Global medical care costs reached an unprecedented peak in 2023, marking the first time the medical trend rate soared into double digits. However, the WTW 2024 Global Medical Trends Survey indicates a short-term improvement in the trend, despite persistent long-term challenges. After rising from 7.4% in 2022 to a peak of 10.7% in 2023, the projected medical cost trend for 2024 is set to decrease to a global average of 9.9%.
Several factors contribute to this downturn. The surge in elective procedures, consultations, and other delayed or postponed medical care resulting from the pandemic is gradually subsiding. Furthermore, the global inflation that significantly fueled the rise in healthcare costs is anticipated to continue decreasing in 2024.
Learn more here: https://www.wtwco.com/en-ca/insights/2023/11/2024-global-medical-trends-survey
