PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454112
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454112
End of Life Planning Market size was valued at USD 28,982 Million in 2023, expanding at a CAGR of 6.2% from 2024 to 2032.
End of life planning refers to the process of making decisions about the medical care, financial matters, and personal preferences for individuals nearing the end of their lives or for those who want to ensure their wishes are followed in the event of incapacity. This planning typically involves creating legal documents such as advance directives, living wills, and durable powers of attorney for healthcare, as well as making arrangements for estate distribution and funeral or memorial services.
End of Life Planning Market- Market Dynamics
Growing older population to propel market demand
Over the projected period, rising numbers of elderly people in several nations are anticipated to propel market expansion. For instance, by 2060, the United States is expected to see a major demographic change, with the number of people 65 and older expected to exceed 98 million, more than doubling from the present 46 million. Planning ahead is becoming more and more important as the population ages, as anticipated, to reduce the strain on family members and caregivers. Older people who participate in end-of-life planning can help their families in a difficult time by taking early measures to handle matters like healthcare choices, wealth distribution, and funeral arrangements.
End of Life Planning Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.2% over the forecast period (2024-2032)
Based on service segmentation, the estate planning category dominates the market
Based on the area segmentation, the urban segment held the largest market share in 2023
Based on demographic segmentation, the elderly population segment is expected to grow at the highest CAGR during the forecast period
Based on region, North America was the leading revenue generator in 2023
The Global End of Life Planning Market is segmented based on Service, Area, Demographic, and Region.
Based on the service, the market is categorized into Digital Legacy Services, Estate Planning, Funeral Services, Grief Counseling and Support, Advanced Healthcare Directives and Others. The Estate Planning category dominates the market. More people and families are realizing the value of estate planning as a means of ensuring that their assets are handled and dispersed in accordance with their final desires as a result of longer life expectancies and wealth accumulation. The need for estate planning services has increased as a result of this increased knowledge.
Based on the area, the market is divided into Rural and Urban. The Urban segment held the largest market share in 2023 and is expected to continue the same pattern during the forecast period. Funeral homes, estate planning companies, crematoriums, and legal services are just a few of the end of life planning options that are typically easier to acquire in urban locations. It is more convenient for urban dwellers to participate in end-of-life planning activities since these service providers are close by.
Based on the demographic, the industry is divided into Elderly Population, Middle Age Population and Young Adult. The Elderly Population segment is expected to grow at the highest CAGR during the forecast period. As people get older and wealthier, state planning becomes more and more crucial. Elderly people may require more complicated estate planning, with concerns for inheritance difficulties, trusts, tax planning, and asset distribution. As a result, individuals are more prone to look for expert advice and assistance in this field.
End of Life Planning Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to lead the End of Life Planning market during the forecast period. In North America, the United States accounted for the greatest proportion of the end-of-life planning market. With a sizeable percentage of people reaching retirement age and beyond, the U.S. population is both huge and aging. The need for services like estate planning, funeral planning, and healthcare directives is on the rise as individuals get older and realize how important it is to make end-of-life plans.
The key players operating in the market are Service Corporation International (SCI), Cake, TrustandWill, Funeralocity, Gathered Here Pty Ltd., Sue Mackey, Dignity, Everplans, Death with Dignity and Eterneva. To obtain access to new markets, market players are continuously pursuing a variety of strategic initiatives, including the creation of new products, funding and investments, mergers and acquisitions, and other strategic partnerships.
In November 2023, reputable online estate planning and settlement platform Trust & Will has joined with USAA Life Insurance Company. With this strategic partnership, they want to provide members with affordable estate planning and probate services that are suited to their individual requirements. As a result of this collaboration, USAA members will have access to Trust & Will's effective and user-friendly estate planning process, enabling them to conveniently and easily manage their affairs.
GLOBAL END OF LIFE PLANNING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Service Corporation International (SCI)
Cake
TrustandWill
Funeralocity
Gathered Here Pty Ltd.
Sue Mackey
Dignity
Everplans
Death with Dignity
Eterneva