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Advance Directives Market

Advance Directives Market Size, Share & Trends Analysis Report By Type (Software, Services), By Demographics (Elderly Population, Middle Aged, Young Adults), By End User (B2B Consumers (Healthcare Providers, Payers), B2C Consumers (Patients, Caregivers), Other End-Users), By Region, And By Segment Forecasts, 2023-2031.

Report ID : 2229 | Published : 2023-11-27 | Pages: 179 | Format: PDF/EXCEL

Advance Directives Market Size is valued at USD 103.35 Bn in 2022 and is predicted to reach USD 490.38 Bn by the year 2031 at a 19.03% CAGR during the forecast period for 2023-2031.

Advance Directives Market

Advance directives are being profoundly impacted by technological advancements and altering social perceptions of end-of-life planning. Most people create a health care proxy or a living will to outline their wishes for future medical treatment and advance medical care instructions. Planning for medical care gives patients more control over their treatment. When patients can no longer speak for themselves, advanced care planning tools help doctors and nurses decide how best to care for them.

As a result, the prospect of receiving unwanted medical attention in the final stages of life is diminished. Providers experience less moral anguish when engaging in advance care planning talks with patients about their values and goals of care because of the structure it provides for having these conversations. Furthermore, more money allocated to AD indicates the growing recognition of its potential benefits, such as its ability to lower healthcare costs, improve patient-centred care, and better align healthcare delivery with individual preferences and values. The market will only grow with investors continuing to finance innovative AD companies.

However, the market growth is hampered by the lack of awareness criteria for the safety and health of advance directives. Because of this knowledge gap, fewer people are using Advance directives services, and fewer have completed health care directives.

The lack of widespread Advance directives, education, and awareness campaigns discourages people from making known their preferences for end-of-life care in advance. Individuals risk not having their wishes honoured by their healthcare providers and loved ones if they are not adequately informed. Educational campaigns, community outreach programs, and provider training to increase knowledge of Advance directives, highlight their value, and inspire more people to get involved are urgently needed to solve this problem. Furthermore, throughout the COVID-19 period, users completed a more significant percentage of the website's voluntary goal-setting modules and advance directives. Throughout history, people have communicated similar desires for end-of-life care and top priorities.

Competitive Landscape

Some Major Key Players In The Advance Directives Market:

  • ADvault, Inc. (US)
  • VyncaCare (US)
  • WiserCare Inc. (US)
  • Sharp HealthCare (US)
  • ACP Decisions (a DBA of Nous Foundation, Inc.)
  • Iris Healthcare (Aledade, Inc.)
  • Bronson Health Care Group, Inc.
  • Koda Health
  • ThroughCare, Inc.
  • Vital Decisions LLC
  • Affirm Health Inc.
  • MIDEO (US)
  • New Century Health
  • Thanacare (US)
  • Island Health (Canada)
  • Honor My Decisions LLC (US)
  • Others

Market Segmentation:

The advance directives market is segmented based on component, demographic, and end-use. According to Type, the market is segmented into software and services. By demographic, the market is segmented into the elderly, middle-aged, and young adults. By end-use, the market is segmented into B2B consumers which includes healthcare providers and payers, whereas, B2C consumers consists of patients and caregivers.

Based On The Demographic, The Elderly Population Advance Directives Market Segment Is A Major Contributor To The Advance Directives Market. 

The elderly population advance directives market is expected to hold a remarkable global market share in 2022. The elderly population is expected to have a sizable proportion in the coming years. As demonstrated by this forecast, the necessity of advance directives is being more widely acknowledged among the elderly population. With a growing senior population comes a heightened focus on making end-of-life plans.

Services Segment To Witness Growth At A Rapid Rate.

The services industry makes up the bulk of advance directives usage because of the inherent value they provide in helping people navigate the emotional and practical challenges of dying well. Since more people are learning about the importance of advance directives, there will be a greater need for professional advice and thorough assistance, especially in countries like the US, Germany, the UK, China, and India.

In The Region, The North American Advance Directives Market Holds A Significant Revenue Share.

The North American advance directives market is expected to register the maximum market share in revenue in the near future. It can be attributed to its progressive healthcare system, ever-changing regulatory climate, and growing public understanding of the importance of preparing for death. The region's established healthcare practitioners and institutions have been instrumental in normalizing conversations about advance directives with their patients. In addition, Asia Pacific is estimated to grow rapidly in the global advance directives market because of several circumstances that point to changing mentalities, better access to care, and a heightened sense of patient agency. Population decline and rising rates of chronic illness are two demographic factors that have increased awareness of the region's need for advanced care planning.

Recent Developments:

  • In Jan 2022, ADVault encouraged all Americans to have advance care planning documents like an advance directive or an advance care plan to ensure that their wishes would be heard if they became unable to speak for themselves.
  • In Dec 2020, ADVault and Vital Decisions declared a market-oriented alliance that integrated ADVault's exceptional integration with electronic medical records with Vital Decision's preeminent programs designed to assist individuals in developing individualized advance care plans. Collectively, Vital Decisions and ADVault furnished individuals with the most productive and comprehensive resources and tools that facilitated the provision of care in accordance with a patient's preferences by clinicians.

Advance Directives Market Report Scope

Report Attribute

Specifications

Market Size Value In 2022

USD 103.35 Bn

Revenue Forecast In 2031

USD 490.38 Bn

Growth Rate CAGR

CAGR of 19.03 % from 2023 to 2031

Quantitative Units

Representation of revenue in US$ Bn and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Type, Demographics, End-User

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia

Competitive Landscape

ADvault, Inc.(US), VyncaCare (US), WiserCare Inc.(US), Sharp HealthCare(US), ACP Decisions (a DBA of Nous Foundation, Inc.) (US), Iris Healthcare(Aledade, Inc.) (US), Bronson Health Care Group, Inc. (US), Koda Health(US), ThroughCare, Inc.(US), Vital Decisions LLC (US), Affirm Health Inc. (US), MIDEO(US), New Century Health (US), Thanacare(US), Island Health(Canada), Honor My Decisions LLC (US).

Customization Scope

Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Advance Directives Market Snapshot

Chapter 4. Global Advance Directives Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: By Component Estimates & Trend Analysis

5.1. By Component, & Market Share, 2020 & 2031

5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Component:

5.2.1. Software

5.2.2. Services

Chapter 6. Market Segmentation 2: By Demographics Estimates & Trend Analysis

6.1. By Demographics & Market Share, 2020 & 2031

6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Demographics:

6.2.1. By Elderly Population (> 65 years)

6.2.2. By Middle Aged (40-64 yrs)

6.2.3. By Young Adults (18-39 yrs)

Chapter 7. Market Segmentation 3: By End User Estimates & Trend Analysis

7.1. By End User & Market Share, 2020 & 2031

7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By End User:

7.2.1. B2B

7.2.2. Payers

7.2.3. Providers

7.2.4. B2C

7.2.5. Patients

7.2.6. Caregivers

Chapter 8. Advance Directives Market Segmentation 4: Regional Estimates & Trend Analysis

8.1. North America

8.1.1. North America Advance Directives Market revenue (US$ Million) estimates and forecasts By Component, 2019-2031

8.1.2. North America Advance Directives Market revenue (US$ Million) estimates and forecasts By Demographics, 2019-2031

8.1.3. North America Advance Directives Market revenue (US$ Million) estimates and forecasts By End User, 2019-2031

8.1.4. North America Advance Directives Market revenue (US$ Million) estimates and forecasts by country, 2019-2031

8.2. Europe

8.2.1. Europe Advance Directives Market revenue (US$ Million) By Component, 2019-2031

8.2.2. Europe Advance Directives Market revenue (US$ Million) By Demographics, 2019-2031

8.2.3. Europe Advance Directives Market revenue (US$ Million) By End User, 2019-2031

8.2.4. Europe Advance Directives Market revenue (US$ Million) by country, 2019-2031

8.3. Asia Pacific

8.3.1. Asia Pacific Advance Directives Market revenue (US$ Million) By Component, 2019-2031

8.3.2. Asia Pacific Advance Directives Market revenue (US$ Million) By Demographics, 2019-2031

8.3.3. Asia Pacific Advance Directives Market revenue (US$ Million) By End User, 2019-2031

8.3.4. Asia Pacific Advance Directives Market revenue (US$ Million) by country, 2019-2031

8.4. Latin America

8.4.1. Latin America Advance Directives Market revenue (US$ Million) By Component, (US$ Million) 2019-2031

8.4.2. Latin America Advance Directives Market revenue (US$ Million) By Demographics, (US$ Million) 2019-2031

8.4.3. Latin America Advance Directives Market revenue (US$ Million) By End User, (US$ Million) 2019-2031

8.4.4. Latin America Advance Directives Market revenue (US$ Million) by country, 2019-2031

8.5. Middle East & Africa

8.5.1. Middle East & Africa Advance Directives Market revenue (US$ Million) By Component, (US$ Million) 2019-2031

8.5.2. Middle East & Africa Advance Directives Market revenue (US$ Million) By Demographics, (US$ Million) 2019-2031

8.5.3. Middle East & Africa Advance Directives Market revenue (US$ Million) By End User, (US$ Million) 2019-2031

8.5.4. Middle East & Africa Advance Directives Market revenue (US$ Million) by country, 2019-2031

Chapter 9. Competitive Landscape

9.1. Major Mergers and Acquisitions/Strategic Alliances

9.2. Company Profiles

9.2.1. ADvault, Inc.(US),

9.2.2. VyncaCare (US),

9.2.3. WiserCare Inc.(US),

9.2.4. Sharp HealthCare(US),

9.2.5. ACP Decisions (a DBA of Nous Foundation, Inc.) (US),

9.2.6. Iris Healthcare(Aledade, Inc.) (US),

9.2.7. Bronson Health Care Group, Inc. (US),

9.2.8. Koda Health(US),

9.2.9. ThroughCare, Inc.(US),

9.2.10. Vital Decisions LLC (US),

9.2.11. Affirm Health Inc. (US),

9.2.12. MIDEO(US),

9.2.13. New Century Health (US),

9.2.14. Thanacare(US),

9.2.15. Island Health(Canada),

9.2.16. Honor My Decisions LLC (US).

Segmentation of Advance Directives Market-

Advance Directives Market By Type

  • Software
  • Services

Advance Directives Market Seg

Advance Directives Market By Demographics

  • Elderly Population
  • Middle Aged
  • Young Adults

Advance Directives Market By End User

  • B2B Consumers
    • Healthcare Providers
    • Payers
  • B2C Consumers
    • Patients
    • Caregivers
  • Other End-Users

Advance Directives Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Advance Directives Market?

Advance Directives Market expected to grow at a 19.03% CAGR during the forecast period for 2023-2031.

ThroughCare, Inc.(US), Vital Decisions LLC (US), Affirm Health Inc. (US), MIDEO(US), New Century Health (US), Thanacare(US), Island Health(Canada), Ho

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