The Canadian Institute for Health Information (CIHI) has projected a new high in health-care spending for Canada in 2024. According to the CIHI’s annual report released Thursday, total health-care spending is expected to reach $372 billion, or approximately $9,054 per Canadian.
Health-Care Expenditures Expected to Increase
CIHI’s national analysis indicates that health-care expenditures will rise by 5.7% in 2024. This represents a significant jump compared to the 4.5% increase in 2023 and 1.7% in 2022. This uptick in spending is largely driven by the growing population and aging demographic in Canada, which is expected to continue placing pressure on the health-care system for the next several years.
Canada’s Health Spending as a Share of GDP
In 2024, health-care spending is anticipated to account for 12.4% of Canada’s Gross Domestic Product (GDP). This will be the highest health-care spending ratio in Canada’s history, excluding the years impacted by the COVID-19 pandemic.
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Growing Health-Care Needs and Rising Costs
While health-care expenditures generally outpace economic growth, the need for more health services is expected to keep driving this trend. Canada’s per capita spending on health care was already among the highest in the world in 2022, but it still trails behind countries like the United States and Sweden.
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