About Health Insurance Exchange (HIX)
The growing application of IT in the health sector will help to boost the global Health Insurance Exchange (HIX) market in the forecasted period. HIX refers to a health insurance exchange or marketplace insurance, which is a central component of the Patient Protection and Affordable Care Act (PPACA). The Affordable Care Act requires healthcare coverage for everyone and HIX allows individuals to compare health insurance plans. The health insurance exchange market shows a double-digit growth rate due to the PPACA reforms, federal funding, trend toward defined contribution model, and drive to reduce healthcare costs and make healthcare affordable
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Health Insurance Exchange (HIX) market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Accenture (Ireland), CGI Group, Inc. (Canada), Deloitte (United States), IBM Corporation (United States), Infosys (India), MAXIMUS (United States), Oracle Corporation (United States.), Xerox Corporation Ltd. (United States.), Connecture (United States) and Cognosante (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are hCentive (U.S.), Hewlett-Packard (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).
Segmentation Overview
AMA Research has segmented the market of Global Health Insurance Exchange (HIX) market by Type (Public Exchange [State-based Exchange, Federally Facilitated Exchange (FFE), State Partnership Model ] and Private Exchange [Multi-carrier Exchange, Single-carrier Exchange]), Application (Government Agencies, Third Party Administrators (TPAs), Health Plans/Payers and Others) and Region.
On the basis of geography, the market of Health Insurance Exchange (HIX) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
If we see Market by , the sub-segment i.e. will boost the Health Insurance Exchange (HIX) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
Ppaca/Obamacare Reforms Driving Market Growth and Rising Demand for Reduction in Healthcare Costs
Market Growth Drivers:
The growing application of IT in the health sector
Challenges:
Building Consumer Awareness About Exchanges
Restraints:
High Costs to Hinder Market Growth
Opportunities:
Private Exchanges Providing Great Market Potential and The integrated environments, among several other growth factors, have ensured that cloud-based technology
In January 2020, The New Jersey Department of Banking and Insurance that it awarded GetInsured, a health insurance marketplace platform provider, a five-year contract to develop and operate the technology to transition from the federal marketplace to a state-based exchange. Under the contract, GetInsured will develop and operate the technology platform for New Jersey's State-Based Health Insurance Exchange. The selection is a key step in New Jersey's effort to transition to a State-Based Exchange for Plan Year 2021 to improve health coverage access for New Jersey residents and allow the state more autonomy over its health insurance market.
Affordable Care Act (ACA), health insurance exchange is a key provision that helps to establish a selection or a list of vendors competing by diverse offerings such as qualified plans.
Key Target Audience
Suppliers, Government Regulatory bodies, Private Research Organization, Government Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.