Hospices & Palliative Care Centers in the US - Market Research Report (2013-2028)
New York, United States
Last Updated: November 2023
NAICS OD4952Revenue
$39.3bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
515k
Businesses
8,796
Wages
$XX.Xbn
Hospices & Palliative Care Centers in the US industry analysis
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.
Trends and Insights
- 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 to an aging population.
- 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.
- 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 rural areas.
- 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 population ages.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 1.6 % over the past five years, to reach an estimated $39.3bn in 2023.
Trends and Insights
Demographic trends shape the hospice landscape
- Economic and demographic forces have been fueling spending on hospice and palliative care.
- Additional trends and insights available with purchase
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Hospice providers will benefit as more healthcare spending is directed to home health
- A growing senior population nationwide will expand the need for comprehensive hospice and palliative care centers.
Biggest companies in the Hospices & Palliative Care Centers in the US
| Company | Market Share (%)
2023 | Revenue ($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 |
To view the market share and analysis for all 2 top companies in this industry, view purchase options.
Products & Services Segmentation
Hospices & Palliative Care Centers in the US
Products & Services
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.
Trends and Insights
In-home care is a growing part of healthcare delivery
- In-home hospice treatment includes hospice care for patients in their homes, nursing homes or other residential facilities. Patients who don't need full-time support can receive in-home care.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Home Care Providers in the US
Complementors
- Primary Care Doctors in the US
- Specialty Hospitals in the US
- Nursing Care Facilities in the US
International industries
- Aged Care Residential Services in Australia
- Aged Care Residential Services in New Zealand
- Residential Nursing Care in the UK
- Residential Nursing Care in Ireland
Table of Contents
About this industry
Industry definition
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.
What's included in this industry?
Providing continuous home careProviding general inpatient careProviding routine home careProviding inpatient respite careProviding hospice and palliative careCompanies
Vitas Healthcare CorpHumana Inc.Purchase this report to view all 2 major companies in this industry.
Related Terms
HOSPICEMEDICAREPALLIATIVE CAREIndustry Code
NAICS 62311 - Hospices & Palliative Care Centers in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
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...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
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...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2023
- Product innovation level
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
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...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each state in 2023
- Number and share of revenue each state accounts for in 2023
- Number and share of wages each state accounts for in 2023
- Number and share of employees in each state in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
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.
Analyst insights
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...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
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...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Vitas Healthcare Corp's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Humana Inc.'s performance by revenue, market share and profit margin from 2017 through 2023
Detailed analysis
- Description and key data for Vitas Healthcare Corp, and factors influencing its performance in the industry
- Description and key data for Humana Inc., and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
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...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
COVID-19 intensified staffing shortages predating the pandemic. Labor shortfalls and low retention are pressuring hospice and palliative care providers to boost compensation.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Industry Multiples (2016-2021)
- Industry Tax Structure (2016-2021)
- Income Statement (2016-2021)
- Balance Sheet (2016-2021)
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Hospices & Palliative Care Centers in the US industry in United States in 2024?
The market size of the Hospices & Palliative Care Centers in the US industry in United States is $39.3bn in 2024.
How many businesses are there in the Hospices & Palliative Care Centers in the US industry in 2023?
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.
Has the Hospices & Palliative Care Centers in the US industry in United States grown or declined over the past 5 years?
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.
What is the forecast growth of the Hospices & Palliative Care Centers in the US industry in United States over the next 5 years?
Over the next five years, the Hospices & Palliative Care Centers in the US industry in United States is expected to grow.
What are the biggest companies in the Hospices & Palliative Care Centers in the US market in United States?
The biggest companies operating in the Hospices & Palliative Care Centers market in United States are Vitas Healthcare Corp and Humana Inc.
What does the Hospices & Palliative Care Centers in the US in United States include?
Providing continuous home care and Providing general inpatient care are part of the Hospices & Palliative Care Centers in the US industry.
Which companies have the highest market share in the Hospices & Palliative Care Centers in the US in United States?
The company holding the most market share in United States is Vitas Healthcare Corp.
How competitive is the Hospices & Palliative Care Centers in the US industry in United States?
The level of competition is moderate and increasing in the Hospices & Palliative Care Centers in the US industry in United States.
