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What key factors are powering the surge in the end of life planning market right now?

The end of life planning market has grown strongly. It will rise from $33.62 billion in 2024 to $36.93 billion in 2025, at a CAGR of 9.8%. This growth is attributed to the aging population, rising awareness of advance directives, increased chronic illness prevalence, economic uncertainty, and greater demand for professional guidance.

How fast Is the end of life planning market expected to grow, and what’s its future value?

The end of life planning market is expected to grow substantially, reaching $53.08 billion by 2029 with a CAGR of 9.5%. This growth is driven by increasing awareness, rising healthcare costs, changing government regulations, cultural shifts, and the expansion of service providers. Trends in this market include virtual funeral services, digital legacy management, cultural and religious customization, pre-planning and subscription models, bereavement support services, and legal and financial planning tools.

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What are the leading drivers of growth in the end of life planning market?

The increase in the number of people reaching retirement age is expected to drive the growth of the end-of-life planning market in the future. As people live longer due to better healthcare and an aging population, more individuals are reaching retirement age, leading to a need for end-of-life planning. This planning ensures that a person’s care preferences and treatment wishes are respected during their final years. For example, in August 2023, Statistics Canada reported that 21.8% of Canadians aged 55 to 59 were fully or partially retired, with that number rising to 44.9% for those aged 60 to 64. This demographic shift is driving the growth of the end-of-life planning market.

What are the key segments defining the end of life planning market?

The end of life planning market covered in this report is segmented –

1) By Service: Funeral Services, Estate Planning, Digital Legacy Services, Grief Counseling And Support, Advanced Healthcare Directives, Other Services

2) By Demographic: Elderly Population, Middle Age Population, Young Adult

3) By Area: Urban, Rural

Subsegments:

1) By Funeral Services: Burial Services, Cremation Services, Memorial Services, Funeral Arrangements

2) By Estate Planning: Will Creation, Trust Management, Estate Administration, Power Of Attorney

3) By Digital Legacy Services: Social Media Account Management, Digital Asset Preservation, Online Data Storage And Transfer, Digital Executor Services

4) By Grief Counseling And Support: Bereavement Counseling, Support Groups, Online Grief Support, Professional Therapy

5) By Advanced Healthcare Directives: Living Wills, Medical Power Of Attorney, Do Not Resuscitate (DNR) Orders, Healthcare Proxy

6) By Other Services: Legacy Planning, Ethical Wills, Pet Care Planning, Financial Planning For End Of Life

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Who are the key players steering the development of the end of life planning market?

Major companies operating in the end of life planning market are MetLife Inc., Service Corporation International (SCI), Crossroads Hospice & Palliative Care, TrustandWill, Dignity plc, Better Place Forests Co., Gathered Here Pty Ltd., OpusXenta Pty Ltd., Farewill, Perfect Memorials, Funeralwise, Everplans, Eterneva, Lady Anne Funerals, Aftersteps, SafeWill, GoodTrust, GatheringUs, AfterSteps, EstateExec, Going With Grace, Funeralocity Inc., funeralOne, Death With Dignity

What emerging trends are influencing the growth of the end of life planning market?

In the end-of-life planning market, companies are providing personalized solutions like self-authored obituaries to help individuals plan for their end-of-life needs. For instance, in January 2023, Newham Council, a UK-based government organization, launched the MyWishes digital platform. This tool helps users document and share their care decisions, including funeral plans, self-authored obituaries, and messages for loved ones, thereby easing the burden on families during bereavement.

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Which regions are most influential in expanding the end of life planning market?

North America was the largest region in the end of life planning market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the end of life planning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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