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.
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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:
- CGI Inc.
- Oracle Corporation
- Xerox Corporation Ltd.
- IBM Corporation
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.
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Global health insurance exchange market segmentation:
- Public Exchange
- State-based Exchange
- Federally Facilitated Exchange (FFE)
- State Partnership Model
- Private Exchange
- Multi-carrier Exchange
- Single-carrier Exchange
- 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 End User
- Government Agencies
- Third Party Administrators (TPAs), Brokerage Firms, and Consultancies
- Health Plans/Payers
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