May 21, 2024

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Advance Directives Market Growth Trends and Strategies 2028

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In January 2023, West Health and Sharp healthcare have joined forces to create an integrated geriatric care model that spans the entire healthcare continuum, catering to the unique needs of elderly patients.

Advance Directives Market by Component (Software, Services), Demographics (Elderly Population (65 yrs & above), Middle Aged (40-64 yrs), Young Adults (18-39 yrs)), End User (B2B (Providers, Payers), B2C), & Region – Global Forecast to 2028″, is projected to reach USD 291.1 billion by 2028 from USD 122.9 billion in 2023, at a CAGR of 18.8% during the forecast period. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.

The rising investments in advance directives, government initiatives and rising chronic diseases are some of the critical factors offering opportunities to the market.

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Browse in-depth TOC on “Advance Directives Market”

120 – Tables
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Key Market Players:

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), ThroughCare, Inc.(US), Vital Decisions LLC (US), New Century Health (US), Honor My Decisions LLC (US) are some of the major players in this market.

These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market.

Driver: Rising Investments in Advance Care Planning

Advance directives has attracted significant investor attention within the healthcare sector due to its potential to generate substantial cost savings. With the aim of reducing expensive, high-acuity care, stakeholders are increasingly recognizing the value of AD in mitigating hospitalizations, readmissions, and emergency department visits.

Studies have demonstrated that AD services contribute to higher rates of hospice enrollment and a decrease in intensive therapies, even during hospital stays. Amidst these complexities, the financial sector is taking note of companies striving to provide answers.

For instance, Houston-based advanced care planning platform developer Koda Health recently secured $3.5 million in growth capital, with Ecliptic Capital leading the investment. This infusion of funds will facilitate Koda Health's expansion into all 50 states.

Meanwhile, Palo Alto-based Vynca raised $30 million in new growth capital, with Questa Capital spearheading the investment. Vynca reported record growth in 2020, with a remarkable 64% increase in end-of-life planning documents generated compared to the previous year.

The surge in investments within the AD arena underscores the growing recognition of its potential to generate cost savings, improve patient-centered care, and align healthcare delivery with individual preferences and values. As investors continue to support innovative AD companies, the field is poised for further growth, driving advancements in proactive and personalized end-of-life care.

Restraint: Lack of Awareness and Education

Insufficient education and awareness about advance directives have contributed to a significant portion of the population being unaware of its benefits. Studies indicate that a considerable proportion of individuals lack knowledge about AD and its significance in making end-of-life care decisions.

For instance, a survey conducted in the United States found that only 26% of respondents had heard of the term "advance directive." This lack of awareness leads to a low utilization of Advance directives services and a failure to complete health care directives. The absence of comprehensive education and awareness campaigns on Advance directives prevents individuals from understanding the importance of expressing their end-of-life care wishes in advance.

Without proper knowledge, individuals may miss the opportunity to have their preferences known and respected by their healthcare providers and loved ones. To address this issue, it is crucial to implement widespread educational initiatives, community outreach programs, and provider training to raise awareness about Advance directives, emphasize its benefits, and encourage active participation in the process.

By increasing awareness and knowledge, we can empower individuals to make informed decisions about their healthcare and improve the utilization of Advance directives services.

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Healthcare Providers segment is expected to register the substantial share by end user of advance directives market

The healthcare providers segment has emerged as a prominent contributor to the Advance Directives market share due to its pivotal role in facilitating and guiding patients through the AD process. Healthcare providers, including hospitals, clinics, and hospice organizations, possess the expertise to initiate AD conversations, educate patients about their options, and help them create legally binding documents such as advance directives.

With a growing emphasis on patient-centered care, healthcare providers are recognizing the significance of honouring patients’ preferences for end-of-life treatment. Their involvement not only ensures that patients’ wishes are respected but also helps in aligning medical care with individual values.

As a result, the healthcare providers segment has established itself as a key driver of AD adoption, shaping the market’s considerable share.

Advance Directives Services holds a substantial share by component in advance directives market

Advance Directives (AD) services hold a significant share in the advance directives market by component due to their integral role in guiding individuals, families, and healthcare professionals through the complex process of making informed decisions about end-of-life care. These services offer a comprehensive approach, encompassing education, facilitation of discussions, legal documentation, and emotional support.

With the growing recognition of patient autonomy and the importance of honouring individual preferences, AD services have become indispensable.

Asia to witness a considerable growth rate during the forecast period.

The Asian Advance Directives market is experiencing rapid growth, driven by a convergence of factors. As societies age and cultural attitudes shift, there’s an increased focus on personalized and patient-centered healthcare.

The integration of technology has made Advance Directives more accessible, while healthcare systems aim to optimize resource allocation. Regulatory support and policy initiatives further emphasize patient autonomy and shared decision-making.

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Recent Developments:

  • In April 2023, ADvault, Inc., introduced the Make MyDirectives Your Directives initiative as a contribution to the discourse surrounding National Healthcare Decisions Day (NHDD), in the same month, ADvault has formed a partnership with the National Hospice and Palliative Care Organization to offer top-notch digital tools for advance care planning. This aimed to provide individuals with outstanding resources and services, elevating the quality and effectiveness of advance directives in the field
  • In March 2022, ADvault. Inc has collaborated with OneAccord Health in order to improve communication and accessibility of advance directive for consumers and healthcare providers across the country
  • In January 2022, Aledade, Inc. acquired advance directives company iris healthcare as part of new health services arm

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