The global palliative care market size accounted for USD 13,480 million in 2024 and is expected to exceed around USD 17,940 million by 2034, growing at a CAGR of 2.9% from 2024 to 2034.
The palliative care market refers to the production, distribution, and use of this specialized medical care that focuses on providing relief from pain and other serious symptoms of illness. It is an active, holistic care of patients with an advanced progressive illness. It can also help patients cope with side effects from medical treatments. The goal of this medical care is to enhance the quality of life for both the patient and the family. It also helps to prevent and relieve health-related suffering of adults, children, and their families facing problems associated with life-threatening illnesses. There is a high demand for this medical care in applications like Parkinson’s disease, Alzheimer’s disease, kidney failure, chronic obstructive pulmonary disease, cancer, and other diseases, which are driving the growth of the palliative care market.
However, the risk factors of the market include financial constraints, a shortage of trained professionals, supply chain disruptions, and a lack of financial resources that can limit the growth of the market. The future scope of the market includes growing preferences for eco-friendly products, a shift towards sustainability, advancement in technology, and integration of artificial intelligence, data analytics, and machine learning, which will help the palliative care market grow.
Published by Kesiya Chacko
