U.S. Hospice Market: Current Analysis and Forecast (2021-2027)

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The U.S. hospice market is expected to witness a CAGR of around 8% during the forecast period (2021–2027). Hospice care is a special kind of care that works on the quality of life for patients and their guardians who are experiencing life-limiting diseases. Hospice care provides special care for patients in the last phase of life. In addition, hospice care treats the patient and symptoms of the disease, rather than treating the disease itself. so that a person’s last days may be spent with dignity and quality, surrounded by their loved ones. Moreover, increasing demand for this market in the U.S. will drive the growth of this segment during the forecast period. This is mainly due to increasing cases of chronic cancer, severe diseases, technological advancements in hospice care, aged patients with dementia, etc. Furthermore, according to the World Health Organization (WHO), around 5.8 million people in the U.S. have Alzheimer’s disease and related dementias, including 5.6 million aged 65 and older and about 200,000 under age 65 with younger-onset Alzheimer’s.

Kindred Healthcare Inc., Amedisys Inc., LHC Group Inc., Brookdale Senior Living Inc. Chemed Corporation, Crossroads Hospice, ProMedica Senior Care, Accentcare Inc., Heart to Heart Hospice, Oklahoma Palliative & Hospice Care are some of the key players in the market.

Insights Presented in the Report

“Amongst Diagnosis, the cancer category accounted for the majority share in the market in 2020”

Based on diagnosis, the U.S. hospice market is segmented into cancer, cardiovascular diseases, chronic respiratory diseases, chronic kidney diseases, and others. In 2020, the cancer category is anticipated to witness a considerable growth rate during the forecast period. Owing to the rising prevalence of severe chronic diseases such as cancer, End-stage kidney disease (ESKD), CVDs, aged patients, and increasing the number of the hospice care center in the U.S. These factors are anticipated to drive the growth of the hospice market. Furthermore, according to the World Health Organization (WHO), around 5.8 million people in the U.S. have Alzheimer’s disease and related dementias, including 5.6 million aged 65 and older and about 200,000 under age 65 with younger-onset Alzheimer’s.

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“Amongst Provider, the Home Care Settings category is expected to witness the highest CAGR during the forecast period”

Based on provider, the U.S. Hospice market is categorized into hospitals & nursing homes, home care settings, and others. In 2020, the home care settings category is anticipated to witness a significant growth rate and is expected to grow significantly during this forecast period. This category is especially driven by the growing demand for better treatment & care by skilled professionals in home-care settings in aged patients with severe conditions, end-stage cancer patients, and other chronic diseases. Furthermore, according to the American Cancer Society (ACS), in 2022, around 189,220 new cancer cases were estimated, coupled with 60,970 estimated deaths in the U.S.

“California to witness significant growth during the forecast period”

For a better understanding of the market, the report provides a detailed analysis of major states in the U.S. including California, Texas, Florida, New York, Pennsylvania, and others. In 2020, California accounted for a significant market share. This is mainly due to the growing elderly population with life-limiting illnesses, cases of chronic disease. Furthermore, the state has a well-established healthcare infrastructure and the high per capita of residents further support the market growth rate in this region. For instance, as per California Health Care Almanac (CHCF), California’s population is projected to increase by 20% from 2010 to 2060. The most significant growth is projected in those aged 65 and older which was 33.1 million in 2010 which is 33.9 million in 2020. The number of the elderly population is expected to increase again by 2060 and reach nearly 34.3 million in California.

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Reasons to buy this report:

• 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 portfolio, 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 U.S. Hospice Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the U.S. hospice market were the three major steps undertaken to create and analyze the adoption of the U.S. hospice market 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 U.S. hospice 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:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the U.S. hospice 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 U.S. hospice 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 diagnosis and provider. 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 U.S. hospice market. Further, we conducted factor analysis using dependent and independent variables such as various diagnoses and providers in the U.S. hospice 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 U.S. hospice market sector across the globe.

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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 U.S. hospice 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 about 2027 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 U.S. hospice market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the S. hospice market in terms of solutions 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

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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 U.S. hospice market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of diagnosis and provider in the U.S. hospice market.

The main objective of the U.S. hospice market Study

The current & future market trends of the U.S. hospice 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 U.S. hospice 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 diagnosis and provider.
• Define and analysis of the regulatory framework for the U.S. hospice market 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 U.S. hospice market for the major region.
• Major states of the U.S. studied in the report include California, Texas, Florida, New York, Pennsylvania, and Others.
• Company profiles of the U.S. hospice 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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