Health care spending as a share of gross domestic product appears to have stabilized. While reaching close to 20% of GDP during the pandemic, health care spending in 2022 (17.3% of GDP) is more in line with pre-pandemic standards. Hartmann et al. (2023) Report:
In 2022, U.S. health care spending will grow by 4.1%, reaching $4.5 trillion. The growth is still higher than the 3.2% growth rate in 2021, but far lower than the 10.6% growth rate in 2020. U.S. health care spending grew strongly in 2022 Growth in Medicaid and private health insurance spending, including a reversal in net insurance costs, was partially offset by continued declines in federal spending related to the COVID-19 pandemic. As the number of private health insurance enrollees increases faster than in 2021 and the number of Medicaid enrollees continues to grow strongly, the proportion of the population insured in 2022 will reach a record high of 92.0%. The health sector's share of the economy was 17.3% in 2022, down from a peak of 19.5% in 2020 but more in line with the 17.5% average share in the 2016-19 period.
Over the past seven years, drug spending as a share of total health care spending has remained relatively stable at around 9%.
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