According to a new report, published by KBV research, The Global Palliative Care Market size is expected to reach $25 billion by 2031, rising at a market growth of 8.1% CAGR during the forecast period.
Integrating palliative care principles into standard care pathways for patients with serious illnesses is essential for ensuring comprehensive, patient-centered care that addresses patients' and families' physical, emotional, and psychosocial needs. Proactive symptom management, communication support, and psychosocial interventions are core components of palliative care that can significantly improve quality of life, alleviate suffering, and enhance patient and family satisfaction.
The Pediatric segment would register a CAGR of 10.2% during (2024 - 2031). The unique palliative care requirements of children with life-threatening conditions are becoming increasingly acknowledgeable. Unlike adults, children often require specialized care that considers their developmental stages, family dynamics, and unique psychosocial needs. Hence, owing to these aspects, the segment will witness enhanced demand in the upcoming years.
The Cancer segment is leading the Global Palliative Care Market by Condition in 2023; thereby, achieving a market value of $9.5 billion by 2031. Cancer remains one of the leading causes of morbidity and mortality worldwide. The rising incidence and prevalence of cancer, driven by factors such as aging populations, lifestyle changes, and environmental factors, have contributed to the growing demand for palliative care services among cancer patients.
The Nursing Homes segment is capturing a CAGR of 8.3% during (2024 - 2031). Nursing homes often offer a more home-like environment than hospitals, making them preferable for individuals seeking comfort and dignity in their final days. With amenities including private rooms, communal areas, and gardens, numerous nursing homes prioritize creating a reassuring and supportive environment sympathetic to palliative care. Thus, the segment will grow rapidly in the upcoming years.
Full Report: https://www.kbvresearch.com/palliative-care-market/
The North America region dominated the Global Palliative Care Market by Region in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $9.6 billion by 2031. The Europe region would witness a CAGR of 7.6% during (2024 - 2031). Additionally, The Asia Pacific region is experiencing a CAGR of 9% during (2024 - 2031).
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