The global demand in the health insurance replacement market is expected to increase significantly during the forecast period. Health insurance exchange is the latest trend in the online market. According to Forbes, recent market trends suggest that the global online health insurance market, or stock market industry, is worth around $2 billion.
Key drivers of this market include federal health insurance regulations, policies (Obamacare in the United States), and numerous federal funding sources. The move to a contribution model is expected to benefit consumers by reducing healthcare costs and making them more affordable. Increased use of IT in the healthcare sector and the move to integrated environments, among other growth factors, ensure that cloud-based technology could present a lucrative opportunity for the health insurance exchange market. has become
Under the Affordable Care Act (ACA), health insurance exchanges are important provisions that help select or create a list of providers competing with various services, such as eligible plans.
These certification plans are designed to meet the standards set by the ACA. Intense competition among providers may push providers to offer better quality and prices for the rates offered.
This strategy is implemented in practice through an online portal where consumers visit a virtual ‘shop’ to purchase health insurance. Those people who qualify for cost-sharing subsidies or premium subsidies can obtain these grants via these online portals in various health insurance exchange schemes.
The operation and maintenance phase help to determine the potential market growth, which is measured in terms of increased post-implementation requirements, which includes facility support, systems management, network operations, hardware and software upgrades, trouble reporting, troubleshooting, storage management, system performance reporting and monitoring and disaster recovery services.
The health insurance exchange industry is mainly driven by third-party administrators (TPA), brokerages, consultancies, and firms catering to diverse end-use industries. Health insurance exchange has several components including services and software, which are expected to gain higher revenues as compared to hardware components.
Periodic or routine upgrades of different modules and functions of the software components to foster compatibility are likely to spur segment growth. Compatibility requires the installation of additional features and information about the type of recurring service required for ongoing reporting. The Compatibility Framework also explores the ongoing migration from legacy mainframes to cloud and SaaS IT-enabled business models.
IT vendors generate the highest revenues in the market when measured across multiple components including planning, design, replacement implementation, systems integration, program management, operations and maintenance.
However, industry growth is expected to slow down due to factors such as data protection, security issues, heavy capital expenditures, lack of awareness especially for private exchanges, complex technology and regulatory changes. A shortage of a skilled workforce in terms of healthcare knowledge and technical expertise is also likely to pose challenges to market growth during the forecast period.
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Following are Top Key players Covered in Report:
Anadolu Hayat Emeklilik
Banco Bilbao Vizcaya Argentaria
BNP Paribas Cardif
China Life Insurance Company
China Pacific Insurance
Garanti Emeklilik ve Hayat
Great Eastern Holdings
Grupo Nacional Provincial
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1. North America: North America is expected to dominate the health insurance exchange market due to the presence of established healthcare infrastructure and a high adoption rate of technology. The United States, in particular, has a well-developed health insurance exchange system, driven by government initiatives such as the Affordable Care Act (ACA). The region also witnesses significant investments in healthcare IT, contributing to the growth of the market.
2. Europe: Europe is another prominent region in the health insurance exchange market. Countries such as the United Kingdom, Germany, France, and the Netherlands have well-established health insurance systems, with a focus on digitization and interoperability. The adoption of electronic health records and initiatives promoting healthcare data exchange drive the market growth in Europe.
3. Asia Pacific: The Asia Pacific region is experiencing rapid growth in the health insurance exchange market. Factors such as increasing healthcare expenditure, rising awareness about health insurance, and government initiatives to improve healthcare infrastructure contribute to the market’s expansion. Countries like China and India, with their large populations and growing middle-class segment, offer significant market potential.
4. Latin America: Latin America is witnessing a gradual shift towards health insurance exchange systems. Governments in countries like Brazil, Mexico, and Argentina are implementing policies to expand healthcare coverage and improve access to insurance services. The region presents opportunities for market players to invest in developing health insurance exchange platforms.
5. Middle East and Africa: The Middle East and Africa region are also witnessing increased adoption of health insurance exchange systems. Governments in countries like Saudi Arabia and the United Arab Emirates are investing in healthcare infrastructure development and digitization. Growing awareness about health insurance and a focus on enhancing healthcare services contribute to the market growth in this region.
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter’s Five Force Model and SWOT analysis are used to study the global Health Insurance Exchange market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Health Insurance Exchange would help in identifying future applications in this market.
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