Between 2013 and 2023, household expenditure on hospital services in Canada experienced fluctuations, beginning at CAD 2.9 billion in 2013 and reaching CAD 3.32 billion in 2023. The period from 2013 to 2018 saw a steady increase, with notable year-on-year growth, peaking at 3.25 billion in 2017. Exceptional growth rates in 2014 and 2019 were followed by a significant drop of 8.63% in 2020 due to the impact of external factors. Recovery ensued over 2021 and 2022, but 2023 marked a slight decline of 0.72%, resulting in a five-year CAGR of just 0.15% by 2023.
Future forecasts from 2024 to 2028 suggest modest growth, averaging a 0.42% CAGR, with the overall five-year growth rate expected to be 2.1%, indicating a relatively stable but slow upward trend. Looking forward, trends to watch for include shifting healthcare policies, inflation impacts, and demographic changes which could significantly influence household expenditure on hospital services.
