Health Insurance Market: Business Challenges, Emerging Technologies & Competitive Landscape

Health Insurance Market: Overview

The improving GDPs of several nations across the globe has favored the growth of the global health insurance market in recent years. Health insurance companies have been benefitting from the rising per capita incomes, the emergence of the middle class, and growing number of people with a relatively high income.

The research report by Transparency Market Research has also studied using a SWOT analysis and a Porter’s five forces. The research report includes an explanation of the various factors determining the trajectory of the global health insurance market in the coming few years. Analysts have also factored in opinions of various market experts and leaders to give the readers a fair understanding of the overall market. Additionally, the document includes recommendations for the new entrants and existing players to improve their businesses with the wealth of valuable knowledge about the market.

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Health Insurance Market: Trends and Opportunities

The efforts invested by several companies to make their product offerings as transparent as possible has fared well over the past few years. This move has made it easier for buyers to compare and understand the terms of insurance and the products being sold to them. Additionally, the integration of solutions through data analytics, cloud computing, and other modeling techniques is also projected to encourage the growth of the global market in the near future.

Despite the positive outlook of the global health insurance market, it faces some tough challenges such as intense competition and tough profit margins. The undulating economic conditions have also led a considerable about of uncertainty in the global market.

Health Insurance Market: Region-wise Outlook

The U.S. is the leading health insurance market in the global market due to its unmatched healthcare system in the world. The growth of the market is predominantly being aided by the strong presence of leading players such as Anthem Inc., Aetna Inc., UnitedHealth Group Inc., Humana Inc., and Cigna Corp. These players occupy a share of about 80% in the private and public sector of insurance in the U.S. The companies are exploring opportunities of digitizing access to insurance schemes and communication about the same with their consumers to reach out to a wider audience. Options such as providing distributors and consumers with self-service features are also likely to open up a plethora of opportunities for the global market. Furthermore, marketing the products in an easily comprehensible manner is also expected to be the strategy of leading players in the coming years. The only threat for the new entrants is the high level of competition in the U.S. health insurance market.

Asia Pacific is expected to a lucrative market as the region has shown a remarkable progress in its GDP. Furthermore, the improving disposable incomes and the enhancement of health security standards are also expected to boost this market in the region in the near future. The growing middle class and an increasing number of high net worth individuals in Asia Pacific are also expected to give the health insurance market the much-needed impetus.

Key Players Mentioned in the Report

Some of the leading players operating in the global health insurance market are Cigna Corporation, AIA Insurance Group, UnitedHealth Group Inc.,Allianz SE, Zurich Insurance Group Ltd., Express Scripts Holding Company, AXA, Aviva plc, Aetna, Inc., Apollo Munich Health Insurance, and International Medical Group.

Personal Emergency Response Systems Market Segment Forecasts up to 2023, Research Reports- TransparencyMarketResearch

A personal emergency response system is an electronic device that allows individual to seek a secure help during an emergency. This is system is connected with other devices such as cell phone or alarm and are programmed to signal a response center upon activation of ‘help’ or a ‘push’ button. This help button is a radiofrequency trigger device that is mostly worn around the wrist or neck. The person at the receiving end of the PERS can even interact with the individual in order to decide which action should be taken. It has been observed that there is an increasing trend towards usage of technologies that allow people to gain easy access to healthcare without any undue effort of staying in the hospital. Therefore, it is expected that the personal emergency response system market will be among the most lucrative component in the home healthcare market.

A basic model of PERS involves the equipment and a facility of call service. The equipment includes a receiver console through which call can be made to the emergency response centre of the PERS center staff of the service provider. The personal emergency response systems and its components those are involved in the remote access and monitoring have now become an indispensible part in the development of the telehealth services. These systems can be expected to be completely integrated with the consumer products such as wristwatch, cell phone, etc. in the near future. Such comprehensive solution will enable easier and independent life for seniors through management of diseases, social interaction and engagement. The major concerning factor that limits the natural growth of the global personal emergency response systems market include the out-of-pocket payments required for covering the cost of equipping the device of availing the service.

The U.S. Census Bureau has estimated that the present senior population in the U.S. is likely to increase from 34 million and reach 74 million by 2025. During the same time, the world population of seniors is set to jump from 550 million to 1.2 billion in 2025. Many people among this population are expected to demand for the home healthcare due to its cost effectiveness over hospitals. The desire to age-in-place has propelled the development of innovative personal emergency response systems. A survey conducted by the AARP International revealed that 90 percent of the baby boomer population wished to leave in their home as they grow older. Patients using personal emergency response system have reported to have increased control over their life, partially reduced dependency on others and more important is the peace of mind. All these favorable factors continue to augment the growth of global personal emergency response system.

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The competitive landscape of the global personal emergency response systems market is pretty stable right now with limited players entering into the market. However, the increasing market attractiveness is expected to drive more players into the market and intensify the competition in the near future. These products are distributed both through the retail channel as well as the institutional channel which involves direct or indirect contract with hospitals and large group purchase organizations (GPO). These systems are distributed into the market as a direct purchase option or the service of product is offered on a monthly rental payment for the device.

Some of the key players in the global personal emergency response systems market include Philips Lifeline, Tunstall Healthcare, Life Alert Emergency Response, Inc., ADT LLC, and Numera, Inc.

Geriatric Population Resulting in Increased Number of Diagnostic Check-Ups Boosting Medical Image Analysis Software Market

A new market research report by Transparency Market Research, titled “Medical Image Analysis Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”, is a comprehensive study elaborating on the prime roles of medical image analysis software. Aspects such as the current size of the market and the predicted growth trends in the forecast period from 2015 to 2013 have also been included in this study. In addition, the report also throws light on the chief performing products in the market, along with stating the estimated performance of these products all through the forecast horizon. Furthermore, the top application segments as well as end-use segments have also been presented via this research report in order to provide a detailed study on the market for medical image analysis software.

According to this research report, the advantages associated with the utilization of medical image analysis software such as easy readability, sharing and storing of images, and rising productivity are boosting the market for medical image analysis software. In addition, factors such as the rising geriatric population resulting in increased diagnostic check-ups and the rising convenience owing to image availability on mobile devices are also amongst the chief factors fuelling the market, as per this study. On the other hand, factors such as the issues of data security and the soaring costs of software may have a negative effect on the growth of the market.

On the basis of imaging modality, the report segments the market into magnetic resonance imaging (MRI), single photon emission computed tomography (SPECT) and positron emission tomography (PET), x-ray, computed tomography (CT), microscopy, and ultrasound. In terms of end use, the market for medical image analysis software is segmented into diagnostic centers and general hospitals.

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The report, on the basis of geography, segments the market into Europe, Asia Pacific, North America, and Rest of the World (RoW). Amongst these, North America leads the market and is trailed by Europe. This is owing to the swift technological advancements and the increasing demand for n-dimensional and platform-independent image processing and visualization in these two regions. On the other hand, as per the report, Asia Pacific emerged as the most lucrative medical image analysis software market and is poised to grow at a rapid rate in the coming years. This is owing to the rising occurrence of diseases requiring diagnostic tools, enhancement in health care facilities, and increasing government initiatives in this region.

Carestream Health, Toshiba Medical Systems Corporation, Bruker Corporation, and Merge Healthcare, among others, are the major players operating in the market, as per this study.

Healthcare Analytics Market Outlook and Forecast up to 2023

A new research study by Transparency Market Research presents a complete overview of the global market for healthcare analytics. The report, titled “Healthcare Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023”, is available for sale on TMR’s website.

According to the research report, the increasing pressure to control healthcare expenses is the key driving force behind the growth of this market.

The study analyzes the global healthcare analytics market on four fronts: type, application, end user, and regional spread. On the basis of analytics type, the report classifies this market into descriptive analytics, predictive analytics, and prescriptive analytics. Among these, the descriptive analytics segment is likely to occupy a dominant share of the market over the forecast period.

Based on application, the healthcare analytics market is segmented into predictive analytics, big data analytics, HIPAA, and genomics. Public health systems, accountable care organizations (ACOs), private healthcare providers, monitoring agencies, health insurance firms, clinical research organizations, medical research bodies, and technology vendors are the prime end users of healthcare analytics across the world, states the report.

Regionally, the report divides the global market for healthcare analytics into North America, Asia Pacific, Europe, and the Rest of the World. Among these, North America has acquired the leading position at present. The high number of market players present in the U.S. is the prime factor behind the dominance of the North America healthcare analytics market.

Analysts at TMR expect this regional market to retain its leadership during the forecast period. The U.S. healthcare mandates providing quality care and aimed at controlling the increasing healthcare costs are likely to boost the healthcare analytics market in North America in the near future.

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The report further states that the markets for healthcare analytics in Asia Pacific, Europe, and the Rest of the World have also been gaining impetus due to the rising demand for the treatment of diseases in their early stages, better clinical outcomes, and the increasing efficacy of the healthcare procedures in these regions.

The research report also presents a study of the competitive landscape of the global healthcare analytics market, by analyzing the company profiles of major market players. According to it, this market is fragmented and highly competitive. The presence of a large pool of market participants is the key factor behind this.

Truven Health Analytics Inc., Allscripts Health Solution, Cognizant, Oracle Corp., Mede Analytics Inc., Cerner Corp., IBM Corp., Verisk Analytics Inc., MedAssets Inc., Health Catalyst, Inovalon Inc., Mckesson Corp., Optum Inc., and SAS Institute Inc. are some of the key players operating in the worldwide healthcare analytics market, states the market study.

Wireless Health Market: Emerging Technology, Industry survey and Analysis – 2023

The e-health monitoring system with wireless sensor network is used for patient telemonitoring and telemedicine. A 2012 article titled ‘In-home health monitoring to leap six-fold by 2017’ illustrated that Wireless remote monitoring devices will be used by more than 1.8 million people worldwide in the next four years. Of the billions of dollars spent on health care each year, 75% - 80% of it accountsfor patients with chronic illnesses such as diabetes, heart disease, asthma and Alzheimer’s disease. Over a decade, healthcare industry has taken a measured approach pertaining tointegrationof information technology (IT). Recent federal legislation and emerging trends, however, are changing the landscape and driving the need to accelerate the adoption of health IT in healthcare especially in medical devices.

Among wireless health products wearable medical devices is expected to be the fastest growing segment. Information delivered by modern wearable medical devices is easy to interpret and hence popularity is expected to increase rapidly within non-medical personnel. With these devices, peoplecan quickly modify their lifestyle to better improve their physical stature. Devices that measure temperature, heart rate and other parameters can be of paramount importance while determining physical fitness of a person.Over 65% of technologies are wrist held devices shaped like watches and the rest are wearable on other areas of the body such as arms, torso and waist. Along with the aesthetics, several other features for durability of the device are included such as waterproofing and weatherproofing. The latest in developments is telecommunication, wireless connectivity and improved user interface. The advent of smartphones has resulted in multi-fold increase of growth in applications that can now extend to storage and retrieval of history for the individual for long term mapping and improvement of fitness.

Some of the major factors driving this market are the decreasing costs of electronics that has now made these devices available to middle and even low income groups over the world, and increased use of internet globally. According to the World Bank, number of internet users per 100 people increased from 15.8 in 2005 to 38.1 in 2013. The global wireless health market by products encompasses ECG monitors, insulin monitors, neuromonitors such as EEG and EMG devices.There are several devices which have in-build capability to diagnose, detect and send patient records to a centralized servers which can be easily accessed by healthcare providers. Advantages of wireless health devices encompasses patient comfort, accurate detection and analysis, access to stored patient data for a considerable longer period of time i.e. weekly or monthly. Recently Engineers at the University of Illinois at Urbana-Champaign and Northwestern University have demonstrated stick-on patches which can be used on a daily basis to monitor patient’s ECG. Additionally, the patient record can be easily accessed through a cell phone or computer wirelessly.

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Geographically the market can be studied for four geographical regions: North America, Europe, Asia Pacific and Rest of the Word. Currently, North America in terms of revenue accounts for the largest share owing to burgeoning population of cardiovascular diseases, diabetic patients. Moreover government initiatives such as the Affordable Care Act and favorable reimbursement scenario also promotes the sales and adoption of innovative wireless health monitoring and diagnostic products. Followed by the U.S., Europe holds the second leading position in the current scenario. Historically, the major EU countries have always been at the forefront of developing innovative healthcare technologies.In November 2013, Belgium-based research center Imec showcased its ideas for wearable sensor technologies for remote healthcare and personal health applications. The company introduced a body patch that integrates an ultra-low power electrocardiogram (ECG) chip and a Bluetooth low-energy radio. The company has also developed a prototype of a patient-friendly wireless EEG headset together with Holst Centre and Panasonic. Asia Pacific and Rest of the World market are among the fastest growing and largely untapped market. High cost of devices and lack of awareness about these devices are among the major restraint to the current adoption of the products in emerging market.

Some of the key players operating in this market encompasses Omron Corporation, GE Healthcare, Koninklijke Philips N.V., Polar Electro, Nihon Kohden, Siemens A.G., Mckesson Corporation,and Cerner Corporation.

Healthcare IT (Provider and Payer) Market Will Reflect Significant Growth Prospects during 2015-2023

A report by Transparency Market Research (TMR) presents a detailed overview of the global healthcare IT market. The report is titled “Healthcare IT (Provider and Payer) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”.

The report analyzes the various elements of the healthcare IT market, the market featuring information technology solutions aimed at the digitization the healthcare industry. The information technology industry has offered a variety of solutions with the help of which many legacy healthcare systems and innumerous processes have become automated and computer controlled. The rising integration of such solutions in the modern-day healthcare industry has led to a significant reduction in response time, errors in data storage and processing, and has led to efficient delivery, management, and storage of the vast amount of data in the healthcare industry.

The increasing awareness regarding numerous benefits offered by IT in healthcare has fuelled demand for healthcare IT solutions in the past few years and healthcare IT represents one of the fastest growing sectors of healthcare industry these days.

The report analyzes all the important elements of the market on a global as well as a regional level. For the purpose of study, the market is segmented on the basis of four criteria: delivery mode, application, component of healthcare IT system, and geography.

On the basis of application, the market is segmented into provider and payer. On the basis of delivery mode, the market is segmented into on-premise, web-premise, and cloud-premise. Component-wise, the healthcare IT market is segmented into services, hardware, and software.

The report states that the rising pressure for reducing healthcare costs, the rising demand for digitized healthcare records for making healthcare services more effective, high return on investment from healthcare IT solutions, rising prevalence of a number of chronic diseases, and flourishing medical tourism in Asian countries are some of the key factors driving the global healthcare IT market.

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However, some factors such as the fragmented nature of market, high costs incurred in replacing legacy healthcare systems with digital solutions, and high cost of maintenance of healthcare IT solutions as compared to the manually operated ones are hampering the overall growth of the market to a certain extent. Furthermore, the diverse nature of regulatory scenario in developed and developing countries also adversely impacts the growth of the global healthcare IT market.

The market is highly competitive and features the presence of a large number established and new companies. Some of the key companies in the market are McKesson Corporation, GE Healthcare, NextGen Healthcare Information System LLC, Epic Systems, Cerner Corporation, Siemens Healthcare, Philips, Carestream Health, Inc., Allscripts, Medical Information Technology, Inc., Athenahealth Inc., and Hewlett-Packard.

Global Report on Health Care Social Media Marketing Market

Social media marketing is an upcoming field; the emergence of which has been fueled by the rapid rise of social media in recent years. Over the last decade, social media such as Facebook, Twitter, LinkedIn, and others have gone from being a novelty to an everyday necessity. Due to the ease of sharing information with the masses, social media marketing has caught on in the last few years.

Health care is the latest sector to join the social media marketing bandwagon. The ease of sharing information on social media has led many medical equipment manufacturers and other entities in the health care field to advertise their products and services on social media and interact with the customers about the same.

The increasing number of social media users is responsible for the rising demand from the health care social media marketing market. The high proportion of the global population with access to high-speed internet and the requisite amount of tech literacy has led to high demand for the availability of medical knowledge on the internet, thus spurring the global health care social media marketing market.

However, the market is held back by restraints such as the possibility of fraudulent information being passed as genuine and the concern for privacy. The lack of privacy in social media is a well-debated topic already, lending weight to the reluctance of some users to post sensitive medical information on the internet.

Apart from advertising, social media marketing is also a powerful tool for interacting with potential customers. Customer feedback about upcoming products and procedures can even be directly implemented in health care products, making them more in line with what the customer actually needs and wants.

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Regionally, North America emerged as the leading market for health care social media marketing in 2014. The high number of tech-savvy customers and rising usage of and government support for telehealth systems are the main factors driving the North America health care social media marketing market. In the coming years, the Asia Pacific and Rest of the World market for health care social media marketing are expected to emerge as strong contenders in the global scenario, due to the rising availability of high-speed internet and growing social media user base in developing countries such as China, India, Indonesia, South Korea, Brazil, Argentina, and Chile.