Healthcare fraud detection encompasses auditing of accounts, medical claims, and healthcare funds, all of which have experienced a surge in fraudulent activities within the healthcare sector. Cases of fraudulence, including healthcare funds, claims, and insurance, have witnessed a notable rise. Moreover, the healthcare fraud detection market serves as a pivotal tool in the prevention of healthcare fraud, waste, and abuse, ensuring the protection of vital resources.
How big is the healthcare fraud detection market?
The global healthcare fraud detection market was valued at $1.1 billion in 2021, and is estimated to reach $3.6 billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031.
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Key Takeaways:
- On the basis of type, the descriptive analytics segment dominated the market in 2021.
- On the basis of component, the software segment dominated the market in 2021.
- On the basis of application, the insurance claim review segment dominated the market in 2021.
- On the basis of end user, the healthcare payer segment dominated the market in 2021.
- On the basis of region, North America dominated the market in 2021.
What is boosting the healthcare fraud detection market?
- The healthcare fraud detection sector is poised for significant expansion, propelled by the adoption of innovative software leveraging data mining and artificial intelligence in the healthcare industry. This growth trajectory is further supported by the widening scope of analytical services, insurance claim assessments, and efforts to uphold payment integrity.
- Moreover, increase in use of advanced analytics, machine learning and artificial intelligence boosting the growth of theย market.
- Additionally, the global market share for healthcare fraud detection is on the rise, driven by a surge in fraudulent activities within the healthcare sector, mounting pressures to curb abuse and fraud, and an increasing number of patients benefiting from health insurance.
Covid 19 Impact on Healthcare fraud detection Market
The COVID-19 pandemic has amplified the need for robust healthcare fraud detection measures, owing to the surge in fraudulent activities exploiting the crisis. The market has witnessed increased demand for advanced technological solutions, driven by the heightened vulnerability of healthcare systems to fraudulent schemes, billing irregularities, and exploitation of relief funds. Moreover, the pandemic has accelerated the adoption of AI-driven tools and data analytics to enhance fraud detection capabilities, ensuring the protection of healthcare resources and the integrity of patient care.
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Market Segmentation:ย
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Key Questions Answered in the Intelligent Study
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the healthcare fraud detection market analysis from 2021 to 2031 to identify the prevailing Healthcare Fraud Detection Market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porterโs five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the healthcare fraud detection market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global healthcare fraud detection market trends, key players, market segments, application areas, and market growth strategies.
Leading Healthcare fraud detection Market Players-
- Fair Isaac Corporation
- OSP Labs
- SCIO Inspire Corp.
- Optum
- Verscend Technologies
- SAS Institute Inc.
- DXC Technology Company
- UnitedHealth Group
- CGI Inc.
- HCL Technologies
- LexisNexis
- Wipro Limited
- McKesson Corporation
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