Healthcare Expenditures and Services in the U.S. Market
Healthcare costs continue to rise rapidly in the U.S. and throughout the developed world. Total U.S. health care expenditures were estimated to be $3.1 trillion in 2015, and are projected to increase to $3.4 trillion in 2016.
The health care market in the U.S. in 2014 included the major categories of hospital care (about $929.0 billion), physician and clinical services ($588.8 billion), dental services ($116.6 billion) and prescription drugs ($262.3 billion), along with nursing home and home health ($238.6 billion).
Medicare, the U.S. federal government’s health care program for Americans 65 years or older, provided coverage to 50.7 million seniors in 2014. National expenditures on Medicare for fiscal 2015 were projected to be $604.2 billion, including premiums paid by beneficiaries.
By 2030, the number of people covered by Medicare will balloon to about 78.0 million due to the massive number of Baby Boomers entering retirement age.
Medicaid is the federal government’s health care program for low-income and disabled persons (including children), as well as certain groups of seniors in nursing homes. National expenditures on Medicaid totaled an estimated $436.6 billion in 2014.
Health spending in the U.S., at about 18.0% of Gross Domestic Product (GDP) in 2015, is projected to grow steadily. Health care spending in America accounts for a larger share of GDP than in any other country by a wide margin.
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