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Continued Rise in Health Care Costs, Business and Industry Trends Analysis

Total Health Care Spending: Total U.S. health care expenditures were projected to increase to $5.05 trillion in 2024, up from $4.66 trillion in 2023, according to the U.S. Centers for Medicare and Medicaid Services (CMS). Growth in health care costs has been extraordinary. In 1990, national health expenditures were only $696 billion. By 2005, the amount had tripled to $1.98 trillion. Health care costs are so enormous that they are crowding out investment in other vital areas such as infrastructure, education, defense, transportation and scientific research.

Mid-term projections for health care cost growth far exceed those for overall economic growth. Health spending in the U.S., at an estimated 17.7% of Gross Domestic Product (GDP) in 2024 (compared to only 9% in 1980). Approximately 68 million Americans were enrolled in Medicare in 2024 (up from only 34 million in 1990), these are patients who have reached a stage in life where they require much higher levels of health care than younger people.

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