Analysis of Potential Impact of COVID-19 on Health Insurance Exchange Market
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.
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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.
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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.
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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.
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- 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.
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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.
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