The Health Insurance Exchange Market was estimated at USD 49.63 billion in 2021 and is projected to reach USD 127.27 billion by 2028, growing at a CAGR of 14.4%.
A health insurance exchange, often known as a health insurance marketplace, is a health insurance comparison shopping area. Private health insurance companies publish their health plans with the exchange, and customers compare shops from among the available health plan listings on the exchange. Most people associate the term “health insurance exchange” with government-run public health insurance exchanges established in response to the Affordable Care Act. Individual and family health insurance policies that comply with the ACA are purchased through public health insurance exchanges. The growing demand for lower healthcare insurance costs, as well as the expanding number of private health exchange companies, are the major factors stimulating the growth of the global health insurance exchange market over the analysis period.
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Major Key Players for Health Insurance Exchange Market:
- CGI Inc.
- IBM Corporation
- Hexaware – Technologies
- Wipro Ltd.
- Oracle Corporation
- Xerox Corporation Ltd.
- Noridian Healthcare Solutions
- Innovation Inc.
- Microsoft Corporation
Market Dynamics and Factors:
The health insurance exchange market is growing at a double-digit rate as a result of PPACA reforms, government support, a shift toward a fixed contribution model, and an effort to decrease healthcare costs and make healthcare more accessible. Other factors, such as expanding healthcare IT acceptance, increasing healthcare knowledge exchanges, and improving integration environments, are indirectly boosting market expansion. The worldwide health insurance exchange market demand is predicted to increase significantly throughout the forecast period.
Federal health care laws, programs, and various federal financing sources have all emerged as key considerations for this sector. The shift toward a contributing model is projected to save healthcare costs while also making it more attractive to customers. Because of the rising use of IT in the health sector and the shift in the trend toward integrated settings, cloud-based technology is expected to create lucrative opportunities in the health insurance exchange market.
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Health Insurance Exchange Market Report Highlight:
- By type, the public segment is anticipated to lead the growth of the health insurance exchange market over the forecasted timeframe. The global health insurance exchange market is dominated by public health insurance exchanges. Furthermore, the public exchange is divided into three categories: state-based exchange, state partnership model, and federally facilitated exchange.
- By end-users, third party administrators’ segment is expected to have the highest share of the health exchange insurance market during the projected timeframe.
- By phase, the exchange infrastructure delivery segment is set to register the highest growth in the analysis timespan.
- The North American region is expected to dominate the health exchange insurance market over the projected period. North America accounts for a considerable share of the global health insurance exchange market, with the United States playing an important role because of its well-established healthcare system and increased IT acceptance. The presence of private healthcare organizations, supportive government actions in enforcing healthcare rules, and a constantly improving reimbursement scenario would all help the expansion of the health insurance exchange sector.
Key Industry Development:
In February 2022, Deloitte announced Converge
by Deloitte, an expansion of its ConvergeHEALTH business into the consumer and financial services sectors, as part of a $750 million investment in new software platforms, ecosystem and alliance relationships, and hiring more diverse software engineering, data scientist, and industry professionals to dramatically accelerate industry transformation.
In April 2021, Microsoft Corp. and Nuance Communications Inc. announced they have entered into a definitive agreement under which Microsoft will acquire Nuance. Microsoft will be better able to empower healthcare providers through the power of ambient clinical intelligence and other Microsoft cloud services by augmenting the Microsoft Cloud for Healthcare with Nuance’s solutions, as well as the benefit of Nuance’s expertise and relationships with EHR system providers.
Health Insurance Exchange Market Segmentation:
- Exchange Infrastructure Delivery
- Independent Verification & Validation
- Pre-implementation Services
- Third-Party Administrators
- Health Plan Players
- Government Agencies
- Infrastructure Delivery
- Program Management
- Independent Validation & Verification
For this report, Introspective Market Research has segmented the Health Insurance Exchange Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Health Insurance Exchange Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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