Orthopaedic software is an excellent replacement for the conventional paper-based method. The programme methodology improves medical care proficiency. With the increasing patient population and advances in the healthcare sector, the need to implement newer technologies has increased. Furthermore, as the healthcare industry adopts more IT, the need for integrating, linking, and exchanging data has grown, resulting in faster adoption of orthopaedic software. The need for adoption of healthcare IT technology to optimise workflow has increased as a result of technological advances in orthopaedic equipment. As a result, orthopaedic software is a solution that will help the orthopaedic industry develop in a sustainable way in the future. An ageing population, increased R&D (along with technical advancements), and the prevalence of minimally invasive surgery in both developing and developed countries are all contributing to the growth of the orthopaedic software industry.

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Key Driving Factors: Increase in private exchanges and operational activities for exchanges

Many factors drive the sector, including federal health insurance mandates, federal subsidies, the movement toward a fixed contribution model, and the need to minimise healthcare costs and make it more accessible, as well as increasing healthcare IT adoption and the move toward integrated environments. In 2013, the global market was projected to be worth $1,609 million, and it is expected to expand over the forecast period. Private exchanges, as well as operating and maintenance activities for public exchanges, are the key drivers of development. In the HIX industry, cloud-based computing presents a huge opportunity.

This report offers the major market player’s profiles, such as Accenture (Ireland), CGI Group, Inc. (Canada), Deloitte (U.S.), Infosys (India), MAXIMUS (U.S.), Oracle Corporation (U.S.), and Xerox Corporation Ltd. (U.S.) and other emerging players such as Connecture (U.S.), Cognosante (U.S.), hCentive (U.S.), Hewlett-Packard (U.S.), IBM Corporation (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 Wipro Limited (India),

Opportunities: Increase in Government Funding for Healthcare Requirement

The health insurance exchange (HIX) IT market is expected to expand at a significant pace in the coming years, owing to factors such as various funding sources from federal governments, federal health insurance requirements, federal funding, and the primary factor driving the growth of the health insurance exchange (HIX) IT market is the shift toward defined contribution model. The operations and maintenance segment is expected to expand at a rapid pace during the forecast period, creating growth opportunities for market participants. Health insurance offers fast reimbursement for individuals that are afflicted with illnesses for a low premium. Furthermore, the health insurance market is growing as a result of coverage for all treatments, including serious disease and large and minor procedures, for a lower premium. It also provides low-cost health services such as preventive care, hospitalisation, office visits, immunizations, and other services. However, some public insurance programmes limit coverage for high-cost therapies and illnesses such as cancer and dental rehabilitation.

By Type:

There are two types of health insurance exchanges: public and private exchanges. The global health insurance exchange market is regulated by public health insurance exchanges. Furthermore, state-based trade, state collaboration model, and federally facilitated exchange are all types of public exchange. Single-carrier exchange and multi-carrier exchange are the two types of private exchange. The sector has been split between payers and suppliers in terms of end users.

The Health Insurance Exchange Market report has been categorized as below

By Type

  • Public Exchange
  • State-based Exchange
  • Federally Facilitated Exchange (FFE)
  • State Partnership Model
  • Private Exchange
  • Multi-carrier Exchange
  • Single-carrier Exchange

By Phase

  • Pre-implementation Services
  • Implementation/Exchange Infrastructure Delivery
  • System Development and Deployment
  • System Integration and Interfacing
  • System Software Components
  • Program Management and Independent Verification and Validation (IV&V) /Quality Assurance (QA)
  • Operations and Maintenance

By Component

  • Services
  • Software
  • Hardware

By End User

  • Government Agencies
  • Third Party Administrators (TPAs), Brokerage Firms, and Consultancies
  • Health Plans/Payers

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World

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Published Date : May-2021