According to a new report published by UnivDatos Markets Insights, the US Hospice Market is expected to reach 60 billion in 2028, growing at a CAGR of around 8% from 2022-2028. The analysis has been segmented into Diagnosis (Cancer, Cardiovascular Diseases, Chronic Respiratory Diseases, Chronic Kidney Diseases, Others); Provider (Hospitals & Nursing Homes, Home Care Settings, Others); Region/States
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The Hospice market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Hospice market. The Hospice market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Hospice market at the US level.
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Market Overview
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. In addition, the growth factors for this segment are the rising geriatric population, increasing cancer in developed countries, cardiovascular diseases, chronic diseases, etc. will drive the growth of this market.
Some of the major players operating in the 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, Oklahoma Palliative & Hospice Care.
COVID-19 Impact
Covid 19 pandemic is a global public health emergency that adversely affected operational goals and long-term projections of hospice businesses in the U.S. according to WHO during the pandemic the hospitals saw a 50% decrease in inpatient visits for palliative care. Because of the risk of the infection and complications in the condition. That’s why home care settings grow during this pandemic period. In addition, In the healthcare industry, the covid-19 pandemic directly disturbed the manufacturing, demand and supply chain but in the current situation, the adoption of new technologies will drive the growth of the hospice sector.
The US Hospice market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· 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. This is mainly 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 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 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.
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Hospice Market Geographical Segmentation Includes:
· California
· Texas
· Florida
· New York
· Pennsylvania
· 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.
The major players targeting the 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
· Oklahoma Palliative & Hospice Care
Competitive Landscape
The degree of competition among prominent US companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as US market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the US Hospice Market. The major players have been analyzed by using research methodologies for getting insight views on US competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Hospice market?
• Which factors are influencing the US Hospice market over the forecast period?
• What are the US challenges, threats, and risks in the Hospice market?
• Which factors are propelling and restraining the US Hospice market?
• What are the demanding US states of the Hospice market?
• What will be the US market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by US companies?
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