2020
9
US Healthcare Spending Market Report 2020
2021-02-03T03:00:42+00:00
OX987258
3695
133527
[{"name":"Healthcare and Medical","url":"https:\/\/store.mintel.com\/industries\/health-wellbeing\/healthcare-medical"}]
Report
en_GB
“At the peak of the pandemic, COVID-19 nearly shut down all medical facilities that were not considered ‘necessary’ beyond those treating adults diagnosed with COVID-19. Healthcare spending greatly decreased, but…

US Healthcare Spending Market Report 2020

£ 3,695 (Excl.Tax)

Report Summary

Providing the most comprehensive and up-to-date information and analysis of the US Healthcare Spending market, including the behaviours, preferences and habits of the consumer.

The COVID-19 pandemic saw the shutting of many non-essential businesses, including elective and non-emergency medical services. With 10% of US adults having to cancel elective procedures during 2020, stay-at-home orders limited spending opportunities, with the healthcare spending industry falling by 2.9%.

Nearly half of insured US adults are actively checking to make sure their in-person providers are in their insurance network, while 23% have used telehealth services. While many see telehealth services as cheaper than in-person appointments, stay-at-home and shelter orders have made them more of a necessity for those in need of treatment or consultation.

As the pandemic subsides and restrictions are lifted, the market is expected to recover in 2021, with retail spending expected to rise by 5.9%. However, while 80% of US adults are satisfied with their current healthcare coverage, many are still concerned over price. Healthcare providers will need to focus on their affordability and value fore money if they want to retain customers and not risk them switching to a cheaper alternative.

Read on to discover more details or take a look at all of our US Health and Wellbeing market research.

Quickly understand

  • The impact of COVID-19 on healthcare spending.
  • Important factors in healthcare provider selection.
  • Attitudes toward healthcare and healthcare spending.
  • Preventative health measures taken by US adults.

Included in this report

Brands: Amazon, Anthem, Blue Cross Blue Shield, John Hancock, Aetna, Cigna, Humana, UnitedHealth Group.

Expert analysis from a specialist in the field

Written by Jennifer White Boehm, a leading analyst in the Health & Wellness sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

At the peak of the pandemic, COVID-19 nearly shut down all medical facilities that were not considered ‘necessary’ beyond those treating adults diagnosed with COVID-19. Healthcare spending greatly decreased, but as with most essential services, consumers have needed to return medical care providers for their general health and wellbeing. Cost is still a leading factor in choosing which care to receive, pandemic or not. Ultimately, consumers are going to rely more on digital forms of healthcare, but will eventually return to in-person treatment as long as they feel safe.

Jennifer White Boehm
Associate Director, Finance Reports

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • COVID-19: market context
        • Executive Summary

            • Top takeaways
              • Healthcare spending behaviors are as varied as the patient population
                • COVID-19 hit the industry, but consumers will return
                  • Costs are still top of mind
                    • Impact of COVID-19 on healthcare spending
                      • Lockdown was a disaster for the industry, but patients are returning
                        • Figure 1: Short-, medium- and long-term impact of COVID-19 on healthcare spending, November 2020
                      • Opportunities and challenges
                        • Cost will remain a factor as US economy recovers from recession
                          • Telehealth will remain an integral part of medical care – and could bring cost savings
                            • Satisfaction levels are high, but healthcare providers need to prove they value their customers
                            • The Market – Key Takeaways

                              • Healthcare services is a $2.6 trillion industry
                                • Spending pressured with high unemployment
                                  • Medicare coverage is a big change for Baby Boomers
                                    • Chronic health conditions impact half of Americans
                                      • Heightened focus on mental wellbeing
                                      • Market Size and Forecast

                                        • Healthcare services is a $2.6 trillion industry
                                          • Figure 2: Total US retail sales and forecast of healthcare, at current prices, 2015-25
                                        • Healthcare spending represents second-largest category
                                          • Figure 3: Consumer spending by category, at current prices ($ billions), 2020
                                      • Market Factors

                                        • Healthcare spending will improve with COVID-19 vaccine
                                          • Spending pressures likely with high unemployment
                                            • Figure 4: Consumer confidence and unemployment, 2000-October 2020
                                          • Medicare coverage is a big change for Boomers
                                            • Figure 5: Medicare coverage, by younger and older Baby Boomers, January 2020
                                          • Chronic health conditions impact half of Americans
                                            • Figure 6: Chronic health management status, July 2020
                                          • Heightened focus on mental wellbeing
                                            • Figure 7: Experience of stress and select mental health conditions, May 2020
                                        • Companies and Brands – Key Takeaways

                                          • COVID-19 prompts all around outreach
                                            • Amazon enters health wearables market with Halo smartwatch
                                              • Insurers try to help unemployed get insured
                                              • Companies and Brands

                                                • Insurers increase creative outreach during COVID-19
                                                  • Aetna
                                                    • Figure 8: “Importance of making #timeforcare during a pandemic,” Aetna national TV ad, July 2020
                                                  • Anthem and Blue Cross Blue Shield of Illinois
                                                    • Cigna
                                                      • Humana
                                                        • UnitedHealth Group
                                                          • Insurers offer discounted premiums as elective procedures plummet
                                                            • Amazon enters health wearables market with Halo smartwatch
                                                              • Insurers grapple with special enrollment periods to help newly unemployed
                                                              • The Consumer – Key Takeaways

                                                                • Cost is top priority in healthcare decision
                                                                  • Several opportunities to market to men and women separately
                                                                    • Healthcare costs are a significant part of household budgets
                                                                      • Opportunity to help least affluent take more preventative measures
                                                                        • Spending due to COVID-19 relatively low for now
                                                                          • Telehealth services reaching a wide audience
                                                                            • Consumers are satisfied with healthcare coverage
                                                                            • Factors in Choosing Healthcare Plans

                                                                              • Financial consideration top factor in healthcare decision
                                                                                • Figure 9: Top factors in selecting healthcare coverage, July 2020
                                                                              • Financial considerations vary between men and women
                                                                                • Figure 10: Top factors in selecting healthcare coverage, by gender, July 2020
                                                                              • 18-24s not concerned about premiums…yet
                                                                                • Figure 11: Top factors in selecting healthcare coverage, by age, July 2020
                                                                              • Provider network key to those with employer-sponsored insurance
                                                                                • Figure 12: Top factors in selecting healthcare coverage, by insurance type, July 2020
                                                                              • HSA eligibility attractive to parents
                                                                                • Figure 13: Top factors in selecting healthcare coverage, by parental status, July 2020
                                                                            • Healthcare Spending Budget

                                                                              • Healthcare costs typically account for up to 20% of annual incomes
                                                                                • Figure 14: Percent of yearly income devoted to healthcare spending, July 2020
                                                                              • Women less likely to know how much is spent on healthcare
                                                                                • Figure 15: Percent of yearly income devoted to healthcare spending, by gender, July 2020
                                                                              • 24-35s spending more of income on healthcare
                                                                                • Figure 16: Percent of yearly income devoted to healthcare spending, by age, July 2020
                                                                              • Individually insured spend higher share of income on healthcare
                                                                                • Figure 17: Percent of yearly income devoted to healthcare spending, by type of insurance, July 2020
                                                                            • Preventative Healthcare

                                                                              • Majority of consumers take some preventative measures
                                                                                • Figure 18: Preventative healthcare measures taken in the past year, July 2020
                                                                              • An opportunity exists to push men toward more preventative measures
                                                                                • Figure 19: Preventative healthcare measures taken in the past year, July 2020
                                                                              • Many of the youngest consumers are bypassing preventative measures
                                                                                • Figure 20: Preventative healthcare measures taken in the past year, by age, July 2020
                                                                              • Least affluent are least likely to take preventative measures
                                                                                • Figure 21: Preventative healthcare measures taken in the past year, by household income, July 2020
                                                                              • Healthy habits deteriorate with financial stress
                                                                                • Figure 22: Preventative healthcare measures taken in the past year, by financial situation, July 2020
                                                                            • COVID-19’s Effects on Spending and Care

                                                                              • COVID-19’s effect on costs is relatively low
                                                                                • Figure 23: COVID-19’s effect on medical costs and healthcare scheduling, July 2020
                                                                              • COVID-19 has more significant spending effect on young men
                                                                                • Figure 24: COVID-19 effect on medical costs and healthcare scheduling, by gender and age, July 2020
                                                                            • Prescriptions

                                                                              • High prescription drug costs are a real concern
                                                                                • Figure 25: Prescription drug behaviors, July 2020
                                                                              • Prescription drug issues most relevant to elderly
                                                                                • Figure 26: Prescription drug behaviors, by age, July 2020
                                                                              • Those struggling financially often forced to skip medications
                                                                                • Figure 27: Prescription drug behaviors, by financial situation, July 2020
                                                                            • Healthcare Behaviors

                                                                              • Not all consumers stay in-network, telehealth services more common
                                                                                  • Figure 28: Financial implications of healthcare, July 2020
                                                                                • Women more diligently checking provider is in-network
                                                                                  • Figure 29: Financial implications of healthcare, by gender, July 2020
                                                                                • Telehealth services not only for the young
                                                                                  • Figure 30: Financial implications of healthcare, by generation, July 2020
                                                                                • Parents utilizing telehealth services
                                                                                  • Figure 31: Financial implications of healthcare, by parental status, July 2020
                                                                              • Attitudes toward Healthcare and Healthcare Spending

                                                                                • Lack of billing transparency tops list of concerns
                                                                                  • Figure 32: Attitudes toward healthcare, July 2020
                                                                                • High satisfaction with healthcare coverage
                                                                                  • Figure 33: Satisfaction with healthcare coverage, July 2020
                                                                                • With higher income, consumers feel less value
                                                                                  • Figure 34: Satisfaction with healthcare coverage, by household income, July 2020
                                                                                • Satisfaction dips with financial struggles
                                                                                  • Figure 35: Satisfaction with healthcare coverage, by financial situation, July 2020
                                                                              • Appendix – Data Sources and Abbreviations

                                                                                • Data sources
                                                                                  • Consumer survey data
                                                                                    • Abbreviations and terms
                                                                                      • Abbreviations

                                                                                      About the report

                                                                                      This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

                                                                                      Market

                                                                                      Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

                                                                                      Consumer

                                                                                      Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

                                                                                      Brand/Company

                                                                                      Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

                                                                                      Data

                                                                                      Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

                                                                                      *databooks not available with UK B2B Industry reports.

                                                                                      Below is a sample report, understand what you are buying.

                                                                                      Click to show report
                                                                                      2024 Sample Consumer Cover

                                                                                      Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

                                                                                      Trusted by companies. Big and small.

                                                                                      Want to speak to us directly?

                                                                                      Contact us with your enquiry and our expert global team can help.

                                                                                      Get in touch