Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Hospice market.
Trusted Business Insights presents an updated and Latest Study on U.S. Hospice Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Hospice market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ U.S. Hospice Market Size, Share, Market Research and Industry Forecast Report, 2020-2026 (Includes Business Impact of COVID-19)
Industry Insights, Market Size, CAGR, High-Level Analysis: U.S. Hospice Market
The U.S. hospice market size was estimated at around USD 28 billion in 2018 and is expected to expand at a CAGR of about 9% over the forecast period. Rising elderly population coupled with increasing prevalence of chronic as well as age-associated diseases is anticipated to boost the growth. According to the Population Reference Bureau, the number of U.S. population aged 65 and above is expected to reach 95 million by 2060 from 52 million in 2018. High prevalence of cancer, dementia, and respiratory, cardiovascular, and kidney diseases among geriatric population is projected to further drive the growth.
Increasing need for quality healthcare services at home along with increasing Medicare reimbursement for hospice care is expected to fuel the market over the forecast period. Medicare and Medicaid and other public and private organizations contribute to hospice service. According to Federal Register, the Centers for Medicare & Medicaid Services (CMS) proposed a 2.7% increase in the payment rate of hospice for FY 2020.
The benefits of hospice care include comfort care by professionals and family, less financial burden or reduced out-of-pocket expenses, comprehensive care plan, and family counseling. In addition, it also helps avoid unwanted medical treatments, procedures, and hospitalizations. Moreover, growing importance of targeted service is anticipated to boost the market for hospice in the forthcoming years.
Growing importance of telemedicine in hospice industry is also expected to fuel the U.S. market for hospice. The technology is marking its presence to extend its care to outpatient settings to improve care coordination. The Hospice of Santa Cruz County is launching telehealth program for palliative and hospice care that would enable medication management, virtual visits, and other services with the help of the grant it received from Central California Alliance for Health.
Type Insights of U.S. Hospice Market
Routine home care segment accounted for the largest market share in 2018 due to the factors, such as favorable reimbursement policies; increased comfort; and routine visits by registered nurse, hospice physician, and hospice aide. It has the advantage of receiving companionship, family involvement, constant attention, and more. According to VITAS Healthcare, in 2015, more than 90% of hospice care was provided by routine care.
Other settings such as inpatient respite care, continuous home care, and general inpatient homecare are anticipated to grow at a steady pace in near future. Continuous home care are short-term care services provided at home where symptoms cannot be managed. On the other hand, inpatient homecare and inpatient respite care services are provided in healthcare facilities as the symptoms cannot be managed at home.
Hospice center segment held the maximum share of the U.S. hospice market in 2018 owing to the benefits offered by these facilities. These centers prevent the need for hospitalization and offer a more balanced and controlled care settings. In addition, growing awareness regarding the benefits, such as 24/7 availability of professional care and emotional support from family members is projected to propel the growth.
Home hospice care is anticipated to be the fastest growing segment over the forecast period owing to growing reference by patients and family members. Home hospice care offers more comfortable environment to the patient along with freedom to visitors. In addition, home hospice care saves family members the traveling costs required to reach the patient. It is a more cost-effective option compared to long-term hospital stays.
Dementia accounted for the largest market share in 2018 and is expected to maintain its dominance during the forecasts period. Dementia is one of the leading causes of mental impairment and dependency among the elderly contributing to the growth of the segment. Individuals with end-stage dementia become vulnerable to infections, lose awareness, and have increased difficulty communicating, which increases the need for effective care.
Effective hospice care prevents and relieves suffering and support patients in the best possible way. It also reduces the caregivers burden and ensures optimal treatment decisions. Mortality rate due to Alzheimers disease is on the rise in U.S., which ultimately increases the demand for hospice care. According to the American Speech-Language-Hearing Association, in 2018, 5.7 million people in U.S. were suffering from dementia. This number is projected to reach 13.8 million by 2050.
Cancer segment is expected to hold a considerable share of the U.S. market for hospice in near future owing to growing prevalence of cancer among geriatric population. Rising preference for hospice care for among the families of these elderly patients is anticipated to fuel the growth of the segment. According to the American Cancer Society, Inc., in 2019, approximately 1,762,450 new cases of cancer will be registered in U.S. needing the care.
Market Share Insights of U.S. Hospice Market
Some of the key market players are Kindred Healthcare, Inc.; Chemed Corporation; Amedisys, Inc.; LHC Group Inc.; Brookdale Senior Living Solutions; Senior Care Health Rehabilitation; Seasons Hospice & Palliative Care; Crossroads Hospice; AccentCare; Curo Health Services; Compassus; Hospice of the Valley; Providence Health & Services; AseraCare Hospice; TIDEWELL HOSPICE; Heart to Heart Hospice; Oklahoma Palliative & Hospice Care; Covenant Care; and Dierksen Hospice.
The key players are strengthening their position in the market through activities such as partnerships, collaborations, mergers, and accusations. For instance, in April 2019, Geisinger Home Health and Hospice & LHC Group, Inc. entered into a joint venture to improve home health and hospice services in Pennsylvania. The partnership aims to offer hospice services in Danville, Wilkes-Barre, Bloomsburg, Lewisburg and Camp Hill, Northumberland, Lewistown, Montoursville, and Pennsylvania.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of U.S. Hospice Market Research Report
This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the U.S. hospice market report based on type, location, and diagnosis:
Type Outlook (Revenue, USD Million, 2019 – 2030)
Routine Home Care
Continuous Home Care
Inpatient Respite Care
General Inpatient Care
Location Outlook (Revenue, USD Million, 2019 – 2030)
Home Hospice Care
Skilled Nursing Facility
Diagnosis Outlook (Revenue, USD Million, 2019 – 2030)
Chronic Kidney Disease
Quick Read Table of Contents of this Report @ U.S. Hospice Market Size, Share, Market Research and Industry Forecast Report, 2020-2026 (Includes Business Impact of COVID-19)
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580