U.S. Hospice Market Size, Share & Trends Analysis Report By Type, By Location (Hospice Center, Home Hospice Care), By Diagnosis (Dementia, Cancer), And Segment Forecasts, 2024 - 2030

Market Segmentation

• U.S. Hospice Type Outlook (Revenue, USD Billion, 2018 - 2030)
  • Routine Home Care
  • Continuous Home Care
  • Inpatient Respite Care
  • General Inpatient Care
• U.S. Hospice Location Outlook (Revenue, USD Billion, 2018 - 2030)
  • Hospice Center
  • Hospital
  • Home Hospice Care
  • Skilled Nursing Facility
• U.S. Hospice Diagnosis Outlook (Revenue, USD Billion, 2018 - 2030)
  • Dementia
  • Circulatory/Heart
  • Cancer
  • Respiratory
  • Stroke
  • Chronic Kidney Disease
  • Others

U.S. Hospice Market Dynamics

Drivers: Rising Geriatric Population

The geriatric population is predicted to grow considerably as life expectancy increases. According to the CDC, in 2010, there were 40 million people aged 65 and above (13% of the total population) in the U.S., and this percentage is expected to reach about 20% by 2030. In addition, home hospice care is typically less expensive than care offered in hospitals, nursing homes, or other institutional settings, as it avoids the cost of additional employees and highly equipped buildings. Patients who did not choose their hospice benefit experienced roughly USD 27,455 in additional healthcare costs, according to a 2019 study by Trella Health (a healthcare data analytics firm), compared to patients who received hospice treatment in their final months of life. When compared to patients who were brought for a mid-term stay, patients who received hospice in early stages of their diseases saved an average of USD 14,000 in healthcare expenses over the last 3 months of life.

Growing Prevalence Of Chronic Conditions

Chronic problems are becoming more prevalent in the U.S. Hospice & palliative care is offered to patients who have a major or life-threatening illness, such as cancer, to improve their quality of life and make them more comfortable with their treatment. Hospice and palliative care may be administered in a hospital, a long-term care facility, an outpatient clinic, or in the patient's home under the supervision of a medical expert. The U.S. hospice and palliative care industry is driven by rising incidence of life-threatening disorders such as cancer, dementia, and cardiovascular disease. According to the CDC, 6 out of 10 persons in the U.S. suffer from a chronic condition; each year, 868,000 people in the U.S. die of heart disease, stroke, and other cardiovascular disorders. Patients with chronic conditions require healthcare services for a significant duration of their lives. According to the NHPCO, the average lifetime length of stay for Medicare enrollees in hospice was 89.6 days in 2018, and 18 days was the median length of service.

Restraints: Underutilization Of Hospice Services Among Population

Despite the recent growth of hospice services, the field still needs to be utilized. The fact that Medicare covers 100% of hospice expenditures should be a significant incentive, but many eligible people do not use these services, according to a 2019 study published in the Journal of the American Geriatrics Society, 2,700 people in the U.S. experience non-sudden deaths per day without the benefits of hospice care. According to the research, the utilization rate is only 52.4%. Incomplete knowledge about hospice care is one of the prime reasons for underutilization of hospice services.

What Does This Report Include?

This section will provide insights into the contents included in this u.s. hospice market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

U.S. hospice market qualitative analysis

• Industry overview

• Industry trends

• Market drivers and restraints

• Market size

• Growth prospects

• Porter’s analysis

• PESTEL analysis

• Key market opportunities prioritized

• Competitive landscape

  • Company overview

  • Financial performance

  • Product benchmarking

  • Latest strategic developments

U.S. hospice market quantitative analysis

• Market size, estimates, and forecast from 2018 to 2030

• Market estimates and forecast for product segments up to 2030

• Regional market size and forecast for product segments up to 2030

• Market estimates and forecast for application segments up to 2030

• Regional market size and forecast for application segments up to 2030

• Company financial performance