Vital Signs 2022

U.S. Healthcare Spending: Historical & Projected

8M

7M

6M

5M

4M

3M

2M

1M

Healthcare Spending in $Ms

M

2012

2018

2016

2014

2010

2022

2028

2026

2024

2002

2020

2030

2008

2006

2004

2000

Year

Source: CMS, Cushman & Wakefield Research

pandemic levels, according to The Advisory Board. Elective surgeries and other procedures delayed due to the pandemic have been the driver of patient encounters this year. Many of these procedures are now conducted at outpatient facilities, which have experienced substantial growth in the wake of the pandemic. In spite of these headwinds, the overall healthcare sector is also supported by robust secular drivers, as overall healthcare spending is expected continue to expand with a growing population entering the 65-and-older age cohort. This demographic tailwind, along with delayed and deferred demand for continuous care and elective procedures in the wake of the pandemic, likely will buoy medical office through recent market turmoil.

U.S. Population by Age

5.0

4.5

4.0

3.5

3.0

2.5

2.0

Millions of Persons (U.S.)

1.5

1.0

20 25 30 35 40 45 50 55 60 65 70 75

Age

Source: U.S. Census Bureau, Cushman & Wakefield

5