US Spending on Medical Services to Grow Nearly 10% in 2022

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Sep 29, 2022, 10:17 ET

COVID cases, inflation bolstering nominal value gains

CLEVELAND , Sept. 29, 2022 /PRNewswire/ -- US medical service expenditures are forecast to advance 7.2% per year in nominal dollars through 2026, according to Medical Services: United States, a report recently released by Freedonia Focus Reports. Providers of medical services are expected to benefit from continued growth in consumer incomes and a projected rise in the number of chronic conditions driven by the aging of the US population. In addition, inflation is projected to represent a significant component of nominal growth in healthcare expenditures. Faster gains in nominal terms will be limited by efforts to limit growth in healthcare spending by public and private healthcare insurance plans, state and federal government agencies, and employers that purchase healthcare insurance.

In 2022, medical services expenditures are projected to increase 9.9% on strong capacity utilization early in the year due to the Omicron wave of COVID-19. In addition, as cases subsided in spring 2022, many individuals returned to regular routine medical care based in doctors' offices and outpatient clinics that may have been postponed due to high COVID-19 spread earlier in the year as well as in past years. An elevated rate of inflation throughout the economy and the labor shortages facing providers of medical services will contribute to strong gains in expenditures in 2022.

These and other key insights are featured in Medical Services: United States. This report forecasts to 2022 and 2026 US medical services expenditures in nominal US dollars and patient activity volumes. Total expenditures are segmented by provider in terms of:

hospital
physician and clinical
dental
other professional providers (e.g., chiropractors, speech therapists)
nursing and continuing care retirement facilities
home healthcare
other providers such as assisted living facilities, community centers, and residential intellectual and developmental disability facilities

Patient activity volumes are provided as follows:

physician office visits
dental office visits
hospital outpatient facility visits
hospital emergency visits
hospital admissions
outpatient surgical procedures
inpatient surgical procedures

To illustrate historical trends, total expenditures, the various expenditures segments, and the various patient activity measures are provided in annual series from 2011 to 2021.

More information about the report is available at:
https://www.freedoniafocusreports.com/Medical-Services-United-States-FF95014/?progid=91541

About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Healthcare & Biotechnology reports can be purchased at Freedonia Focus Reports or MarketResearch.com.

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