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.
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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.
The global
hospice & palliative care centers market is segmented on the
basis of service type. Type of hospices & palliative care
services includes Institutional care, nursing care, physician
services, trained volunteer support, social services, spiritual
support and counseling, home health aides, physical, and
occupational, speech therapies, inpatient care, respite care,
bereavement support and adult day care services. Based on the
location, the hospice and palliative care centers market is analyzed
for patient’s residence, hospice inpatient facility and acute care
hospital.
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.
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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.
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