PUBLISHER: Grand View Research | PRODUCT CODE: 1446563
PUBLISHER: Grand View Research | PRODUCT CODE: 1446563
The global end of life planning market size is expected to reach USD 45.17 billion by 2030 and it is projected to grow at a CAGR of 6.52% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market's growth is primarily attributed to factors such as growing awareness about the importance of end-of-life planning and growing adoption of digitalization and technology.
The increasing geriatric population is a major contributor to the market growth. According to the United Nations World Population Prospects, in 2022, the global population of individuals aged 65 and above stood at 771 million, constituting nearly 10% of the world's populace. This demographic cohort has been experiencing rapid growth, projected to reach 16% by 2050 and an estimated 24% by 2100. As the global population ages, there is an increasing demand for end-of-life planning services. Older individuals are more likely to consider their mortality and make arrangements for their estates, funeral preferences, and healthcare directives.
There is a growing demand for personalized and customized end-of-life planning solutions that cater to individual preferences, cultural traditions, and religious beliefs. Service providers offer a wide range of options to accommodate diverse needs and ensure that client's wishes are respected. Moreover, Concerns about the financial implications of end-of-life care and funeral expenses drive many individuals to plan ahead and make arrangements to alleviate the burden on their loved ones.
Furthermore, key companies in the market are undertaking various strategic initiatives to expand their market presence and product reach. For instance, in February 2023, OneAccord Health, and ADVault Inc. are extending their innovative digital service aimed at empowering end-of-life decisions. This initiative aims to broaden its focus by incorporating more direct-to-consumer engagement. Its goal is to empower healthcare professionals, stakeholders, and the community to participate in discussions about patients' values, goals, and preferences during advance care planning.