The United States spent $4.9 trillion on health care in 2023, a 7.5% increase from 2022, according to the Centers for Medicare & Medicaid Services. reported December 18 in Health Affairs. The report cites increased usage and intensity of services as key drivers of growth. Hospital spending rose 10.4%, driven by higher patient acuity and post-pandemic rebounds in hospital volumes. However, hospital price growth remained stable at 2.7% compared to 2.8% in 2022 and was lower than the general inflation rate.
Prescription drug spending increased 11.4%, primarily due to rapid growth in diabetes and obesity treatments and faster growth in retail prescription drug prices, the report said.