Palliative Care Market to reach USD 23.34 Billion by 2032 and grow at a CAGR of 9.06%.

The growing incidence of life-threatening conditions is providing significant impetus for the palliative care market, which is becoming increasingly important globally in caring for patients and their families with a qualitative approach to improve the quality of life. Palliative care plays a very important role in symptom management, reducing pain, and in the emotional, social, and spiritual issues of patients having serious illnesses. An estimated 56.8 million patients require palliative care annually, including 25.7 million of them in their last year of life. But presently, only a minuscule 14% receive such care; the rest of the percentage reflects unmet demand. Positive government initiatives coupled with an ever-growing demand for better patient outcomes are forming the thrust in the growth of the market. For example, the Australian government allocated USD 53 million in May 2023 to assist 14 national projects of palliative care aimed to improve access and enhance the quality of the service. Alongside, funding has been allocated to training service providers and also GPs in advanced care planning-amounting to around USD 15.9 million. This reflects the growing importance of care across the national frameworks of healthcare.