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

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

Status : May, 2021 | 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)

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?