Growing geriatric population in several parts of the world who require frequent visits to hospitals, clinics is a primary factor fuelling the health insurance exchange market.
Growing geriatric population in several parts of the world who require frequent visits to hospitals, clinics is a primary factor fuelling the health insurance exchange market. Health insurance exchange enables individuals to select most suitable health insurance plan, which is usually bought on their own. Health insurance exchange most commonly refer to public health insurance exchanges developed by the government. This authenticates companies listed on a health insurance exchange for their plans and coverage. Meanwhile, public health insurance exchange are mainly of three types: state-based exchange, federally/centrally facilitated exchange, and state partnership model. 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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Modern Healthcare Infrastructure makes North America Prominent
Currently, North America and Europe are at the forefront in the health insurance exchange market. Leading market share of these regions is attributed to a strong healthcare infrastructure and extremely high cost of health services for out-of-pocket expenses.
Asia Pacific, on the other hand, is expected to register leading growth rate in the health insurance exchange market in the years ahead. Rapid advancement of the healthcare sector in developing economies of the region supported by regional governments is fuelling the health insurance exchange market in the region. Steep rise in cost of healthcare services due to modernization of services is also necessitating to buy health insurance plan. Low coverage of employer-based health insurance for individuals working in small and mid-size companies is making them buy their own health insurance plans for which health insurance exchange comes into picture. This propels the health insurance exchange market in the region.
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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Key Players Analysis:
Multiple insurance companies mark presence in the health insurance exchange market. This makes the vendor landscape competitive and fragmented. Prominent players operating in the health insurance exchange market include Accenture, CGI Inc., hCentive, MAXIMUS, Xerox Corporation Ltd., Connecture, Cognosante, Deloitte, Infosys, Oracle Corporation, and IBM Corporation.
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