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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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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Palliative Care Market