U.S. Hospice Market 2019 Business Standards and Competition Landscape 2026
The U.S. hospice market size is expected to reach USD 63.7 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 9.0% over the forecast period. Rising healthcare expenditure, awareness about the benefits of the hospices, and favorable reimbursements are some of the major growth drivers. According to the U.S. Centers for Medicare & Medicaid Services, the U.S. healthcare spending increased by 4.6% and reached USD 3.5 trillion in 2017. It is projected to reach USD 6.0 trillion by 2026.
According to the Centers for Disease Control and Prevention (CDC), the number of hospice care agencies in U.S. reached 4,500 by 2018 from 4,300 in 2016. According to the Hospice Demographic and Outcome Measures Report, the percentage of accredited hospices reached 63% in 2017. In addition, a substantial growth in the use of these benefits among the Medicare beneficiaries is anticipated to boost the market growth. According to the National Hospice and Palliative Care Organization, in 2017, USD 18 billion were spent by Medicare on hospice services.
Rising demand for remote patient monitoring coupled with technological advancements, such as tele hospice are anticipated to drive the U.S. hospice market in near future. Approximately 10,000 physicians are required in hospice and palliative care in U.S. Telemedicine technology is an ideal alternative to reduce this gap. Videoconferences with the help of laptops and iPads help physicians to offer optimal support and advice to caregivers or patients doubtful for treatment in emergency cases.
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U.S. Hospice Market Report Highlights
• By location, hospice center segment held the maximum market share in 2018 since it prevents the need for hospitalization and offers a more balanced and controlled care settings
• Home hospice care is anticipated to be the fastest-growing segment during the forecast period due to comfortable environment to the patient, favorable reimbursement, with constant care provided to the patient
• Routine home care segment accounted for the largest market share in 2018 owing to the factors, such as increased medical coverage, low cost of care, along with the access to quality care, companionship, family involvement, and constant attention to the patients
• Dementia segment dominated the U.S. hospice market in 2018 due to high prevalence and need for the care driven by increased mental impairment and dependency
• Few of the key market players include 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; and Curo Health Services
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