In this article, we will be taking a look at the 20 countries with the best healthcare in 2024. If you do not want to learn about the market dynamics in global healthcare, head straight to the 5 Countries With the Best Healthcare in 2024.
In 2024, the landscape of global healthcare continues to evolve, with certain nations standing out for their exemplary healthcare systems. From cutting-edge technology to comprehensive coverage and accessible services, these countries epitomize excellence in healthcare delivery. Factors such as efficiency, affordability, and quality of care contribute to their recognition as leaders in the field.
Transformative Trends and Market Dynamics in Global Healthcare
The global healthcare sector is experiencing significant transformation driven by technological advancements, demographic shifts, and evolving patient needs. In 2024, key trends shaping the future of healthcare delivery include the adoption of artificial intelligence (AI) for streamlining processes, sustainability practices, remote technologies for care delivery, and innovative strategies to address rising costs.
The Affordable Care Act (ACA), signed in 2010 in the US, aimed to increase insurance coverage, improve quality of life, control costs, and provide access to healthcare services for US citizens. However, it has faced criticism for quality, coverage, and costs.
Europe’s healthcare, on the other hand, is diverse, with countries managing their systems independently. Healthcare spending in the European Union stood at approximately €1.5 trillion in 2022. Key players like Germany and France spend over 11% of their GDP on healthcare. Europe is known for its universal healthcare systems emphasizing accessibility and quality. Managed Entry Agreements (MEAs) have been crucial in regulating pharmaceutical prices in European healthcare systems, enhancing efficiency, and patient access to quality care.
Financial statistics reveal the scale and growth projections of the global healthcare market. The global healthcare services market reached $7.98 trillion in 2023, growing at a CAGR of 6.3% from $7.5 trillion in 2022. It is projected to reach $9.82 trillion by 2027 with a CAGR of 5.3%. In 2015, OECD countries spent an average of 9% of GDP on healthcare, with the US having the highest rate among industrialized nations at almost double this value.
Trends and Projections in Pharmaceuticals, Costs, and Telemedicine
The global hospital pharmaceuticals market is poised to reach $330 billion by 2029, with the oncology segment leading in market share and growth rate. Pharmaceutical spending, covering prescription medicines and self-medication, has surged, surpassing GDP growth in many countries. In nations like Greece, Italy, Austria, and France, pharmaceutical spending per capita is notably high, reflecting diverse healthcare needs and funding sources. Global spending on medicines reached $1.5 trillion in 2023, with total global healthcare spending expected to soar to $10.2 trillion.
The pharmaceutical market is expected to expand by 6.19% from 2024 to 2028, reaching $1,470 billion, fueled by new drug launches and increased utilization of existing drugs. Despite challenges such as rising business costs and evolving threats, the United States leads in pharmaceutical revenue share. Initiatives like reduced taxes and lower drug prices are anticipated to spur growth. The relationship between pharmaceutical spending and GDP is complex, influenced by factors such as healthcare economic development levels and government policies.
Research and development expenses remain substantial, with the United States dominating global pharmaceutical spending in 2021. China and India exhibit significant growth in the pharmaceutical industry, stimulating economic activity through employment opportunities and tax revenue generation.
Meanwhile, rising healthcare costs, particularly pronounced in the US, have outpaced general inflation rates. Healthcare services increased by 114.3% from 2000 to June 2023, exacerbated by the COVID-19 pandemic, which added an estimated $200 billion annually to US healthcare expenditure for treatment and prevention. These escalating costs have led to a 2.4-year drop in US life expectancy from 2019 to 2021, far exceeding declines in other OECD countries.
Telemedicine is emerging as a critical component of global healthcare, with the market projected to soar from USD 87.41 billion in 2022 to USD 449.01 billion by 2032. North America dominates, with a market share of USD 41.85 billion in 2022, expected to grow at a CAGR of 17.2% from 2023-2030. Overall, the telehealth & telemedicine market is forecasted to reach $285.7 billion by 2028, with a robust CAGR of 23.
Johnson & Johnson (NYSE: JNJ), a global healthcare leader with over 135 years of history and a workforce exceeding 150,000, is committed to improving healthcare access worldwide. Its contributions to pharmaceuticals and medical devices cover a range of health conditions. Recently, the company refreshed its visual identity to emphasize its dedication to healthcare innovation. Divided into Innovative Medicine and MedTech segments, Johnson & Johnson (NYSE: JNJ) focuses on introducing advanced, personalized healthcare solutions. It targets a 5-7% Compound Annual Growth Rate (CAGR) for 2025-2030. In the near term, it expects 5-6% operational sales growth for 2024, with adjusted earnings per share (EPS) forecasted at $10.55-$10.75. Johnson & Johnson (NYSE: JNJ) underscores its commitment to advancing science and technology to drive market growth and innovation in Innovative Medicine, aiming for at least 3% operational sales growth in 2025.
Cardinal Health, Inc. (NYSE: CAH), based in Dublin, Ohio, is a major player in the global healthcare industry. It serves a wide range of healthcare facilities, including hospitals, pharmacies, and physician offices, with its distribution, manufacturing, and data solutions. The company focuses on product innovation, exemplified by solutions like the NTrainer System 2.0 for newborns. Cardinal Health, Inc. (NYSE: CAH)’s innovation center, Fuse, drives product development, emphasizing ethical business practices globally.
In fiscal 2024 Q1, Cardinal Health, Inc. (NYSE: CAH) reported a revenue of $54.8 billion, a 10% increase from the previous year. Despite a GAAP operating loss due to a goodwill impairment, non-GAAP operating earnings rose by 35%, with non-GAAP diluted EPS up by 44%. Notable achievements include launching the Kangaroo OMNI™ Enteral Feeding Pump, initiating a $500 million share repurchase program, and contributing to COVID-19 vaccine distribution efforts.
A smiling healthcare professional, treating a patient with the PLEX platform.
Our Methodology
We developed a thorough method to rank countries with the best healthcare in 2024. We combined different rankings like the LPI, CEOWorld Health Index, US News Ranking, and WHO index into one score. This gave us a complete picture of each country’s healthcare. Then, we ranked the countries from lowest to highest based on this combined score.
Here is our list of the 20 countries with the best healthcare in 2024.
20. Sweden
Insider Monkey Score: 35.12
Sweden boasts one of the world’s top healthcare systems, marked by robust infrastructure and substantial expenditure, reaching 11.5% of its GDP in 2020. With a population of around 10 million, Sweden ensures universal healthcare coverage with minimal user charges Prioritizing prevention, Sweden allocates 3.3% of its healthcare spending to prevention programs, exceeding the EU average.
19. Denmark
Insider Monkey Score: 35.34
Denmark’s healthcare system, funded by a progressive income tax, provides universal access. Health spending surpasses 25% of the EU average per person, with 84% from public funds. Healthcare expenditure is 10.4% of GDP, with 10.5% in 2020. The main causes of treatable deaths are colorectal and breast cancer. Preventable deaths are slightly below the EU average. Out-of-pocket spending is 14%, and around 40% have private insurance. Funding is distributed through tax revenues to regions and municipalities.
18. Switzerland
Insider Monkey Score: 36.30
Switzerland’s healthcare is renowned for universal coverage and quality, spending $8049 per capita on health, making Switzerland stand among the countries with the best healthcare in 2024 . Health expenditure is 11.3% of GDP, with 4.4 doctors and 18.4 nurses per 1,000 population. Preventable mortality is lower than the OECD average at 94 per 100,000, and treatable mortality at 39 per 100,000. Diabetes prevalence is below the OECD average. In 2016, total health expenditures were 12.2% of GDP, with 62.8% publicly financed. Despite good outcomes, costs are relatively high. The system is funded through premiums, taxes, and out-of-pocket payments, highly decentralized with cantons playing a key role.
17. Germany
Insider Monkey Score: 36.32
Germany boasts one of the world’s top healthcare systems, with around 88% covered by statutory health insurance and 11% by private insurance. Health expenditure is approximately 11.25% of GDP. Common diseases include cardiovascular diseases, cancer, respiratory diseases, and mental health disorders. The system is funded through general wage contributions and supplementary contributions, with 13.5% of spending out-of-pocket in 2017.
16. Belgium
Insider Monkey Score: 36.37
Belgium boasts a strong healthcare system with good access to high-quality services, contributing to its population’s good health and long life expectancy. Spending 10.9% of GDP on healthcare in 2023, Belgium is among the top EU healthcare spenders. With $6600 spent per capita on health, it exceeds the OECD average. Preventive care is notable, with 56% of women screened for breast cancer, and a lower obesity prevalence at 21.2%. Public spending is high, covering around 78% of healthcare costs, with out-of-pocket expenses similar to the OECD average of 18%.
15. Finland
Insider Monkey Score: 36.4
Finland’s healthcare system is strong, with health spending per capita slightly above the EU average at EUR 3,036 in 2017, making Finland stand among the countries with the best healthcare system. Health expenditure is 10% of GDP, with 75% covered by public funding. Common diseases include prostate, childhood leukemia, and various cancers. Preventable mortality is close to the EU average, with alcohol-related deaths and cancer being major concerns.
14. Norway
Insider Monkey Score: 36.57
Norway’s healthcare system is renowned for its universal coverage funded through taxes and payroll contributions. Spending $7771 per capita on health, exceeding the OECD average, it accounts for 7.9% of GDP. With 5.2 doctors and 18.3 nurses per 1,000 population, Norway surpasses OECD averages. The system includes primary, ambulatory, mental health, and hospital care, with municipal management of primary care and state-owned regional authorities overseeing specialty care. About 10% of the population has private insurance for faster access to private providers.
13. Netherlands
Insider Monkey Score: 37.15
The Netherlands’ healthcare system is robust, spending $6729 per capita on health, exceeding the OECD average. Health expenditure is 10.2% of GDP, higher than the OECD average. Lung cancer is a significant contributor to preventable deaths. The system offers essential services with decreasing waiting times and low out-of-pocket payments. With 3.0 hospital beds per 1,000 population, slightly below the OECD average, the Netherlands emphasizes a strong primary care system.
12. France
Insider Monkey Score: 37.69
France’s health expenditure stand at 11.31% of GDP, funded through various sources including payroll taxes and state subsidies. Key health indicators include a fertility rate of 1.85, a life expectancy of 86 years for females and 83 years for males, and an infant mortality rate of 2.7 deaths per 1,000 live births. Common diseases include a 17% obesity rate, with child mortality at 3.2 per 1,000 live births and maternal mortality at 8 deaths per 100,000 live births. Public financing covered 77% of health expenditures in the country.
11. Luxembourg
Insider Monkey Score: 38.70
Luxembourg’s healthcare system is robust, spending EUR 3,742 per capita in 2019, above the EU average, making Luxembourg stand among the countries with the best healthcare in 2024. Mortality rates from treatable causes have declined, but concerns remain over smoking and heavy alcohol use. Recent statistics show health expenditure at EUR 4,182 per capita in 2021, 5.7% of GDP, with a focus on prevention and significant public expenditure funded by social security contributions.
10. South Korea
Insider Monkey Score: 38.96
South Korea’s health expenditure stand at 9.7% of GDP. Transitioning to government-mandated universal health coverage, 96.3% of the population is covered by national health insurance. Common challenges include chronic diseases like COPD, asthma, and uncontrolled diabetes. The country faces a higher death rate compared to the OECD average. South Korean hospitals have a significant number of beds, with 12.77 per 1,000 population, second only to Japan.
9. Japan
Insider Monkey Score: 39.04
Japan’s healthcare system, Social Health Insurance (SHI), offers universal coverage, funded by 5% of salaries with a 70% government contribution. Health expenditure is 11.9% of GDP. Prioritizing preventive care, Japan provides free screenings and prenatal programs. Healthcare spending rose by 3.1% in 2011 due to the aging population and advanced care. Efforts focus on proper care delivery, with emphasis on primary care to address challenges posed by an aging population and reduce access disparities.
8. Israel
Insider Monkey Score: 39.47
Israel’s healthcare system provides universal coverage through four independent health plans. Spending 7.4% of GDP on healthcare in 2023, below the OECD average, it’s efficient and innovative. Increased private-sector health spending results in higher out-of-pocket expenses. The pandemic drives significant funding for health tech companies, with $14.7 billion raised in new funds in the first half of 2021. Out-of-pocket spending, 22% of total health expenditures in 2016, covers voluntary health insurance, adult dental care, and pharmaceuticals.
7. China
Insider Monkey Score: 39.68
China, standing seventh among the countries with the best healthcare in 2024 has established a comprehensive healthcare system aiming for universal coverage and basic medical service access. Over 95% of its population, exceeding 1.35 billion people, are covered by basic medical insurance (BMI), making it the world’s largest healthcare security network. In 2022, healthcare expenditure surpassed 8.5 trillion yuan, with a government subsidy of CNY 550 per person for resident medical security in 2020.
6. Italy
Insider Monkey Score: 44.01
Italy’s healthcare system, the Servizio Sanitario Nazionale (SSN), offers universal coverage for citizens and legal residents, funded through national and regional taxes. It’s decentralized, with 19 regions managing health services. Italy ranks second globally after France in healthcare quality, boasting high life expectancy and low infant mortality. Health expenditure, at 8.7% of GDP in 2019, is lower than in Western Europe, with 74% funded publicly. Common diseases include cardiovascular diseases, cancer, and respiratory disorders.
Click to see and continue reading the 5 Countries With the Best Healthcare in 2024.
Suggested Articles:
- 15 Countries with the Best Public Health Systems in the World.
- 25 Healthiest Countries in the World.
- 15 States with the Best Healthcare in the US.
Disclosure. None: The 20 Countries With the Best Healthcare in 2024 is originally published on Insider Monkey.