Palliative Care Market: Overview
The drive for patient–centered end-of-life (EOL) care is has become an indispensable part of care for aging population suffering from advanced chronic illnesses. Swift rise in life expectancy due to advanced healthcare and medical care has led to some unintended outcomes in terms of prevalence of chronic conditions. These conditions may not claim life but pose a substantial morbidity by debilitating the quality of life. According to a study by Oxford University in 2014, as much as 56% of the people die in hospitals in the U.K. and Australia. Thus, investments in health systems have risen in palliative care market. The need to reduce the unnecessary suffering of older adults and people with EOL has given rise to increasing healthcare industry’s interest in palliative care.
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There is a large unmet need among worldwide populations, making the palliative care brimming with opportunities for industry players. To put things in perspective, only three out of five can claim to have quality palliative care. Over the past few years, public health systems have actively identifying barriers to the adoption of new approaches in palliative care market. Also, more focus is being put on attaining goals of patient-centered outcome for stakeholerd. A case in point is cancer care delivery systems.
Palliative Care Market: Key Trends
According to one of the recent estimates, people who would need palliative care would exceed 20 million every year, of which 69% will be adults aged more than 60 years. Per a recent finding, 78% of people residing low- and middle-income countries need palliative care. Sadly, only 14% of the population who need palliative care at EOL currently receive it. All these paint a favorable groundwork for the expansion of the palliative care market. Some of the prominent areas where palliative care are needed include major organ failure, cancer, drug-resistant tuberculosis, extreme frailty of old age, and end-stage chronic illness,
The growing elderly population with advanced, progressive, or incurable illness in developed regions is a key trend boosting the growth of the palliative care market. Further, increasing focus on hospice on comfort and control systems is creating new scope for all stakeholders.
A key trend that is witnessing massive developments is the growing role of palliative care in cancer care delivery system
Palliative Care Market: Competitive Analysis and Key Developments
Stakeholders witnessing the mounting need for palliative care have bene focusing on inclusive, patient-centered approach. New approaches of palliative care services are coming to the fore, opening new avenues in the palliative care market. Especially in advanced cancer patients, different randomized controlled trials have been conducted in recent years to assess the effectiveness of palliative care models in boosting survival rates and improving the quality of life. There exists large need for well-designed, multicenter controlled trials for evaluating the role of new models in the palliative care market. Nursing home palliative care delivery is expected to open new avenues for stakeholders in the market. Research directions in coming years will focus on developing frameworks that integrate different models in palliative care across different settings. In this regard, integrative PC interventions in the ICU are attracting new research.
Palliative Care Market: Regional Assessment
The adoption of integrated palliative care in chronic or cancer is a key trend in North America markets, such as in the U.S. Rise in investments in equipping hospitals with specialized PC teams is also a recurrent in key regional markets, notably in Europe and the U.S. Extensive research and studies have taken place in these two markets. The adoption of multiple models with palliative multidisciplinary teams will spur new revenue streams in Europe palliative care market in near future.
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