December 20, 2022

Remarkable U.S. Healthcare Market Growth

The U.S. healthcare market has grown dramatically, and not just as a result of the 2019-2022+ pandemic. Health insurance has grown to a $1.1 trillion market [source: IBISWorld], representing a decade of growth between 2012 and 2021 of 44.7%.

$100b in one year

In just 2021, the hospitals facilities market grew $100 billion, from $1.1 trillion to $1.3trillion. As a result of numerous factors, hospital growth is expected to accelerate through 2030, to over $2 trillion [source: Grand View Research]

More healthcare professionals every month

Despite the reported numbers of front-line healthcare workers leaving the profession due to burn-out and the search for better pay, the number of healthcare providers overall in the U.S. has continued to grow essentially every month since 2005, to more than 7.3 million HIPAA-covered HCP/HCO records currently reported as active in the National Identifier Number registry

As the market value has grown, the accuracy of U.S. healthcare data continues to improve. An article explains that several factors are at play in the growth in accuracy of healthcare provider data. These include the migration of solo- and small-practice- practitioners to larger practices, where personnel are in place to assist in maintaining federal records with the most recent information. Another factor is providers' growing savvy about keeping their federal records in sync with the information they report on health insurance claims, with some payers using a mismatch as reason to delay payment of claims.

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