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Advance Directives Market Set to Surge to USD 291.1 Billion by 2028 with a Significant CAGR of 18.8%

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Global Advance Directives Market

Global Advance Directives MarketGlobal Advance Directives Market

Global Advance Directives Market

Dublin, March 06, 2024 (GLOBE NEWSWIRE) — The “Global 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 – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.

The advance directives market 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 rising inestments in advance directives and government initiatives and regulations to enhance patient care and autonomy will provide lucrative opportunities to the market during the forecast period.

Advance directives services segment accounted for a substantial share of the advance directives market, by component in 2022

In 2022, the advance directives services segment accounted for a substantial share of the advance directives market. Rising awareness of the importance of proactive healthcare planning, healthcare policies and regulations are increasingly recognizing the benefits of advance directives in terms of reducing unwanted interventions, healthcare costs, and ensuring patient-centered care. This recognition has led healthcare systems to integrate these services into their standard practices, driving the segment’s rapid growth.

Healthcare Providers segment accounted for a considerable share in the advance directives market, by end user in 2022

In 2022, the healthcare providers segment accounted for a significant share of the advance directives market. As healthcare systems prioritize patient-centered care and personalized treatment, providers play a key role in initiating conversations about end-of-life preferences, treatment options, and medical interventions. Their expertise and trusted relationships with patients position them to effectively navigate sensitive discussions surrounding advance care planning. Moreover, healthcare providers’ adoption of electronic health records (EHRs) and digital tools has streamlined the documentation and dissemination of AD documents, enhancing the accessibility and implementation of patient wishes. As a result, the healthcare providers segment stands as a prominent driver of growth within the advance directives market.

Asia to witness a substantial growth rate during the forecast period

The Asian market is projected to grow at the high CAGR during the forecast period due to a confluence of factors that reflect evolving societal attitudes, increased healthcare access, and a growing awareness of patient autonomy. As the region undergoes demographic shifts, including an aging population and an increase in chronic diseases, there is a heightened recognition of the importance of end-of-life planning. Governments and healthcare organizations are working to overcome cultural taboos surrounding discussions of death and end-of-life care, fostering a more open dialogue. Additionally, advancements in healthcare infrastructure and a rise in patient-centered care initiatives are facilitating greater access to AD resources. The desire for patients to have a say in their medical decisions, coupled with efforts to align medical care with individual preferences, is propelling the substantial growth of AD in Asia’s forecasted years.

This report provides insights on:

  • Analysis of key drivers (increasing Investments in advance directives in developed as well as emerging technology adoption, rising demand for personalized care, increasing funding and investments in advance care planning, restraints (lack of awareness and education, communication barrier, opportunities (technological advancement and digital solutions, policy support and legislative framework), and challenges (fragmented healthcare system and lack of indiciplinary collaboration and communication) influencing the growth of the advance directives market.

  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the advance directives market.

  • Market Development: Comprehensive information on the lucrative emerging markets, component, demographics , end-user, and region.

  • Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the advance directives market

  • Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the advance directives market like 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) etc.

Key Attributes

Report Attribute

Details

No. of Pages

145

Forecast Period

2023 – 2028

Estimated Market Value (USD) in 2023

$122.9 Billion

Forecasted Market Value (USD) by 2028

$291.1 Billion

Compound Annual Growth Rate

18.8%

Regions Covered

Global

Key Topics Covered

  1. Introduction

  2. Research Methodology

  3. Executive Summary

  4. Premium Insights

  5. Market Overview

  6. Advance Care Planning Solutions Market, by Component

  7. Advance Care Planning Solutions Market, by Age Group

  8. Advance Care Planning Solutions Market, by End-user

  9. Advance Care Planning Solutions Market, by Region

  10. Competitive Landscape

  11. Company Profiles

  12. Appendix

Companies Mentioned

  • Acp Decisions

  • Advault, Inc.

  • Affirm Health, Inc.

  • Bronson Healthcare

  • Honor My Decisions LLC

  • Iris

  • Island Health

  • Koda Health

  • Mideo

  • Munson Healthcare

  • New Century Health

  • Sharp Healthcare

  • Thanacare

  • Thoroughcare, Inc.

  • Vital Decisions LLC

  • Vyncacare

  • Wisercare, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/v8i297

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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