Hospice Services Market is estimated to be valued at US$ 8.11 Billion in 2031

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the hospice services market. Coherent Market Insights’ analyst projected the hospice services market to be valued at US$ 8.11 Bn in 2031. It is expected to exhibit a CAGR of 9.1% over the forecast period 2024-2031.

Growing ageing population globally drives market growth. As per the UN report, the number of people aged 60 or above is projected to reach 2.1 billion by 2050 from 900 million in 2015. Increasing prevalence of chronic and life-threatening diseases also fuels market growth. The demand for hospice care is significantly high among the geriatric population.

Moreover, hospice care provides care and comfort to the patients with chronic diseases such as cancer and heart disease. This factor is further propelling the demand for hospice services.

Key Market Trends:

Home-based hospice care is a key trend driving market growth. This is owing to convenience and affordability. Most patients prefer receiving hospice care in the comfort of their home surrounded by family. Home-based hospice services reduce the patient’s travel costs. They provide them comfort at their familiar settings.

Growing health insurance:  Growing health insurance coverage for hospice care is another trend gaining traction. Palliative care is emerging as an attractive segment. This is owing to increasing focus on managing pain and improving quality of life in advanced illness. Palliative care provided alongside curative care helps patients live actively until the end of life.

Hospice Services Market Opportunities

By service type: The nursing services segment is expected to dominate hospice services market in 2024. The nursing services segment accounted for over 35% market share and anticipated to witness robust growth. This is due to growing caregiver demand for professional nursing care to manage pain and symptoms for patients.

By Application: The oncology care segment held more than 50% share of the overall market in 2024. This is due to high prevalence of cancer and demand for palliative care services at end stages of cancer. Palliative care helps manage pain and stress caused due to advanced cancer. It makes patients feel comfortable in their last days.

Home care settings segment accounted for over 60% market share in 2024. This is owing to growing patient preference for care in familiar home surroundings. Familiar environment, presence of loved ones and cost effectiveness of home care fuels market growth.

Key Market Takeaways

The global hospice services market is projected to witness a CAGR of 9.1% during the forecast period 2024-2031. This is due to rising geriatric population and increased life expectancy.

   On the basis of service type, nursing services segment is expected to hold a dominant position. This is due to high demand for professional nursing care from families and caregivers of patients.

On the basis of application, oncology care segment is anticipated to hold a major share in the market.   This is due to high prevalence of cancer and demand for palliative services among late-stage cancer patients.

By end user, home care settings is expected to hold a dominant position over the forecast period. This is due to convenience and presence of loved ones in a familiar home environment.

North America is expected to hold a major share in the hospice services market. This is due to growth in elderly population, rising prevalence of chronic and terminal diseases.

Competitor Insights

Key players operating in the hospice services market include

VITAS Healthcare,
Amedisys, Kindred Healthcare,
LHC Group,
Brookdale Senior Living Solutions,
AccentCare
Curo Health Services
Seasons Hospice & Palliative Care
Compassus
Providence Health & Services
AseraCare Hospice
Hospice of the Valley

Recent Developments: 

In September 2024, Agape Care Group, acquired Crossroads Hospice locations in Oklahoma, Missouri, Kansas, and Georgia, expanding into new markets. The acquired locations will use the ACG Hospice and Georgia Hospice Care brands.

In September 2024, Agape Care Group acquired Crossroads Hospice locations in Oklahoma and Missouri. The acquisition helps Agape Care expand into these new markets. More information is available in full report.