Advance Directives Market Size is valued at USD 121.67 Bn in 2023 and is predicted to reach USD 490.38 Bn by the year 2031 at a 19.18% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The increasing investments in the healthcare, and growing chronic disease cases drive the market growth.
- Rising advancements in healthcare technology and government support are expected to drive industry growth.
- North America dominated the market and accounted for a global revenue share in 2023.
- A significant barrier is inappropriate communication and lack of versatile collaborations, slowing market growth.
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.
- VyncaCare
- WiserCare Inc.
- Sharp HealthCare
- 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
- New Century Health
- Thanacare
- Island Health
- Honor My Decisions LLC
- 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 2024. 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 May 2023, Koda Health and Cigna have partnered to expand advance care planning for MA beneficiaries. The company introduced the Koda platform to a select group of Medicare Advantage customers, intending to progress to the next stages promptly.
- 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 2023 |
USD 121.67 Bn |
|
Revenue Forecast In 2031 |
USD 490.38 Bn |
|
Growth Rate CAGR |
CAGR of 19.18 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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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 |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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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). |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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