Global Converge Health Market Size, Trends & Analysis - Forecasts To 2026 By Service Provider (Private, Public), By Type (Medical, Disease, Income Protection), By Insurance Network (Exclusive Provider Organization, Preferred Provider Organization, Point of Service, Health Maintenance Organization), By Place of Purchase (On Exchange/Marketplace, Off Exchange/Marketplace), By Distribution Channel (Agents/Brokers, Direct Marketing, Banc Assurance), By Region (North America, Europe, Asia Pacific and Rest of the World); Vendor Landscape, End User Landscape and Company Market Share Analysis & Competitor Analysis
Converge Health Market: Insights
The global converge health market is estimated to witness a significant CAGR during the forecast period (2019-2026). The growth of the converge health market is anticipated to increase with the growing number of geriatric diseases, along with other factors, such as rise in disposable income among others. The market is also expected to grow owing to large number of old people in the society. The mandatory provision of health coverage for private and public sector employees will also propel the market for converge health. Limited availability of health coverage policies merely for specific hospitals & clinics and exclusion of certain expensive medical treatment are expected to hamper the market growth.
Converge Health Market: By Service Provider
On the basis of service provider, the global converge health market is segmented into private and public. The private segment is expected to grow during the forecast period, owing to large number of people working in the private sector as well as companies also encouraging employees to take health coverage. The market for public segment is also expected to increase during the forecast period owing to continuous upgradation of healthcare system and initiatives taken by the government as well.
Converge Health Market: By Type
On the basis of type, the global converge health market is classified into medical, disease, and income protection. The medical segment is expected to hold the largest market share in the type segment. The growth of the segment can be attributed to multiple factors, one of them being increasing number of medical costs across the world. Furthermore, medical coverage covers cost of medical admission, diagnostic tests including MRI & CT scan, surgery, cost of seeing consultants, hospital accommodation, and nursing care among others.
Converge Health Market: By Insurance Network
On the basis of insurance network, the global converge health market is segmented into exclusive provider organization, preferred provider organization, point of service, and health maintenance organization. The point of service segment is expected to occupy the largest market share in terms of revenue in the insurance network segment. Large number of coverage health companies along with different schemes is the major factor for the growth of the point of service segment in the insurance network segment.
Converge Health Market: By Place of Purchase
On the basis of place of purchase, the global converge health market is segmented into on exchange/marketplace and off exchange/marketplace. The on exchange/marketplace segment is expected to occupy the largest market share in terms of revenue in the place of purchase segment. People buy health coverage with direct contact to the coverage company hence they prefer on exchange/marketplace.
Converge Health Market: By Distribution Channel
On the basis of distribution channel, the global converge health market is segmented into on agents/brokers, direct marketing and banc assurance. The direct marketing segment is expected to occupy the largest market share in terms of revenue in the distribution channel segment. With direct sourcing, the amount of trust is more as compared to agents/brokers.
Converge Health Market: By Region
North America region is expected to hold the largest market share. The converge health market in the region is expected to witness a significant growth owing to accessibility of multi-value health insurance policies. In addition, availability of favorable health coverage landscape in the U.S. positively impacts the growth of the market. Furthermore, as Health facilities are expensive in the U.S., employers offer health coverage to the employees as a job benefit.
Asia Pacific is expected to witness considerable growth in the converge health market. The growth of the market in the region can be attributed to availability of expensive health facilities and increase in demand for health coverage policies in high populous countries such as India and China. The availability of low- and middle-class economy groups in these countries that currently are not insured is expected to provide health coverage market opportunity.
Converge Health Market: End Use Landscape
The end-user landscape entails a list of current and prospective consumers prevailing across the regions. This section briefs you about company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase converge health. The key end-users of the markets are Hyatt Hotels, Amazon, Apple, and HCL among others.
Converge Health Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Converge Health Market: Share & Competitor Analysis
Some of the key players operating in the converge health market are Allianz Group, Centene Corporation, Kaiser Permanente, Gulf Insurance Group, International Medical Group Inc, Wellcare, Humana, Highmark, Blue Cross Blue Shield Companies, Berkshire Hathaway Inc, Prudential plc and Nippon Life Insurance Company among others.
In March 2019, Allianz Group open its new strategic hub in Africa and will be bringing its operational teams to Ivory Coast’s economic capital to steer its transformation and improve the service it delivers to its clients and partners.
In May 2017, Sirius International Insurance Group, Ltd announced the acquisition of International Medical Group.
Check the Press Release on Global Converge Health Market Report
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The global Converge Health Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Converge Health Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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