Palliative Care Market Size, Share, Growth Analysis, By Condition(Cancer, Dementia, HIV, Cerebrovascular Disease), By Diagnostics(Communicable diseases, Non-Communicable diseases, Injury, poisoning), By Service Type(Private Residence Care, Hospice Inpatient Care, Hospital Inpatient Care, Nursing Home and Residential Facility Care), By Age Group(Pediatric, Adult, Geriatric), By End User(Hospitals, Home Care Settings, Palliative Care Centre, Long-Term Care Centre & Rehabilitation Centre), By Age Group(Pediatric, Adult, Geriatric), By End User(Hospitals, Home Care Settings, Palliative Care Centre, Long-Term Care Centre & Rehabilitation Centre), By Region - Industry Forecast 2024-2031

Palliative Care Market was valued at USD 5.07 billion in 2022, and is poised to grow from USD 5.46 billion in 2023, to USD 9.88 Billion by 2031 at a CAGR of 7.70% during the forecast period (2024-2031).

Palliative care is given to patients with a serious or life-threatening illness, such as cancer, to make their treatment more peaceful. Under the direction of a medical professional, a patient may receive palliative care in a hospital, long-term care facility, outpatient clinic, or at home. The global market is driven by the increasing prevalence of life-threatening disorders such as cancer and cardiovascular diseases. According to GLOBOCAN, there will be 19.3 million new cancer diagnoses and about 10.0 million cancer deaths in 2019. The increasing prevalence of cancer necessitates the provision of this care for these patients. The American Society of Clinical Oncology recommends that advanced cancer patients receive palliative care. Patients who combine palliative care with their cancer treatment have a better quality of life than patients who do not receive this type of care.

Patients who get palliative and hospice care live longer and have a higher quality of life than those who do not receive such care. Current and ongoing developments in the healthcare system are resulting in the implementation of supportive policies for this. A growing variety of financial and quality incentives, as well as payment for advanced care planning, are raising interest in this care models and are predicted to considerably fuel market revenue growth. However, obstacles connected with palliative care, including as limited availability of important palliative care pharmaceuticals, a lack of training for healthcare staff, and a lack of appropriate legislation in undeveloped and emerging nations, are some key factors that can hamper the market growth.

US Palliative Care Market is poised to grow at a sustainable CAGR for the next forecast year.