Health Insurance Exchange Market - Global Industry Analysis, Size, Trends, Growth, and Forecast 2019 - 2029

  • Single User License $3500

Health Insurance Exchange Market - Global Industry Analysis, Size, Trends, Growth, and Forecast 2019 - 2029

Status : January, 2023 | Healthcare IT

Report Digest

Global Health Insurance Exchange Market: Overview

A market for various insurance offerings to be pooled and presented to the public for possible cover against illnesses, health insurance exchange is a crucial enabler of better healthcare outcomes. It can either be privately held or regulated by the appropriate authorities. Government regulated exchanges have the usual benefits of safety and security of purpose, but offer less benefits and are slightly less lucrative than privately run exchanges.  

Running since the 1980s, these healthcare exchanges have run in a big way in the U.S.A. The Obama Administration as recently as 2014 introduced groundbreaking innovations in this market that made the purchase of insurance easier and safer for most people in that region. Such a development has come at the right time as it gives much needed health cover for an ageing population, as per TMRR. Increasing age brings with it vagaries of chronic illnesses which need periodic treatment. Without a regular health cover, it is usually very expensive to get repeated heath cover. These scenarios and rising awareness among people about the right to good healthcare has brought much impetus to the health insurance exchange market from 2019 to 2029.

Global Health Insurance Exchange Market: Competitive Landscape

Multiple insurance companies are dabbling in the vendor landscape of this market. It is the reason that the market is not just competitive but also fragmented in nature. Handful of these names that are known for their pro-activeness and aggression are stated ahead:

  • Accenture 
  • Cognosante
  • CGI Inc.
  • Deloitte
  • hCentive
  • Infosys
  • Oracle Corporation
  • Xerox Corporation Ltd.
  • IBM Corporation
  • Connecture

These companies are anticipated to enable expansion of market operations and take over smaller insurance companies. Market outreach is expected to grow by advertisements and bringing awareness to people. This makes the exchange more profitable for people overall and ensures better insurance cover for the individual at lower costs. 

Global Health Insurance Exchange Market: Key Trends and Drivers

  • The world population is ageing at a steady rate. By the year 2060, half of all residents of the United States are expected to be aged 65 years and above. As individual ages, day to day functioning requires frequent visits to a healthcare setting. Chronic illnesses too increase with age, and according to the World Health Organization 57% of all people around the globe are expected to suffer from one or more chronic illness by 2060. This further means more visits to healthcare settings and accentuates the role of healthcare insurance.
  • E-commerce has made advent of the insurance exchange market easier. Since the onset of personal technology access to online options has become the matter of a few clicks to people. E-commerce recommends and advertises in a big way and with a couple of billions of people holding on to a smart phone or other smart device today, this trend is projected to show an upward curve in the coming years. 

Global Health Insurance Exchange Market: Regional Analysis

North America and Europe are currently global leaders in the health insurance exchange market. This can be attributed to the presence of a strong healthcare infrastructure and demands of people for better healthcare facilities. Regional governments support cheaper healthcare spending for people due to the presence of good amounts of disposable income in this region. 

The Asia Pacific region (APAC) is expected to register the fastest growth in this market owing to the presence of an upcoming healthcare sector that is increasingly supported by regional governments. Healthcare insurance is becoming important for people with increasing innovation and costs of healthcare solutions. 

Global health insurance exchange market segmentation:

By Type

  • Public Exchange
    • State-based Exchange
    • Federally Facilitated Exchange (FFE)
    • State Partnership Model
  • Private Exchange
    • Multi-carrier Exchange
    • Single-carrier Exchange

By Phase

  • Pre-implementation Services
  • Implementation/Exchange Infrastructure Delivery
    • System Development and Deployment
    • System Integration and Interfacing
    • System Software Components
  • Program Management and Independent Verification and Validation (IV&V) /Quality Assurance (QA)
  • Operations and Maintenance

By Component

  • Services
  • Software
  • Hardware

By End User

  • Government Agencies
  • Third Party Administrators (TPAs), Brokerage Firms, and Consultancies
  • Health Plans/Payers

By Geography

  • U.S.
  • Europe
  • Asia
  • Rest of the World (RoW)

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?