The private health insurance coverage in Canada has demonstrated steady growth from 23.5 million persons in 2013 to 27.13 million in 2023. The year-on-year variation percentage has fluctuated over this period, with notable increases in 2017 (2.89%) and 2019 (2.78%). The Compound Annual Growth Rate (CAGR) has also varied, showing a general upward trend peaking at 1.93% in 2020 before stabilizing around 1.49% in recent years.
Looking ahead, the forecast data indicates continued growth, rising to 28.73 million persons by 2028. The forecasted 5-year CAGR of 0.91% suggests a slower yet consistent increase, implying a forecasted 5-year growth rate of 4.63%.
Future trends to watch for:
- Technological advances in healthcare might drive higher adoption of private insurance.
- Changes in public health policies could impact the rate of private insurance coverage.
- Economic factors, such as employment rates and disposable income, influencing the affordability and uptake of private insurance.
