October 2024 | Report Format: Electronic (PDF)
U.S. Hospice Market Growth & Trends
The U.S. hospice market size is expected to reach USD 65.0 billion by 2030, growing at a CAGR of 8.07% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growth can be attributed to the growing geriatric population and the increasing prevalence of chronic disorders amid this demographic. The rising demand for end-of-life care for chronic disorders, such as cancer, dementia, and cardiovascular disease, drives the growth of the industry. According to NHPCO statistics, in 2020, 1.72 million Medicare beneficiaries in the U.S. received hospice services for at least one day or more. Enrollment rate increased by around 6.8% from 2019.
The adoption of new technologies among providers is constantly growing. This includes bringing services to rural areas and demonstrating how technology is transforming the approach to care. Many service providers have begun to deploy technology such as telemedicine, predictive analytics, virtual reality, and artificial intelligence. For instance, in March 2023, WorldView partnered with care coordinations to design a solution to transform home health & hospice care delivery by integrating automation and patient engagement.
The COVID-19 pandemic negatively impacted the market by affecting long-term projections and operational goals of the industry in the U.S. providers reported the lowest share of Medicare decedents enrolled for care since 2013, owing to the death rate outpacing the increase in enrollment rate. According to NHPCO data, in 2020, around 47.8% of Medicare decedents received hospice care in the U.S., much lower than around 51.6% in 2019. Currently, these centers are adopting advanced technologies due to patients refusing in-person visits during the COVID-19 pandemic. This is expected to drive market growth post-pandemic.
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U.S. Hospice Market Report Highlights
Based on location, hospice center segment dominated the market, with the largest revenue share of around 60% in 2023. This can be attributed to several benefits offered by these centers. In addition, growing awareness regarding various advantages, such as 24/7 availability of professional care and emotional support from family members, is projected to propel market growth
Based on type, the routine home care (RHC) held the largest market share of around 90% in 2023, owing to the vast majority of Medicare days of care. According to NHPCO statistics, in 2020, around 92.7% of Medicare days of care were at RHC facilities
Based on diagnosis, the dementia segment dominated the market with a revenue share of around 25% in 2023. This can be attributed to the growing need for care and high prevalence of the condition
U.S. Hospice Market Segmentation
Grand View Research has segmented the U.S. hospice market based on location, type, and diagnosis:
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
List of Key Players in the U.S. Hospice Market
Chemed Corporation (VITAS Healthcare)
LHC Group, Inc.
Amedisys
Kindred Healthcare Inc.
Brookdale Senior Living, Inc.
Accentcare, Inc.
Crossroads Hospice
Seasons Hospice & Palliative Care
Heart to Heart Hospice
Oklahoma Palliative & Hospice Care
