Canada’s health-care spending projected to outpace economy in 2024: report
The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.
Health-care spending in Canada is projected to hit a new peak in 2024, according to a report from the Canadian Institute for Health Information (CIHI) released on Thursday. The report forecasts total expenditures reaching $372 billion, averaging about $9,054 per Canadian.
The CIHI’s analysis anticipates a 5.7 percent increase in health spending for 2024, following increases of 4.5 percent in 2023 and 1.7 percent in 2022. This year's health expenditures are estimated to account for 12.4 percent of the country's gross domestic product (GDP), which—excluding the pandemic years—marks the highest proportion in Canadian history.
The report points out that health expenditures often grow faster than the overall economy, a trend expected to continue as Canada’s population grows and ages. In 2022, Canada’s per capita health spending was among the highest globally, though still below levels in countries like the United States and Sweden.
The report also highlights that upcoming national dental and pharmacare initiatives could further increase health-care expenses as more Canadians gain access to services previously out of reach.
