What makes markets for health care services different from markets for other goods and services?

Markets for health care services differ from those for other goods and services primarily due to the asymmetry of information, where patients often lack the knowledge to make informed decisions about their care. Additionally, health care is often characterized by inelastic demand, meaning consumers will prioritize it regardless of cost, especially in emergencies. The presence of third-party payers, such as insurance companies, further complicates pricing and access, while regulatory frameworks aim to ensure quality and equity, which are less prevalent in other markets. Finally, the unpredictable nature of health care needs leads to a unique uncertainty that doesn't align with standard market behaviors.