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In 2021, hospice was a $23 billion industry that made up roughly 20% of the overall U.S. home-based care market, according to a report that Bank of America (BofA) Global Research shared with Hospice News. Sep 29, 2022
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.
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.