Transparency Market Research has published a new report, titled “Hospice Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023. The growing prevalence of diseases among geriatric population worldwide is one of the key factors behind the rising demand for hospice centres which is a centre where critically ill patients are provided end-of-life care. At hospice centre, a team of healthcare professionals and volunteers provide palliation of terminally ill patients through psychological, medical, and spiritual support.
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The demand for hospice centres is increasing as it lets diseased patients with short span of life in them to live the remaining days in peace, dignity and comfort. The caregivers in hospice centres try to cure the pain of patients so that they can be comfortable and alert for as long as possible. Hospice centres aims to mentally support patients through activities such as meditation, parties, and spiritual speeches and this will drive a significant number of geriatric population to these centres.
On the basis of geography, North America and Europe are leading in the global hospice market on account of the extensive support it receives from the government for setting up the required infrastructure for patients. The hospice market is growing in North America on account of the fact that all the expenses related to hospice care is majorly paid by Medicare and Medicaid services and Department of Veterans Affairs. In addition to this, health maintenance organizations, most of the private insurance plans, and other managed care organizations also provide expenses for hospice care within their plans and policies. The North American hospice market also benefits from a large number of foundation gifts, Community contributions, and Memorial donations which has helped hospice centres to give free services to poor agent patients.
Apart from North America and Europe, Asia Pacific is also expected to witness growth within the hospice market, with cities such as Delhi, Mumbai, and having hospice centres. The asia-pacific hospice Market is growing on account of hospice centers being set up in countries such as Japan, Taiwan, China, and India.