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 in terms of revenue was estimated to be worth $122.9 billion in 2023 and is poised to reach $291.1 billion by 2028, growing at a CAGR of 18.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. Rise in investments & funding in the advance directives market, supporting government initiatives, and increasing focus on personalized care are some of the key factors that offer opportunities to the market during the forecast period.
However, the fragmented healthcare systems, and lack of in disciplinary collaboration and communication are challenging the market growth to some extent.
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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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Advance Directives Market Dynamics:
Drivers:
- Rising Investments in Advance Care Planning
- Government initiatives and regulations to enhance patient care and autonomy
Restraints:
- Lack of Awareness and Education
Opportunities:
- Technological Advancements and Digital Solutions
Challenge:
- Fragmented Healthcare Systems and Integration
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.
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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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