Forecast: Output of Healthcare and Social Work Activities in the US

The healthcare and social work activities sector in the US has demonstrated steady growth over the past decade, with the output increasing from $1.9912 trillion in 2013 to $2.9125 trillion in 2023, marking a 3.13% CAGR over the last five years. Following a minor dip in 2020 (-2.17%) due to the pandemic, the sector rebounded significantly in 2021 with an 8.36% increase. In 2022 and 2023, the year-on-year growth rates stabilized at 1.78% and 3.07%, respectively.

The future outlook remains positive with the forecasted output expected to rise from $2.9983 trillion in 2024 to $3.3331 trillion in 2028, reflecting an average annual growth rate of 2.14% over the next five years.

Future trends to watch:

• Increased adoption of telehealth and digital health solutions
• Integration of AI and machine learning in patient care
• Ongoing impacts of an aging population on healthcare demand
• Evolving policy and regulatory landscapes impacting healthcare funding and delivery