Pune, 23, Nov 2022: As per the new industry analysis by Maximize Market Research, a market research and competitive intelligence provider, the Global Health Insurance Exchange Market is expected to grow from USD 4.7 billion in 2021 to USD 8.96 billion in 2029, at a CAGR of 8.4 percent for forecast period from 2022 to 2029.
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Health Insurance Exchange Market Scope and Research Methodology
The report on Health Insurance Exchange Market is a comprehensive analysis that covers trends and highlights prevailing in the health insurance exchange market, helping clients explore the opportunities and formulate strategies in the market. Analysis of key market players and new entrants is provided based on goods and services offered, revenue, financial status, portfolio, growth strategies, and regional presence. Recent developments regarding acquisitions and mergers, and the strategic stance of the companies with information on joint alliances give an accurate picture of the competitive landscape in the Health Insurance Exchange Market. To understand the products and services of the Health Insurance Exchange Market, segment-wise analysis is conducted by type, function and end-use industry equipped with factors affecting the market and current technological changes and innovations adopted. The report also explains in detail the drivers, challenges, restraints and challenges of the Health Insurance Exchange Market. Regional analysis of the market focusing on the local, regional and global levels is provided to prove as a guide for market followers and entrants to develop pricing and marketing strategies.
The bottom-up approach was used for market estimation and global market trend analysis. Data was collected employing both primary and secondary research methods for a large sample to get accurate inferences. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals were included in the primary methods. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to understand the strengths and weaknesses of key companies and PESTLE to grasp the various factors affecting the market. Thus the report provides a complete overview of the Health Insurance Exchange Market.
Health Insurance Exchange Market Overview
People can evaluate various health insurance plans on a health insurance exchange, often known as a health insurance marketplace. The health insurance exchange market is driven by consumers who utilize it to compare health plans from private health insurance companies who have published their health plans. Public health insurance exchanges are used to acquire individual and family health insurance policies that comply with the ACA (individual and family or “individual market” refers to health insurance that people purchase on their own, as opposed to coverage obtained through an employer or through a government-run program like Medicare or Medicaid).
Additionally, only via these exchanges may individuals qualify for premium subsidies and cost-sharing exemptions, which lower premiums and out-of-pocket expenses for millions of qualified participants. During the open enrollment period for coverage in 2022, more than 14.5 million individuals nationally acquired coverage through the exchanges. Nearly 13 million of the enrolled individuals received premium assistance. Additionally, approximately 5.5 million of the 10.3 million enrollees through the federally controlled exchange HealthCare.gov (used in 33 states) were getting cost-sharing reductions in the health insurance exchange market.
Health Insurance Exchange Market Dynamics
During the forecast period, the global health insurance exchange market is expected to grow due to rising demand for lower healthcare insurance costs and an increase in the number of private health exchange companies. However, poor public knowledge of health exchange, the complexity of healthcare technology and procedures as well as the complexity of healthcare technology and procedures, are expected to impede the global health insurance exchange market’s growth.
With changing public policies, there is a greater demand for cost savings, increased patient satisfaction, and improved health outcomes. Healthcare insurance exchange providers are classified as either private or public. Private exchanges include health insurance carriers and benefits companies, whereas public exchanges are components of healthcare policies such as the Affordable Care Act (ACA) and the Children’s Health Insurance Program (CHIP). Private exchanges are a method of providing employer-sponsored health insurance that combines expanded plan options, online shopping, cost-cutting strategies, and benefits administration.
Advancements in the Health Insurance Exchange Market with the advent of digitization and AI (Artificial Intelligence) are being incorporated in the Health Insurance Exchange Market. Demand for IoT (Internet of Things) based smart factory automation solutions have been on the rise leading to a transformation of traditional manufacturing to smart technology-based manufacturing. This shift in manufacturing preferences is expected to increase demand for Health Insurance Exchange Market.
Health Insurance Exchange Market Regional Insights
In 2021, the North American region held a 45% share of the market. Geographically, there are exchanges for health insurance in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is expected to grow with significant rate during the forecast period, with the U.S. contributing significantly because of its highly established healthcare system and expanding IT use. Exchanges for health insurance are crucial for getting better healthcare outcomes because they offer a market where various insurance alternatives may be aggregated and distributed to the general population for prospective illness coverage. It could be owned privately or be governed by laws. Government-controlled markets frequently have safer and more secure goals, but they also provide fewer advantages and are marginally less profitable than privately managed exchanges. (California, Connecticut, the District of Columbia, Maine, Maryland, Massachusetts, New Jersey, New York, Vermont, and the state of Washington) and one SBM utilizing HealthCare.
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Health Insurance Exchange Market Segmentation
- Public Exchange
- Private Exchanges
- Pre-Implementation Services
- Implementation/Exchange Infrastructure Delivery
- Program Management and Independent Verification and Validation (IV&V)/Quality Assurance (QA)
- Operations & Maintenance
- Government Agencies
- Third Party Administrators,
- Brokerage Firms, & Consultancies
Health Insurance Exchange Market Key Competitors:
- Innovation Inc.
- Noridian Healthcare Solutions
- Hexaware – Technologies
- Xerox Corporation
- Oracle Corporation
- Hcentive, Inc.
- Cognosante, LLC
- Connecture Inc.
- Accenture Plc
- CGI Group, Inc.
- IBM Corporation
- Microsoft Corporation
- Tata Consultancy Services Limited
- Wipro Limited
- Hewlett-Packard Enterprise Development LP
Key questions answered in the Health Insurance Exchange Market are:
- How does Exchange insurance Work?
- What is US HealthCare exchange?
- What is Texas health insurance exchange?
- Who are the key players in the Health Insurance Exchange Market?
- Who are the market leaders in Factory Automation in Europe
- What is the name of the health insurance exchange in California
- Who are the market leaders in Factory Automation in India, China, Japan and South Korea?
- What are the factors affecting growth in the Health Insurance Exchange Market?
- Who held the largest market share in Health Insurance Exchange Market?
- What are the factors for the growth of Asia-Pacific region in Health Insurance Exchange Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Segment and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading Healthcare research firm, has also published the following reports:
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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