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DUBLIN--(BUSINESS WIRE)--Sep 12, 2022--
The "U.S. Hospice Market Size, Share & Trends Analysis Report by Location (Hospice Center, Home Hospice Care), by Type (RHC, CHC), by Diagnosis (Dementia, Cancer, Respiratory, Stroke), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. hospice market size is expected to reach USD 64.7 billion by 2030 and is projected to register a CAGR of 8.20%.
The rising healthcare expenditure, awareness about the benefits of palliative and end-of-life care, and favorable reimbursements are some of the major growth drivers.
According to the NHPCO, there were 4,639 Medicare-certified hospices in operation in 2018, up 13.4% from 2014. The demand for palliative and hospice services is growing with the increasing geriatric population and the number of patients with life-threatening conditions.
According to the NHPCO, 1.55 million Medicare enrollees got hospice care in 2018, increasing by 4% from 2017. As a result, the number of hospice centers in the U.S. is increasing. In the last decade, hospice care has grown swiftly and steadily across the U.S. Over 5,500 hospices in the country provide medical pain treatment, emotional support, and spiritual resources & therapies to patients in their final stage of life.
The rising demand for remote patient monitoring coupled with technological advancements, such as tele-hospice, is anticipated to drive the market in near future. Moreover, there is a trend of adopting new technologies to provide care for various illnesses and injuries.
For instance, in December 2019, Kindred Healthcare, LLC successfully implemented Netsmart Referral Manager (Netsmart) across LTAC hospitals. Netsmart is a centralized platform for automating the referral management process, contributing to time savings and better transparency for making informed admission decisions.
The COVID-19 pandemic adversely affected operational goals and long-term projections of hospice businesses in the United States. This is due to a substantial decline in revenue caused by the reduction in referrals/admissions from hospitals.
In the current situation, hospices have substantially adopted the technology. In the hospice sector, the usage of telehealth is growing, which is projected to provide growth opportunities for the market in the coming years.
U.S. Hospice Market Report Highlights
Market Dynamics
Market Driver Analysis
Market Restraint Analysis
Industry Challenges
Industry Opportunities
Penetration & Growth Prospect Mapping
Business Environment Analysis Tools
Regulatory Framework & Reimbursement Scenario
Impact of COVID-19: Qualitative Analysis
Competitive Analysis
For more information about this report visit https://www.researchandmarkets.com/r/ndhwyz
View source version on businesswire.com:https://www.businesswire.com/news/home/20220912005726/en/
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KEYWORD:
INDUSTRY KEYWORD: HEALTH CONSUMER OTHER CONSTRUCTION & PROPERTY HOSPITALS SENIORS OTHER HEALTH CONSTRUCTION & PROPERTY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/12/2022 10:45 AM/DISC: 09/12/2022 10:47 AM
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