The U.S. hospice market is expected to foresee significant growth. California to lead the growth!
The U.S. Hospice Market is expected to witness a CAGR of around 8% during the forecast period. Hospice care is a type of care for severe patients during their last phase of life. It focuses on the personal satisfaction of their guardians or individuals who deal with life-limiting diseases. Hospice care can be offered in two types of settings at home or in a facility such as a nursing home, hospital, or even a separate hospice center. Thus, the major growth factors including the rising geriatric population and increasing cases of chronic diseases such as cancer, cardiovascular diseases, etc., are further expected to increase demand for hospice during the forecast period. For instance, according to the American Heart Association, nearly half of adults in the U.S. have some type of CVD. By 2035, it is projected that more than 135 million adults, or 45.1% of the U.S. population are projected to have some form of CVD.
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Based on the diagnosis, the market is categorized 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. This ismainly due to the increasing cases of cancer in the elderly population and surgeries of cancer patients across the world. Furthermore, according to the World Health Organization (WHO) in 2018, around 2.09 million cases of lung cancer were reported globally. Therefore, such factors drive the growth of the hospice market in the U.S.
Based on provider, the market is bifurcated into hospitals & nursing homes, home care settings, and others. In 2020, the home care settings category is anticipated to witness a significant growth rate during the forecast period. Moreover, the segment growth is credited to the increasing preference by patients and families for home care as it offers a more comfortable environment for the patient, provides a personal care assistant for the patient, and cost-effective option compared to long-term hospital stays. Furthermore, according to the Centers for Disease Control and Prevention (CDC), the number of hospice care agencies in the U.S. reached 4,500 by 2018 from 4,300 in 2016.
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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.California accounted for the largest market share in this segment because of the maximum number of hospitals and treatment possibilities. This is mainly attributed to the growing prevalence of chronic cancer, the rising geriatric population coupled with an increasing number of cardiovascular diseases in this region. Furthermore, according to the United Nations World Population Ageing 2019 report, the 65+ aged population was 53.3 million in 2019 and is further expected to reach 84.8 million by 2050 in the U.S.
Some of the major companies operating in the U.S. hospice market include 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, and Oklahoma Palliative & Hospice Care.
U.S. hospice Market Segmentation
Market Insight, by Diagnosis
- Cardiovascular Diseases
- Chronic Respiratory Diseases
- Chronic Kidney Diseases
Market Insight, by Provider
- Hospitals & Nursing Homes
- Home Care Settings
Market Insight, by States
- New York
Top Company Profiles
- 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