Market Overview:
Global Health Insurance Exchange Market Size Was Valued at USD 2.17 Billion in 2022, and is Projected to Reach USD 4.32 Billion by 2030, Growing at a CAGR of 9% From 2023-2030.
An online health insurance marketplace is referred to as a health insurance exchange. It is a government-run insurance platform. Small businesses and individuals alike can compare and search for health insurance exchanges on this platform. The well-being trades initially started to work in the confidential area in the mid-1980s. The Affordable Care Act (ACA), also known as Obamacare, kept the health insurance exchanges as a crucial part of health care. The public health insurance exchange and the private health insurance exchange are two kinds of health insurance exchanges. The insurance plan helps customers meet their needs, which is expected to have accelerated market growth in the upcoming year.
Top Key Players Covered In The Health Insurance Exchange Market:
- ACE Insurance (USA)
- Achmea (Netherlands)
- AEGON (Netherlands)
- AIA Group (Hong Kong)
- AlfaStrakhovanie (Russia)
- Banamex (Mexico)
- Anadolu Hayat Emeklilik (Turkey)
- Assicurazioni Generali (Italy)
- Assurant (US)
- Aviva (UK), and Other Major Players.
Market Dynamics and Factors:
Surgery or medical procedures performed at daycare include patients who need to spend less time in the hospital. Diagnostics, medications, hospitalization, vitals, injections, and post-hospitalization costs are all included in daycare treatment. Various organizations give the childcare methodology in their protection plan for any medical procedure and there is a compelling reason need to remain in the emergency clinic for 24 hours. People can use their insurance plan as a source of financial assistance as a result of the worldwide financial epidemic caused by the rising cost of medical services like hospital stays and surgeries. The increasing number of daycare procedures supports the market for health insurance exchange's growth over the forecast period.
The new technology makes it possible to keep up the health insurance exchange service and gives the market for a health insurance exchange a chance to make money. Most confidential well-being trade backup plans are taken on a web-based business model that made a simple protection trade administration. The increase in the number of people who use smartphones or other smart devices, which has led to an increase in online sales of healthcare services and presents a lucrative opportunity for the market of a health insurance exchange.
Health Insurance Exchange Market Report Highlight:
- By Type, the public segment is anticipated to lead the growth of the Health Insurance Exchange market in the forecasted timeframe. Benefits include reduced costs, increased patient satisfaction, and enhanced health benefits. The public exchange is responsible for several important functions under the Affordable Care Act (ACA), such as managing the website of standardized comparative information about health plans, developing navigator programs to assist individuals and small employers in participating in the exchange and carrying out the process of certifying, recertifying, or decertifying health plans. They also provide a toll-free telephone hotline to respond to enrollee requests for assistance.
- By End-User, the government agencies segment is expected to have the highest share of the Health Insurance Exchange market over the projected period. The federal and state governments are in charge of running the exchange. The primary function of an exchange is to certify, recertify, and maintain the plan, as well as offer consumers and small businesses access to an operational web portal for coverage purchase.
- By Phase, the independent verification & validation segment is set to develop at the highest share during the forecasted timeframe. Third-party testing service providers do independent verification and validation testing. Independent verification and validation testing are done to ensure that the software produces high-quality items on the market and helps consumers.
- The North American region is expected to have the highest share of the Health Insurance Exchange market over the projected period. With the country's expanding IT acceptance, a developed healthcare system, a significant presence of commercial healthcare firms, and favorable government regulations, the US contributes the largest market share in North America.
Key Industry Development:
In April 2022, Through the Centers for Medicare & Medicaid Services (CMS), the Department of Health and Human Services (HHS) announced a new policy that enables consumers to quickly locate the best type of quality healthcare at an affordable price on HealthCare.gov.
In February 2022, The AIA Group Limited and Discovery Group have unveiled a new health insurance venture. The name of this company is Amplify Health. Except for Mainland China, Hong Kong, and Macau and a separate corporation controlled by AIA, this service package is for Asia.
Health Insurance Exchange Market Segmentation:
By Type
- Private
- Public
By End-User
- Third-Party Administrators
- Health Plan Players
- Government Agencies
By Phase
- Exchange Infrastructure Delivery
- Pre-implementation Services
- Independent Verification & Validation
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
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
