dementia
- Circulatory/Heart
- Cancer
- Respiratory
- Stroke
- Chronic Kidney Disease
- Others
Hospice Market, By Region:
- South
- Midwest
- West
- Northeast
For more information about this report visit https://www.researchandmarkets.com/r/wdtvr4
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
