Advance Directives Market: Current Analysis and Forecast (2023-2030)

Report Description

The advance directives market was valued at USD 113,946.86 Million in 2022 and is expected to grow at a strong CAGR of around 18.1% during the forecast period (2023-2030) owing to the rising awareness of advance directives among people. For instance, In January 2024, the Adirondack Death Care Community (ADKDCC) offered an advance care planning (ACP) workshop at Saranac Village at Will Rogers. This session helped in explaining the importance of advanced directives and addressing questions about the process of completing a living will and health care proxy. The advance directives comprise two documents – the living will and the durable power of attorney for health care. Living will allow people to outline their end-of-life care preferences, where they can enlist which kind of care, they want to take on priority. Whereas power of attorney allows a person to entitle someone else with the authority to make decisions on their behalf if they go through any mishappening. The rising cases of chronic disorders such as neurogenerative disorder and dementia are considered a driving factor for the advance directives market and are propelling the market to a new extent.

Some of the major players operating in the market ADvault, Inc.; WiserCare; Sharp HealthCare; ACP Decisions (a DBA of Nous Foundation, Inc.); Iris; Bronson Health Care Group, Inc.; ThoroughCare, Inc.; Vital Decisions LLC; New Century Health; Island Health. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

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Insights Presented in the Report

“Amongst components, the service category to grow with high CAGR during the forecast period”

Based on components, the market is bifurcated into services and software. The segment is growing at a steady rate owing to the multiple facilities provided by the software to the consumers. The software segment in the advance directives market involves technology solutions designed to streamline the creation, management, and accessibility of advance directives. These software tools aim to facilitate the process for individuals, healthcare professionals, and legal entities. It enables individuals to create their advance directives electronically. Users can input their preferences, and the platform generates legally valid documents, including living wills and healthcare proxy forms. Thus, the service category is expected to grow with a high CAGR during the forecast period

“Amongst demographics, the above 50-year segment held a significant share in the year 2022”

Based on demographics, the market is segmented into above 50 years, 35 to 49 years, and below 34 years. The above 50-year segment dominated the market in the year 2022. The driving factor for the segment is the growing incidences of chronic disorders in the geriatric population. Due to the same reason, geriatric individuals are more aware of the need to plan for their medical care preferences in advance. They consider advance directives as a means to communicate their wishes effectively. The geriatric population segment represents a significant market for advance directives, emphasizing the importance of addressing the unique needs and considerations of older individuals as they plan for their healthcare and end-of-life preferences. Thus, the above 50-year segment held a significant share of the market in the year 2022.

Advance Directives Market Report Coverage

“Amongst regions, APAC region is expected to grow with high CAGR during the forecast period”

APAC is expected to grow with the highest CAGR during the forecast period. The growing number of pharmaceutical industries in Asia-Pacific contributes to the growth of the market in this region. Also, the increasing prevalence of chronic disorders like dementia and the rising geriatric population are contributing to the demand for advance directives. The large population size of countries in APAC including China and India is majorly responsible for the growth of this market in the region. Hence, given the large population size of APAC, it is expected to grow with a high CAGR during the forecast period.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Advance Directives Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global advance directives market were the three major steps undertaken to create and analyze the adoption of advance directives in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global advance directives device market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the advance directives device market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the advance directives device market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, demographics, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the advance directives device market. Further, we conducted factor analysis using dependent and independent variables such as component, demographics, and region of the advance directives device market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the advance directives device market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global advance directives device market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the advance directives device market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global advance directives device market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global advance directives device market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, demographics, and region in the global advance directives device market.

The main objective of the Global Advance Directives Market Study

The current & future market trends of the global advance directives device market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the advance directives device market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the component, demographics, and region
• Define and analysis of the regulatory framework for the advance directives device industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the advance directives device market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the advance directives device market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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