The Emergence of COVID-19 to Augment Growth of the Palliative Care Market

 

Palliative Care Market

Palliative care is a generic term for non-medical care giving that focuses on improving quality of life and alleviating suffering among individuals with life-threatening, incurable medical conditions. It includes not only basic nursing care but also psychiatric services, pain management, pharmacological therapy, and psychosocial services. Many people often opt for this form of treatment because it offers them hope for a better recovery.

Palliative care often becomes the only option for terminal patients who are too ill to receive any medical treatment or who need specialized therapies. Palliative care teams specialize in treating people suffering from serious diseases such as cancer, Parkinson’s, Alzheimer’s, Amyotrophic Lateral Sclerosis, kidney disease, chronic obstructive pulmonary disease, congestive heart failure, and others.

Market Dynamics:

Increasing prevalence of chronic illnesses and the growing geriatric population worldwide is expected to propel the growth of the palliative care market. For instance, according to the World Health Organization (WHO), by 2050, the world's population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015.

The emergence of COVID-19 is expected to offer lucrative growth opportunities for players in the palliative care market. For instance, in February 2021, Mount Sinai Health System announced that it will expand its partnership with Contessa to launch Palliative Care at Home to help care for seriously ill COVID-19 patients in their home. However, lack of awareness among people regarding palliative care services and centers in emerging economies is expected to restrain the growth of the palliative care market.

Asia Pacific is expected to witness robust growth in the palliative care market due to increasing awareness among people about palliative care in the region. For instance, in February 2021, Pallium India is jointly organized a cycle ride with Indus Cycling Embassy to create more awareness on palliative care among the public.

Competitive Analysis:

Major players operating in the palliative care market are Vitas Healthcare Corporation, Genesis HealthCare Corporation, Amedisys Incorporated, Home Instead Senior Care Incorporated, Gentiva Health Services Incorporated, Kindred Healthcare Incorporated, Sunrise Senior Living LLC, and Skilled Healthcare Group Incorporated.

Major players in the market are adopting various growth strategies, such as product launch, merger and acquisition, etc., to strengthen their market position. For instance, in February 2021, Perfect Health and ConcertoHealth merged to form ConcertoCare to offer community-based palliative care in addition to a range of other services.

Moreover, in January 2021, Ehave, Inc. announced that it is exploring how palliative patients could benefit from its Ketamine home delivery platform, KetaDASH.


Location: India

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