The health insurance exchange IT market is estimated at $1.6 billion in 2013 is expected to reach $2.6 billion by 2018, growing at a CAGR of 10.5% from 2013 to 2018, according to new report by MarketsandMarkets.
The health insurance exchange IT market shows a double-digit growth rate due to the PPACA reforms, federal funding, trend toward defined contribution model, and drive to reduce healthcare costs and make healthcare affordable.Apart from these parameters, other factors such as growing healthcare IT adoption, boosting healthcare information exchanges, and integration environments are indirectly supporting this market growth. However, factors such as dataprivacy and security issues, high capital investments, lack of awarenessespecially for private exchanges, complex set of technologies, changing regulations, and lack of manpower with healthcare and technical skills may hinder the growth of this market.
The U.S. health insurance exchange IT market carries a lion’s share in the global HIX IT market and is yet poised to grow at the fastest CAGR during the forecast period owing to growing adoption of private exchanges. The European market currently has a miniscule market share, growing at a lower rate mainly due to economic crisis, cultural barriers to IT adoption, and lack of initiatives for implementing HIX. Currently, Asia and the Rest of the Worlddo not have a measurable stake in this market. However, increasing HCIT and HIE adoption, decent IT skills, and the increasing outsourcing trend is expected to generate revenues in terms of private exchanges in this market in the near future.
Some leading players in the health insurance exchange IT market are:
- Accenture (Ireland)
- CGI Group, Inc. (Canada)
- Deloitte (U.S.)
- IBM Corporation (U.S.)
- Infosys (India), MAXIMUS (U.S.)
- Oracle Corporation (U.S.)
- Xerox Corporation Ltd. (U.S.)
Other emerging players such as Connecture (U.S.), Cognosante (U.S.), hCentive (U.S.), Hewlett-Packard (U.S.), Hexaware Technologies (India), Inovalon, Inc. (U.S.), KPMG (Netherlands), Microsoft Corporation (U.S.), Noridian Healthcare Solutions, LLC (U.S.), Tata Consultancy Services (TCS) (India), and WiproLimited (India), among others.
For more information, visit http://www.marketsandmarkets.com/Market-Reports/healthcare-it-integration-market-228536178.html