U.S. Hospice Industry Overview
The U.S. hospice market size was valued at USD 32.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.20% over the forecast period. The rising geriatric population coupled with the increasing prevalence of chronic as well as age-associated diseases is anticipated to boost the market growth. According to the Population Reference Bureau, the U.S. population aged 65 years and above is expected to reach 95 million by 2060 from 52 million in 2018. The high prevalence of cancer, dementia, and respiratory, cardiovascular, and kidney diseases among the geriatric population is projected to further drive the market growth.
The growing need for quality healthcare services at home along with the increasing Medicare reimbursement for hospice is expected to fuel the market growth over the forecast period. Medicare, Medicaid, and other public and private organizations provide coverage for hospice services. According to the Federal Register, the Centers for Medicare & Medicaid Services (CMS) proposed a 2.7% increase in the payment rate of hospice for FY 2020.The benefits of hospice services include comfort care by professionals and family, less financial burden or reduced out-of-pocket expenses, comprehensive care plans, and family counseling.
Gather more insights about the market drivers, restraints, and growth of the U.S. Hospice market
In addition, it also helps avoid unwanted procedures, medical treatments, and hospitalizations. In addition, the growing significance of targeted service is anticipated to boost market growth in the coming years. The growing importance of telemedicine is also expected to drive the market. The technology is marking its presence to extend its care to outpatient settings to improve care coordination. The Hospice of Santa Cruz County is launching a telehealth program for palliative and hospice services that would enable medication management, virtual visits, and other services with the help of a grant it received from the Central California Alliance for Health.
Hospice patients spend up to 9 fewer days in the hospital. Hospice is by far the least expensive patient environment, with an average daily per diem of approximately USD 190 (Routine Home Care [days 1–60] each day). Hospice and palliative care benefit the elderly by decreasing hospitalizations, focusing on the body, mind, & spirit, managing pain & symptoms, and supporting patients & families in comprehending treatment regimens, resulting in increased demand for these services.
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U.S. Long Term Care Market - The U.S. long term care market size was valued at around USD 467.3 billion in 2021 and is expected to register a CAGR of 5.97% in the forecast period.
U.S. Care Services Market - The U.S. care services market size was valued at USD 456.6 billion in 2021 and is expected to exhibit a CAGR of 5.76% during the forecast period.
U.S. Hospice Market Segmentation
Grand View Research has segmented the U.S. hospice market on the basis of location, type, and diagnosis:
U.S. Hospice Type Outlook (Revenue, USD Billion, 2017 - 2030)
- Routine Home Care
- Continuous Home Care
- Inpatient Respite Care
- General Inpatient Care
U.S. Hospice Location Outlook (Revenue, USD Million, 2017 - 2030)
- Hospice Center
- Hospital
- Home Hospice Care
- Skilled Nursing Facility
U.S. Hospice Diagnosis Outlook (Revenue, USD Million, 2017 - 2030)
- Dementia
- Circulatory/Heart
- Cancer
- Respiratory
- Stroke
- Chronic Kidney Disease
- Others
Market Share Insights
December 2019: Kindred Healthcare, LLC successfully implemented Netsmart Referral Manager (Netsmart) across LTAC hospitals.
April 2019: Geisinger Home Health and Hospice & LHC Group, Inc. entered into a joint venture to improve home health and hospice services in Pennsylvania. The partnership aims to offer hospice services in Danville, Wilkes-Barre, Bloomsburg, Lewisburg and Camp Hill, Northumberland, Lewistown, Montoursville, and Pennsylvania.
Key Companies profiled:
Some prominent players in the U.S. Hospice market include:
- Kindred Healthcare Inc.
- Amedisys
- LHC Group, Inc.
- Brookdale Senior Living, Inc.
- Chemed Corporation
- Crossroads Hospice
- Seasons Hospice & Palliative Care
- Accentcare, Inc.
- Heart to Heart Hospice
- Oklahoma Palliative & Hospice Care
Order a free sample PDF of the U.S. Hospice Market Intelligence Study, published by Grand View Research.
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