Global Palliative Care Market: Overview
Palliative care refers to an approach that helps in the bettering the quality of life of people suffering from various deadly diseases, such as cancer, Alzheimer’s disease, and others. This factor is estimated to propel growth of the global palliative care market. It also helps the family members of the patients by reducing the burden of disease upon them. In this method, accurate assessment and treatment of problems related to spiritual, psychosocial, physical, and pain of patients are done.
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Expansion of the pool of elderly population together with the subsequent rise in the incidences of age-associated and chronic diseases is expected to bolster growth of the global palliative care market. High prevalence of various chronic diseases, such as dementia, cancer, kidney, cardiovascular, respiratory-related diseases amongst elderly people is expected to shoot up the demand for palliative care over the period of assessment.
Service type, end user, and region are the three important parameters based on which the global palliative care market has been categorized.
Global Palliative Care Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global palliative care market is mentioned below:
- In September 2018, US-based prominent provider of end-of-life care, VITAS Healthcare acquired Hospice of Citrus and the Nature Coast (HOCNC). This strategic move is expected to expand the services of VITAS Healthcare in the previously untapped areas of the country.
Some of the prominent organizations in the global palliative care market include the below-mentioned:
- National Hospice and Palliative Care Organization
- New Hampshire Hospice and Palliative Care Organization
- Kenya Hospices and Palliative Care Association (KEHPCA)
- UCLA Health
- Seymour Health Centre
- VITAS Healthcare
Global Palliative Care Market: Key Trends
The global palliative care market is characterized by the presence of the following restraints, drivers, and opportunities.
Growing Awareness about Palliative Care to Drive Demand in the Market
Palliative care refers to a certain type of hospice care procedure that is utilized in making the final years, months, or days of terminally ill patients less painful and better. Palliative care is given to patients who are suffering from various illnesses such as chronic pulmonary obstructive disease (COPD), CNS disorders, congestive heart failure (CHF), cancer, and other such diseases. This type of care offers symptomatic relief from loss of appetite, pain and anxiety, diarrhea, nausea, and vomiting. Ability to provide relief from such a wide variety of symptoms is estimated to support expansion of the global palliative care market in the years to come.
International Association for Hospice and Palliative Care (IAHPC) has authorized and listed around 32 essential medicines for palliative care. These medicines comprise antiemetic, analgesics, and others. Medical caretakers, doctors, medical specialists and other such people offer palliative care from the healthcare sector. These professionals with the patients’ doctor to provide extra help to the patient and his or her family.
Global Palliative Care Market: Geographical Analysis
In the global palliative care market, Asia Pacific is estimated to offer ample scope of growth for the market over the tenure of assessment. Increased awareness amongst the people about palliative care in region is likely to play the role of a catalyst in the growth of the regional market. Furthermore, rise in the disposable income of the people in the region is estimated to offer lucrative growth opportunities for the palliative care market in Asia Pacific.
The global palliative care market is segmented as:
- Private residence care
- Hospice inpatient care
- Hospital inpatient care
- Nursing home and residential facility care
- Home Care Settings
- Palliative Care Centers
- Long Term Care Centers and Rehabilitation Centers
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