Major Factors Which are Driving the Hospice & Palliative Care Centers Market

Image Credit : grossepointemanor

Hospices & palliative care is a type of care that offers support and care for patients during their last phase of life. It focuses on critically ill patient’s pain and symptoms, and attending to their spiritual and emotional needs, with an approach to improve the life of patients and their families associated with life-threatening illness. Hospice care can be offered by autonomous hospices or through programs based in nursing homes, health care organization, outpatient clinics and hospitals. It can also be offered in the nursing home, patient’s home, a hospital, or private hospice facility. Home hospice care is usually less expensive than that provided in hospitals, nursing homes, or other institutional settings as the cost of additional staff and highly equipped facilities is circumvented when at home. Moreover, patients prefer hospice care as the patient desires to spend the rest of life with loved ones at home.

To get holistic SAMPLE of the report, please click: https://www.coherentmarketinsights.com/insight/request-sample/34

Due to an aging U.S. population, and sustained federal reimbursement, the growth of hospice and palliative care sector is increasing rapidly. Companies are also following marketing strategies for converting their companies into profit making organizations.

According to the National Hospice and Palliative Care organization (NHPCO), in 2014 approximately 1.6 to 1.7 million patients received services from hospice care centers. Nearly 60% of the hospice care in 2014 was provided at patient’s residence.

Aging population will be the major driving factor

The hospice & palliative care centers market is driven by various factors including:

Reimbursement from Medicaid and Medicare

Aging population

Increasing healthcare expenditure and a common drift toward end-of-life care

According to the Centers for Disease Control and Prevention (CDC), there were 40 million people (13% of the total population) aged 65 and above in the United States in 2010. This is projected to reach around 20% of the population of the U.S. by 2030. Furthermore, the NHPCO reports that in 2014, more than 60% of the hospice care was for the people aged 75 years and above in the U.S.

Demand still high in the Developed Markets

Geographically, the hospice & palliative care centers market is segmented into North America, Europe, Asia Pacific, Latin America and Rest of the World. Hospice and palliative care centers are now recognized as a medical subspecialty by the American Board of Medical Specialties, as well as in Australia, Canada, England, New Zealand, and Ireland. Many European countries are also in the process of developing certification for palliative care. Most private health insurance companies include hospice care as a benefit. Some hospices are able to provide services without charge if a patient has limited or no financial resources. Hospice care expenses in U.S. are mostly paid by the Medicare and Medicaid services and the Department of Veterans Affairs. Additionally, most of the private insurance plans, health maintenance organizations (HMOs) and other managed care organizations also provide the expenses for hospice care in their plans and policies which further propel the demand for hospice and palliative care. Such hospice and palliative centers are also being established in emerging nations such as India, Brazil, Indonesia, and China where there are affordability issues, and inadequate healthcare accessibility. The hospice and palliative services market is therefore establishing in these markets and will be in great demand with increasing awareness.

Access Table of Content (TOC) Of the Report: https://www.coherentmarketinsights.com/ongoing-insight/toc/34

Major Players in the Global Hospice and Palliative Care Centers Market

Some of the key global participants present in the hospice & palliative care centers market include Vitas Healthcare Corporation, Skilled Healthcare Group Incorporated, Sunrise Senior Living, LLC , Kindred Healthcare Incorporated, Gentiva Health Services Incorporated, Home Instead Senior Care Incorporated, Amedisys Incorporated, Skilled Healthcare Group Incorporated, Genesis HealthCare Corporation, Senior Care Centers of America, and GGNSC Holdings LLC.

You may be interested

Dental Implants Market to Develop Rapidly by 2018 – 2026
Healthcare
Healthcare

Dental Implants Market to Develop Rapidly by 2018 – 2026

Albert R - August 21, 2018

Dental Implants Market report 2018-2026 focuses on the major drivers and restraints for the key players. These research report also provides granular analysis of the market share,…

Latest Evolution of Geriatric Care Services Market Analysis 2026
Healthcare
Healthcare

Latest Evolution of Geriatric Care Services Market Analysis 2026

Albert R - August 21, 2018

Geriatric Care Services Market report 2018-2026 focuses on the major drivers and restraints for the key players. These research report also provides granular analysis of the market…

Custom LASIK Surgery Market – Latest Developments
Healthcare
Healthcare

Custom LASIK Surgery Market – Latest Developments

Albert R - August 21, 2018

Custom LASIK Surgery Market report 2018-2026 focuses on the major drivers and restraints for the key players. These research report also provides granular analysis of the market…

Most from this category