$39.3bn
$X.Xbn
515k
8,796
$XX.Xbn
Economic and demographic forces have recently fueled spending on hospice and palliative care. Additional government funding, rising healthcare costs and a general shift toward high-quality end-of-life care at home also increasingly direct healthcare spending to providers. An aging population requires support from hospice and palliative centers for complex medical needs – leading 1.7 million Americans to receive hospice services in 2020. As providers treat more aging adults, the industry has become more intertwined with Medicare and Medicaid, leaving providers more reliant on payment rates (even a minor rate change can have substantial effects). Rising Medicare spending on hospice also brings additional oversight and scrutiny to a complex regulatory environment. Still, the senior population's expanding medical needs are leading industry-wide revenue to climb. Over the past five years, revenue has grown at a CAGR of 1.6% to $39.3 billion, including an expected 3.8% increase in 2023. Profit is expected to account for 9.6% of revenue in 2023, remaining relatively steady with 9.6% in 2018.
Industry revenue has grown at a CAGR of 1.6 % over the past five years, to reach an estimated $39.3bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Vitas Healthcare Corp | 1,376.0 | 246.0 | 17.9 | |
Humana Inc. | 919.8 | 111.9 | 12.2 |
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Industry revenue is measured across several distinct product and services lines, including Home care, Assisted living facility and Skilled nursing facility. Home care is the largest segment of the Hospices & Palliative Care Centers in the US.
In-home care is a growing part of healthcare delivery
This industry provides programs that offer symptom relief and pain management for patients with life-terminating illnesses. Hospice care applies to companies that administer care (in terms of comfort rather than cure) to patients with life-limiting illnesses or diseases. Nonhospice palliative care is provided to individuals with serious, complex illnesses who may or may not be expected to recover fully; this segment is excluded from this industry.
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NAICS 62311 - Hospices & Palliative Care Centers in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Hospice and palliative care providers will benefit as the focus on home health settings expands. Providers are integral to delivering comprehensive and sensitive in-home care...
Learn about an industry's products and services, markets and trends in international trade.
Hospice providers deliver the most care to patients at home. Patients and their families prefer in-home hospice to improve their quality of life and incur fewer medical costs...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Urban areas have more hospice providers than rural ones by over 60.0%. Smaller labor pools and inflated clinician travel costs contribute to critical access shortages in rura...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
An uptick in consolidation activity is shifting the industry's landscape. Hospice providers are scaling to meet rising capacity for hospice and palliative care as the populat...
Learn about the performance of the top companies in the industry.
Vitas Healthcare is the leading hospice and palliative care provider in the US. Vitas is the only hospice provider with a market share exceeding 5.0% and the company’s footho...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Hospice providers work closely with the Centers for Medicare and Medicaid Services. Providers are navigating an increasingly stringent CMS regulations as they treat a growing...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
COVID-19 intensified staffing shortages predating the pandemic. Labor shortfalls and low retention are pressuring hospice and palliative care providers to boost compensation.
Including values and annual change:
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Key data sources in the US include:
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The market size of the Hospices & Palliative Care Centers in the US industry in United States is $39.3bn in 2024.
There are 8,796 businesses in the Hospices & Palliative Care Centers in the US industry in United States, which has grown at a CAGR of 1.3 % between 2018 and 2023.
The market size of the Hospices & Palliative Care Centers in the US industry in United States has been growing at a CAGR of 1.6 % between 2018 and 2023.
Over the next five years, the Hospices & Palliative Care Centers in the US industry in United States is expected to grow.
The biggest companies operating in the Hospices & Palliative Care Centers market in United States are Vitas Healthcare Corp and Humana Inc.
Providing continuous home care and Providing general inpatient care are part of the Hospices & Palliative Care Centers in the US industry.
The company holding the most market share in United States is Vitas Healthcare Corp.
The level of competition is moderate and increasing in the Hospices & Palliative Care Centers in the US industry in United States.