US Healthcare providers (HCPs) fear that inflation is driving patients to postpone or stop treatment, according to a new survey. The GlobalData report, Inflation in Medical Devices, asked healthcare providers across Japan, the US and the five largest Western European economies how inflation in the sector was impacting care programmes in H2 2023.

GlobalData is the parent company of Hospital Management Network.

Responses were generally negative, with over 40% of respondents reporting that patients were postponing treatment due to rising costs in all countries except Japan. In the United States, 71% of HCPs reported either slight or significant postponements, with 68% expecting the issue to take 2 or more years to resolve.

Over 90% thought that out-of-pocket costs had become a more important factor for patients in deciding on treatment plans throughout 2023. These figures are higher than those found in Europe and Japan, likely due to America’s unique healthcare system in which individuals are required to take out private insurance plans to get access to treatment. This means that they may be saddled with unexpected costs if their insurer decides not to cover their treatment.

The report notes that the nation’s economy is “doing better than expected,” with slowing inflation and stable interest rates, but also warns that “the full impact of the monetary tightening may not yet have been felt.”

Among the other countries surveyed, Japan was the most confident, with only 35% of HCPs believing that rising healthcare costs are causing patients to delay or stop treatment. Western Europe ranged between 40% and 65%.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In its key findings, the report reckons that the backlog created by this postponement will take years to clear, and warns that the cost-of-living-crisis “may lead to cutting less essential health procedures, such as routine and dental. Postponing operations can lead to deteriorating health. Additionally, with HCP shortages worldwide, it may result in more backlogs and higher treatment costs for healthcare systems.”