Global Health Insurance Exchange Market: Overview
The health insurance exchange is a marketplace that houses various health insurance offers. This exchange can be organized privately or by the government. The government regulated exchange has the benefit of keeping consumer protection at the forefront while keeping the health insurance market competitive. These came into being in the United States in the 1980s, and recently were boosted by the Obama administration in 2014 to include a large section of the American population under their cover.
As the incidence of chronic diseases increases worldwide, the need for continuing healthcare will put a stress on individuals who can ill afford advanced healthcare. The healthcare exchange here helps people choose the best options and hence is expected to grow over the period of 2020 to 2030, states Transparency Market Research.
Global Health Insurance Exchange Market: Competitive Landscape
A number of insurance agencies are involved in the organization of this marketplace. This makes the market scenario fragmented. Some of these agencies are mentioned below:
- CGI Inc.
- IBM Corporation
- Oracle Corporation
- Xerox Corporation Ltd.
- Hexaware – Technologies
- Innovation Inc.
- Microsoft Corporation
- Noridian Healthcare Solutions
- Wipro Ltd
These agencies are expected to grow market outreach and acquire more insurance agencies into their fold, to increase competition and make the healthcare insurance market more lucrative for consumers.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
Global Health Insurance Exchange Market: Key Trends and Drivers
- Chronic diseases are constantly on the rise globally, and 57% of the global population is expected to suffer from one or more of these ailments by 2050. A chronic disease, by the very definition of the term, needs long term care. As healthcare becomes more sophisticated and expensive with time, a lot of people will require some form of healthcare insurance to cover for their treatments.
- Two thirds of the world's population lives on less than USD 10 a day. So a sizeable population of the world will struggle to survive, and a healthcare insurance at affordable rates might be helpful. This should help the health insurance exchange market grow in the future.
- The advent of e-commerce solutions have made it possible to view and buy commodities at the press of a button. E-commerce today accounts for 11.5% of total sales in the United States, and is expected to increase in the future as 3 billion people today use smart phones. The ease of viewing insurance policies is due to give a big impetus to the health insurance exchange.
- A hindrance to the growth of this market could be the relative unease that people have with buying insurance policies online. As such transactions involve disclosure of financial information to integrated and open software. This effect can be neutralized by ensuring data security and transparency of transactions.
Global Health Insurance Exchange Market: Regional Analysis
North America is likely to witness the highest growth in this market due to robust healthcare infrastructure, increasing incidence of chronic illnesses, and an increasingly aware consumer base. In this region, the United States occupies the highest share in the health insurance exchange market and is expected to continue this domination in the coming years given the government's support to this policy.
Currently, the Asia Pacific region (APAC) and Europe do not have a considerable stake in this market. However, as HCIT (Healthcare Information Technology) and HIE (Health Insurance Exchange) are adopted in these areas for the economically weaker sections of society, the market should witness a steady growth in these regions.
Looking for Regional Analysis or Competitive Landscape in global health insurance exchange market, ask for a customized report here
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.