The global advance directives market is projected to reach USD 291.1 billion by 2028 from USD 122.9 billion in 2023, at a high CAGR of 18.8% during the forecast period. Factors such as increasing investment for in advance directives, rising government initiatives, rising availability of advance directives solutions that enable cost cutting are expected to drive market growth in the coming years. However, lack of awareness and education, cultural and communication barriers are some of the key factors restraining the growth of the advance directives market.
Prominent players in the advance directives market include 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), Koda Health(US), ThroughCare, Inc.(US), Vital Decisions LLC (US), Affirm Health Inc. (US), MIDEO(US), New Century Health (US), Thanacare(US), Island Health(Canada), Honor My Decisions LLC (US). These companies adopted strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their market presence in advance directives market.
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ADvault Inc. operates as a pioneering force in the advance directives sector, standing out for its innovative solutions that empower individuals to actively manage and communicate their end-of-life preferences. With an unwavering commitment to excellence, ADVault leverages cutting-edge technology and strategic collaborations to provide a comprehensive platform for documenting and sharing vital information. This client-centric approach, coupled with partnerships with healthcare institutions and legal experts, positions the company at the forefront of the industry. The company's toolkit comprises essential components such as MyDirectives for clinicians, MyDirectives Enterprise, and MyDirectives Reports & Analytics. These sophisticated tools empower organizations to attain elevated levels of clinical excellence, substantial cost mitigation, and heightened revenue augmentation.
Vynca Inc. stands as a pinnacle of innovation, seamlessly integrating virtual palliative care services, advanced care planning, meticulous care coordination, symptom management, and robust provider engagement. This strategic amalgamation guarantees the availability of tailor-made end-of-life care for every individual, without exception. Vynca's comprehensive suite of offerings epitomizes its commitment to redefining end-of-life experiences, ensuring that each person receives personalized and compassionate care consistently. Vynca recently secured funding of USD 30 million to expand integrated palliative care platform. The company has acquired ResolutionCare, a virtual palliative care provider, and introduces a new serious illness management platform. These strategies has helped the company to be one of the prominent players in advance directive market.
Advance Directives Market by Component (Software, Services), Demograpgics(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
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