In 2023, U.S. national health expenditure as a share of its gross domestic product (GDP) reached 17.6 percent, this was an increase on the previous year. The United States has the highest health spending based on GDP share among developed countries. Both public and private health spending in the U.S. is much higher than other developed countries. Why the U.S. pays so much moreWhile private health spending in Canada stays at around three percent and in Germany under two percent of the gross domestic product, it is nearly nine percent in the United States. Another reason for high costs can be found in physicians’ salaries, which are much higher in the U.S. than in other wealthy countries. A general practitioner in the U.S. earns nearly twice as much as the average physician in other high-income countries. Additionally, medicine spending per capita is also significantly higher in the United States. Finally, inflated health care administration costs are another of the predominant factors which make health care spending in the U.S. out of proportion. It is important to state that Americans do not pay more because they have a higher health care utilization, but mainly because of higher prices. Expected developmentsBy 2031, it is expected that health care spending in the U.S. will reach nearly one fifth of the nation’s gross domestic product. Or in dollar-terms, health care expenditures will accumulate to about seven trillion U.S. dollars in total.

Among OECD member countries, the United States had the highest percentage of gross domestic product spent on health care as of 2023. The U.S. spent nearly ** percent of its GDP on health care services. Germany, France and Japan followed the U.S. with distinctly smaller percentages. The United States had both significantly higher private and public spending on health compared with other developed countries. Why compare OECD countries?OECD stands for Organization for Economic Co-operation and Development. It is an economic organization consisting of ** members, mostly high-income countries and committed to democratic principles and market economy. This makes OECD statistics more comparable than statistics of developed and undeveloped countries. Health economics is an important matter for the OECD, even more since increasing health costs and an aging population have become an issue for many developed countries. Health costs in the U.S.  A higher GDP share spent on health care does not automatically lead to a better functioning health system. In the case of the U.S., high spending is mainly because of higher costs and prices, not due to higher utilization. For example, physicians’ salaries are much higher in the U.S. than in other comparable countries. A doctor in the U.S. earns almost twice as much as the average physician in Germany. Pharmaceutical spending per capita is also distinctly higher in the United States. Furthermore, the U.S. also spends more on health administrative costs compare to other wealthy countries.

The average for 2021 based on 181 countries was 7.21 percent. The highest value was in Afghanistan: 21.83 percent and the lowest value was in Brunei: 2.2 percent. The indicator is available from 2000 to 2022. Below is a chart for all countries where data are available.

Per capita national health expenditures in the United States have increased significantly since 1960. In 2023, national health expenditures amounted to **** thousand U.S. dollars per capita. For comparison, in 1960, per capital expenditures for health stood at *** U.S. dollars. According to recent data, the U.S. has some of the highest health care costs in the world. Health care expenditures With increased per capita health expenditures, U.S. health care expenditures as a percentage of the gross domestic product (GDP) have also increased over the decades. Among developed countries, the U.S. has the highest health expenditure as a proportion of the GDP. The high level of health costs in the U.S. may be attributable to high costs for prescribed drugs and health services as well as high administrative costs. Cost areas A large proportion of all health care spending in the U.S. is attributable to hospital care and physician and clinical services. In recent years, many sectors have seen an increase in health care spending. However, data suggests that prescription drugs have seen some of the most dramatic increases in spending in recent years. The annual prescription drug expenditures in the U.S. reached an all-time high by the end of 2022.

Health expenditure in the U.S. has been a hotly debated topic among political parties, especially on the verge of presidential elections. Health expenditures in the U.S. have been increasing over time and are projected to keep increasing. As of 2023, the U.S. spent a total of *** trillion U.S. dollars on healthcare. U.S. health expenditure in comparison The U.S has some of the highest expenditures for health care in the world. With a total health spending of roughly ** percent of the country’s GDP, the U.S. has far surpassed the country with the second highest health expenditure as a share of GDP, Germany. The United States, despite having a mixed method of healthcare financing and insurances, also has one of the highest shares of domestic governmental health expenditures. U.S. health care payers There are several different governmental and non-governmental agencies that are responsible for health care funding and payments in the United States. Currently, private insurance and Medicare are the two largest payers of U.S. health care. Direct health care costs are not the only things that these payers are responsible for. They may also be partly responsible for prescription drug costs. Again, private insurance and Medicare are the two largest payers of prescription drug costs in the U.S. Among all the payers of health care costs in the U.S., Medicare has experienced the highest level of health spending increases in recent years.

In 2024, the finance, insurance, real estate, rental, and leasing industry contributed the highest amount of value to the GDP of the U.S. at 21.2 percent. The construction industry contributed around four percent of GDP in the same year.

The United States has the highest expenditure on health care per capita globally. However, the U.S. has an unique way of paying for their health care where a majority of the expenditure falls upon private insurances. In FY 2024, around one ***** of all health expenditure is paid by private insurance. Public insurance programs Medicare and Medicaid accounted for ** and ** percent, respectively, of health expenditure during that same year. U.S. health care system Globally health spending has been increasing among most countries. However, the U.S. has the highest public and private per capita health expenditure among all countries globally, followed by Switzerland. As of 2020, annual health care costs per capita in the United States totaled to over ** thousand U.S. dollars, a significant amount considering the average U.S. personal income is around ** thousand dollars. Out of pocket costs in the U.S. Aside from overall high health care costs for U.S. residents, the total out-of-pocket costs for health care have been on the rise. In recent years, the average per capita out-of-pocket health care payments have exceeded *** thousand dollars. Physician services, dental services and prescription drugs account for the largest proportion of out-of-pocket expenditures for U.S. residents.

According to a survey conducted in a selection of countries in Latin America in 2024, Argentina was the nation with the highest share of respondents that believed there was readily available information on healthcare services in the country, with ** percent of interviewees agreeing with that statement. Meanwhile, only ** percent of respondents in Peru claimed the same about their local health care system. In 2020, Argentina was one of the Latin American countries with the highest share of GDP allocated to health care. By 2024, health expenditure in the country is expected to reach around ***** percent of the Argentinian gross domestic product (GDP).

United States CBO Projection: Outlays: MS: Major Health Care Prog: % of GDP data was reported at 5.362 % in 2018. This records a decrease from the previous number of 5.445 % for 2017. United States CBO Projection: Outlays: MS: Major Health Care Prog: % of GDP data is updated yearly, averaging 5.404 % from Sep 2015 (Median) to 2018, with 4 observations. The data reached an all-time high of 5.518 % in 2016 and a record low of 5.248 % in 2015. United States CBO Projection: Outlays: MS: Major Health Care Prog: % of GDP data remains active status in CEIC and is reported by Congressional Budget Office. The data is categorized under Global Database’s USA – Table US.F003: Federal Government Receipts & Outlays: Projection: Congressional Budget Office.

In 2023, the United States had a real gross domestic product of about 22 trillion U.S. dollars (2017 chained). See the U.S. GDP for further information. Real Gross Domestic Product is an inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices.

Real GDP in the U.S.

The real GDP of the U.S. has increased from 9.37 trillion U.S. dollars (2012 chained) in 1990 to 22 trillion U.S. dollars in 2023. Like many of the worlds major economies, the United States has experienced a steady growth in GDP over the last few years. The Indian economy was expected to experienced growth of 9.4 percent between 2020 and 2021, while China’s GDP was expected to grow 8.1 percent in the same period. One of the defining qualities of the United States’ economy is its diversity and advanced technological advancements. Industries such as finance, real estate, health care, and business and education services are large contributors to the economy, while the manufacturing sector accounts for about 11 percent of the country’s wealth.

The GDP generated by each state can also vary widely based on principal industries and production. In 2021, California had the highest state GDP in the United States, reaching 3.35 trillion U.S. dollars; comparatively, Vermont generated a GDP of 36.17 billion U.S. dollars in that year.

In 2023, the United States had the highest per capita health expenditure among OECD countries. At that time, per capita health expenditure in the U.S. amounted over ****** U.S. dollars, significantly higher than in Switzerland, the country with the second-highest per capita health expenditure. Norway, Germany and Austria are also within the top five countries with the highest per capita health expenditure. The United States also spent the highest share of it’s gross domestic product on health care, with **** percent of its GDP spent on health care services. Health Expenditure in the U.S. The United States is the highest spending country worldwide when it comes to health care. In 2022, total health expenditure in the U.S. exceeded **** trillion dollars. Expenditure as a percentage of GDP is projected to increase to approximately ** percent by the year 2031. Distribution of Health Expenditure in the U.S. Health expenditure in the United States is spread out across multiple categories such as nursing home facilities, home health care, and prescription drugs. As of 2022, the majority of health expenditure in the United States was spent on hospital care, accounting for a bit less than *** third of all health spending. Hospital care was followed by spending on physician and clinical services which accounted for ** percent of overall health expenditure.

With over ***** medical centers, Brazil was the Latin American country with the highest number of hospitals in 2024, among the countries depicted. Mexico ranked second, with ***** hospitals. In 2022, Hospital Israelita Albert Einstein was the leading hospital by quality in the South American country. Healthcare spending With an estimated ** percent of its gross domestic product (GDP) being spent on health, Cuba was the nation with the highest health expenditure share in Latin America and the Caribbean in 2020. Ranking second in this ranking along with Argentina, Brazil’s government spent more than ** percent of its annual health expenditure on hospital and outpatient care. Meanwhile, in Chile, government spending on healthcare was, on average, about ***** U.S. dollars per person in 2021, which was more than the combined health expenditure from government and out-of-pocket spending in Mexico. Leading medical technology Including products such as diagnostic imaging, implants, and vaccines, nanomedicine has by far been Latin America’s most valuable medical technology, generating an estimated ***** billion U.S. dollars in 2022. Furthermore, the revenue of nanomedicine in the region is expected to reach ***** billion U.S. dollars by 2027, representing an increase of more than ** percent over a span of five years.More information by Global Health Intelligence on hospital infrastructure in various Latin American countries can be found here.

In 2022, the country with the highest share of health spending relative to its gross domestic product (GDP) in Latin America and the Caribbean was Cuba, with ** percent. It was followed by Argentina, Chile, and El Salvador, with approximately ** percent of GDP spent on healthcare, each. Meanwhile, Haiti and Guyana reported the lowest health spending relative to its GDP in the region that year, which reached the equivalent of around ***** percent.

The documentation below is in reference to this items placement in the NM Supply Chain Data Hub. The documentation is of use to understanding the source of this item, and how to reproduce it for updatesTitle: Atlas of Gross Domestic Product, 2019Item Type: Web Mapping Application URLSummary: Atlas of 17 maps showing different aspects of Gross Domestic Product (GDP). GDP is the value of goods and services produced within a country: consumption, investment, government spending, and net exports.Notes: Prepared by: Uploaded by EMcRae_NMCDCSource: Bureau of Economic Analysis (BEA)'s GDP by county, Table CAGDP2, 2019. https://nmcdc.maps.arcgis.com/home/item.html?id=da81ea710b194166bb02ef4b1a03783bFeature Service: https://nmcdc.maps.arcgis.com/home/item.html?id=84e53e2ddae449ca9f3bda4d8e4b759cUID: 26Data Requested: Ag CensusMethod of Acquisition: Esri Living AtlasDate Acquired: 6/16/22Priority rank as Identified in 2022 (scale of 1 being the highest priority, to 11 being the lowest priority): 8Tags: PENDINGMaps included:Percent of U.S. Gross Domestic Product (GDP)Percent of Each State's Gross Domestic Product (GDP)What is the manufacturing Gross Domestic Product (GDP) in the US?Durable Goods Manufacturing in the USNondurable Goods Manufacturing in the USReal Estate, Rentals, and Leasing GDP in the USAgricultural, Forestry, Fishing, and Hunting GDP in the USInformation Industry GDP in the USUtilities GDP in the USConstruction in the USAre goods or services driving Private-Sector contributions to GDP?Natural Resources and Oil GDP in the USMining, Quarrying, Oil, and Extraction GDP in the USPercent from Health Care and Social AssistanceGDP from Government SpendingDoes retail or wholesale trade contribute more to GDP?Overall GDPFeature layer created from Table CAGDP2, downloaded ‎February ‎2, ‎2021.https://www.bea.gov/data/gdp/gdp-county-metro-and-other-areas

According to Cognitive Market Research, the global Age-related Macular Degeneration (AMD) Drugs market size will be USD 9638.8 million in 2025. It will expand at a compound annual growth rate (CAGR) of 11.50% from 2025 to 2033.

North America held the major market share for more than 40% of the global revenue with a market size of USD 3566.3 million in 2025 and will grow at a compound annual growth rate (CAGR) of 9.3% from 2025 to 2033.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 2795.2 million.
APAC held a market share of around 23% of the global revenue with a market size of USD 2313.3 million in 2025 and will grow at a compound annual growth rate (CAGR) of 13.5% from 2025 to 2033.
South America has a market share of more than 5% of the global revenue with a market size of USD 366.27 million in 2025 and will grow at a compound annual growth rate (CAGR) of 10.5% from 2025 to 2033.
Middle East had a market share of around 2% of the global revenue and was estimated at a market size of USD 385.55 million in 2025 and will grow at a compound annual growth rate (CAGR) of 10.8% from 2025 to 2033.
Africa had a market share of around 1% of the global revenue and was estimated at a market size of USD 212.05 million in 2025 and will grow at a compound annual growth rate (CAGR) of 11.2% from 2025 to 2033.
Aflibercept category is the fastest growing segment of the Age-related Macular Degeneration (AMD) Drugs industry

Market Dynamics of Age-related Macular Degeneration (AMD) Drugs Market

Key Drivers for Age-related Macular Degeneration (AMD) Drugs Market

Aging Global Population to Boost Market Growth

The rising prevalence of Age-related Macular Degeneration (AMD) is closely linked to the global aging trend. By 2030, one in every six individuals worldwide will be aged 60 or older. The population in this age group is projected to grow from 1 billion in 2020 to 1.4 billion by 2030, and to double to 2.1 billion by 2050. Furthermore, the number of people aged 80 and above is expected to triple, reaching 426 million by mid-century. Notably, in 2020, the global population aged 60 and above surpassed the number of children under five years of age. Between 2015 and 2050, the proportion of individuals over 60 is anticipated to nearly double from 12% to 22%. This demographic shift is driving a corresponding rise in AMD incidence, fueling greater demand for effective treatment options. Increased life expectancy, particularly in developed regions such as North America and Europe, has significantly expanded the patient population in need of AMD therapies.

https://www.who.int/news-room/fact-sheets/detail/ageing-and-health.//./

Rising Healthcare Expenditure to Boost Market Growth

Rising healthcare expenditures and improved access to treatment options are key drivers of growth in the Age-related Macular Degeneration (AMD) drugs market. In 2023, healthcare spending in the United States surged by 7.5% to reach $4.9 trillion, translating to $14,570 per capita. This marks the highest growth rate in healthcare spending since 2003—excluding the spike during the COVID-19 pandemic in 2020 (10.4%)—and represents a sharp increase from the 4.6% growth recorded in 2022. The 2023 acceleration is attributed to increased utilization of healthcare goods and services, alongside a record-high insurance coverage rate of 92.5%. Notably, for the first time since the pandemic, the growth in healthcare spending (7.5%) outpaced GDP growth (6.6%). Healthcare expenditure accounted for 17.6% of the U.S. GDP in 2023, aligning with pre-pandemic levels (17.5% in 2019) after notable spikes in 2020 (19.5%) and 2021 (18.3%). In response to the growing burden of AMD, governments and insurers in developed regions such as North America and Europe are increasingly funding both diagnostic and therapeutic interventions. This enhanced financial support is improving patient access to innovative AMD treatments, thereby propelling market expansion.

https://www.ama-assn.org/about/ama-research/trends-health-care-spending./

Restraint Factor for the Age-related Macular Degeneration (AMD) Drugs Market

High Treatment Costs and Limited Access, Will Limit Market Growth

The cost of AMD treatments, particularly anti-VEGF therapies such as Eylea and Lucentis, remains prohibitively high. On average, the annual cost per patient for wet AMD treatment can exceed $50,000, creating ...

The expenditure on health in Sweden as a share of the gross domestic product has been at a higher level since 2011 than what it used to be the previous years. The share of gross domestic product spent on health fluctuated since 2011 and peaked in 2020 when it reached 11.3 percent before it started to decrease again, reaching 10.9 percent in 2023.

Fifth-highest share among the other OECD countries In comparison with the other OECD member countries in 2023, Sweden had the 10th highest expenditure on health as a share of the country’s gross domestic product. The United States had the highest share, reaching 16.5 percent of their gross domestic product, followed by France, Germany and Switzerland. Health expenditure per capita The per capita expenditure on health in Sweden increased annually during the period from 2013 to 2023. In 2023, the amount was estimated to be over 65 thousand Swedish kronor per capita.

The U.S. market for medical devices is the largest in the world. At an estimated $83 billion in 2006, this market represents nearly half the global total and is growing at 6 percent annually ? about double the rate of U.S. GDP. With the advent of microprocessors, miniaturization of electronic circuits, wired and wireless digital networking, and new materials and manufacturing processes, older generations of mechanical and analog electromechanical devices used in patient diagnosis, monitoring, and treatment have largely been replaced by devices and systems based on information technologies across the diverse array of contemporary medical devices...

In 2023, Mexico’s healthcare expenditure represented an estimated 5.7 percent of its gross domestic product (GDP), a decrease of 0.4 percentage points in comparison to 2020. This figure had remained relatively stable in previous years. In that year, Mexico's GDP amounted to approximately 1.8 trillion U.S. dollars. Mexico in a global contextHealthcare expenditure is comprised of insurance, research, facility provision, and all other expenses associated with public health. Mexico's spending on healthcare in relation to its GDP is staggeringly low compared to most OECD countries. The United States, for instance, allocated approximately 17 percent of its GDP to healthcare in 2023. Furthermore, Mexico had one of the lowest levels of per capita health expenditures worldwide that year, at 1,500 U.S dollars. This figure was equivalent to less than half of that reported by Chile, which spent 3,350 U.S. dollars per citizen on health. Health coverage in the North American countryIn 2021, around 56 percent of the Mexican population was covered under one of the country’s public health care programs. Another 46 percent was affiliated to public healthcare insurance. However, despite Mexico’s efforts and investment in healthcare, a significant share of their population is still considered vulnerable due to inadequate access to health services. According to a survey carried out in Mexico in 2020, around 43 percent of respondents in whose households there was at least one member that presented symptoms of an illness did not attend a medical consultation because there were no available appointments.

In 2021, spending on health in Honduras accounted for about 9.1 percent of its gross domestic product (GDP), the highest value reported during the analyzed period. Health expenditure relative to the country's GDP increased by around two percentage points compared to 2017, when spending on health made up almost seven percent of Honduras's GDP. In 2020, Honduras was among the top ten countries in Latin America and the Caribbean with the highest health care expenditure as a share of their GDP.

According to Cognitive Market Research, the global HCRO market size will be USD 39245.5 million in 2025. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2025 to 2033.

North America held the major market share for more than 37% of the global revenue with a market size of USD 14520.84 million in 2025 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2025 to 2033.
Europe accounted for a market share of over 29% of the global revenue with a market size of USD 11381.20 million.
APAC held a market share of around 24% of the global revenue with a market size of USD 9418.92 million in 2025 and will grow at a compound annual growth rate (CAGR) of 9.7% from 2025 to 2033.
South America has a market share of more than 4% of the global revenue with a market size of USD 1491.33 million in 2025 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2025 to 2033.
The Middle East had a market share of around 4% of the global revenue and was estimated at a market size of USD 1569.82 million in 2025. and will grow at a compound annual growth rate (CAGR) of 8.3% from 2025 to 2033.
Africa had a market share of around 2.20% of the global revenue and was estimated at a market size of USD 863.40 million in 2025. and will grow at a compound annual growth rate (CAGR) of 7.3% from 2025 to 2033.
Clinical trial service category is the fastest growing segment of the HCRO industry

Market Dynamics of HCRO Market

Key Drivers for HCRO Market

Cost-Effective R&D and Faster Drug Development to Boost Market Growth

One of the biggest drivers of the HCRO market is the cost-effectiveness and efficiency that contract research organizations (CROs) bring to drug development. The traditional in-house model for research and clinical trials is expensive due to high operational costs, infrastructure investments, and regulatory requirements. By outsourcing these processes to CROs, pharmaceutical and biotech companies can significantly reduce expenses while accessing specialized expertise, advanced technologies, and global trial networks. Additionally, CROs help streamline the drug development process by improving patient recruitment, regulatory submissions, and clinical data management, leading to shorter trial durations and faster approvals. The increasing cost of drug development, estimated at over $2 billion per successful drug, has made outsourcing an attractive option. CROs also provide flexible engagement models, allowing sponsors to scale resources as needed. As competition in the pharmaceutical industry intensifies, the demand for cost-efficient, high-quality research services is expected to drive further market growth. For instance, as per a report by Fast India in May 2024, from a macro lens, R&D investment by Indian industry is still small at 0.2% of GDP. In comparison, the US industry spends 2.7% of GDP, South Korea 3.9%, and the United Kingdom 2.1%. The good news is that macroeconomic conditions have aligned for the Indian industry to push up R&D investments and reap dividends.

https://www.fast-india.org/wp-content/uploads/2024/05/State-of-Industry-RD-in-India.pdf

Growing Clinical Trial Complexity to Boost Market Growth

The increasing complexity of clinical trials is a major driver of the Healthcare Contract Research Outsourcing (HCRO) market. As new drug development focuses on biologics, personalized medicine, and advanced therapies like gene and cell therapy, clinical trials require more sophisticated methodologies, regulatory oversight, and patient recruitment strategies. This complexity has led pharmaceutical and biotechnology companies to outsource clinical trial management to specialized CROs that have the expertise, infrastructure, and technology to handle multi-site, multi-phase global trials efficiently. Additionally, stringent regulatory requirements, patient diversity needs, and evolving trial designs such as adaptive trials and decentralized clinical trials (DCTs) are further contributing to the reliance on HCRO providers. By outsourcing to CROs, companies reduce the burden of compliance, streamline operations, and accelerate the time-to-market for new therapies. This trend is expected to continue as medical innovations evolve, making HCROs a critical part of the drug development ecosystem.

Restraint Factor for the HCRO Market

Data Security and Regulatory Compliance Risks Will Limit Market Growth

One of the significant re...