Market Analysis: Global Hospice Market

Hospice market is expected to register a substantial CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the increasing awareness and concerns regarding the health of patients.

Global Hospice Market By Type of Care (Acute Care, Respite Care), Distribution Channel (Home Settings, Hospitals, Specialty Nursing Homes, Hospice Care Centers), Services (Nursing Services, Medical Supply Services, Counseling Services, Short Term Inpatient Services, Physician Services, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026

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Market Definition: Global Hospice Market

Hospice market is defined as a place where care services are provided to the patients who are mainly in their last stage of life. The main aim of hospice market is to provide quality of care to patients and making their life comfortable. These services are provided to patients left with a life of approximately six months or less. The service tends to provide pain management, home care, bereavement care among others.

Market Drivers

·       Enhancing cases of end stage renal disease, heart failure, respiratory failure along with aging population will boost the market growth

·       Increasing number of private , government aided organisations in order to provide hospice care services is another factor augmenting the demand of the market

·       The governments are also taking several initiatives by providing financial assistance to these service providers; this is another factor responsible for the growth of this market

·       The mental stability provided to the patients by treating them psychologically, emotionally enhances the demand for this market

Market Restraints

·       The funds provided by government are misused; so stringent regulatory actions are taken which tends to hamper the market growth in the forecast period

·       lack of awareness among the population regarding these services also acts as a market restraint

·       High cost associated with the treatment is another factor that restricts the market growth

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Competitive Analysis:

Global hospice market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of hospice market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Key Market Competitors:

Few of the major competitors currently working in the hospice market are Kindred Healthcare, LLC, , Lumina Hospice & Palliative Care, Oklahoma Hospice, Dierksen Hospice, Covenant Care, VITAS Healthcare, LHC Group, Inc., Amedisys, Brookdale Senior Living Solutions, EXTENDICARE, SeniorLiving.org, Genesis HealthCare, Golden LivingCenters, HCR ManorCare, Kindred Healthcare, LLC, The Ensign Group, Inc, Living Assistance Services, Inc., among others.

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Research Methodology: Global Hospice Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Primary Respondents

Demand Side: Doctors, Surgeons, Medical Consultants, Nurses, Hospital Buyers, Group Purchasing Organizations, Associations, Insurers, Medical Payers, Healthcare Authorities, Universities, Technological Writers, Scientists, Promoters, and Investors among others.

Supply Side: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, and Regulatory Affairs Managers among others.

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Key Developments in the Market:

·       In August 2019, NHPCO launch “My Hospice Ambassador Program” to develop relation with congress members. This launch will create awareness among the people by providing high quality and enhanced person-centered care

·       In June 2019, AXXESS announces the launch of a new software known as “AXXESS Hospice” which is a state-of-the art software solution addressing the unique needs of hospice providers. These services includes several promising solutions enabling interactive compliance training, intuitive messaging, scheduling center where the patients visits can be tracked, Billing center among others in order to manage the service seamlessly and improving the patient care

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