A report on the global Healthcare Fraud Detection Market has been recently added by Market Research Future. The report, titled, “‘Healthcare Fraud Detection Market: Global Industry Analysis and Forecast, 2019-2024,” predicts that the market is anticipated to register a burgeoning high CAGR over the forecast duration.
Healthcare Fraud Detection Market Analysis
The global healthcare fraud detection market is expected to exhibit a strong 26.7% CAGR over the forecast period from 2018 to 2023, according to the latest research report published by Market Research Future (MRFR). The global healthcare fraud detection market is assessed in detail in the report, which provides a comprehensive overview of the market by elaborating upon the classification of the market, the major players operating in the market across the world, and the key drivers and restraints expected to have a major effect on the market’s progress over the forecast period.
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The growing prevalence of healthcare fraud, such as corruption in collusion with healthcare officials, false reporting on medical conditions to claim more benefits, and others is likely to drive the global healthcare fraud detection market over the forecast period. As governments around the world, especially in developing countries, have rushed to provide life and health insurance systems for their citizens, the growing demand for rapid application of the systems in underequipped economies has resulted in a growing prevalence of fraudulent activities. Increasing awareness among government officials about the fraudulent events has driven the demand from the healthcare fraud detection market.
Healthcare Fraud Detection Market Competitive Analysis:
Leading players in the global healthcare fraud detection market include Pondera Solutions, LexisNexis, Northrop Grumman, Scio Health Analytics, DXC Technology, CGI Group, Conduent, Wipro, HCL Technologies, SAS Institute, Fair Isaac, McKesson Corporation, Verscend Technologies, Optum, and IBM.
In June 2019, the Philippine Health Insurance Corporation in the Philippines launched a nationwide scheme for catching those involved in illegal activities in the healthcare sector, often in conjunction with healthcare officials and hospitals.
Healthcare Fraud Detection Market Segmentation:
The global healthcare fraud detection software market has been segmented on the basis of component, delivery model, type, application, end user, and region.
By component, the global healthcare fraud detection market has been segmented into services and software.
By delivery model, the market is segmented into on-premise delivery models and on-demand delivery models.
On the basis of type, the global healthcare fraud detection market has been segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The descriptive analysis segment is expected to dominate the market on the basis of type, as descriptive analytics forms the base for effective application of predictive or prescriptive analytics and is thus in widespread demand.
On the basis of application, the market is segmented into insurance claims review and payment integrity. The insurance claims review segment has been further sub-segmented into post-payment review and prepayment review.
On the basis of end user, the healthcare fraud detection market is segmented into private insurance payers, government agencies, employers, and others.
Healthcare Fraud Detection Market Regional Analysis:
The Americas, consisting of North America, Central America, and Latin America, is likely to dominate the global healthcare fraud detection market over the forecast period. The widespread preference for health insurance schemes in North America, particularly the U.S. and Canada, has increased the likelihood of frauds. Recognizing this possibility, however, the government in the U.S. and Canada, as well as other leading economies in the region such as Mexico and Brazil, have taken steps to counter this threat. This is likely to be a major driver for the healthcare fraud detection market in the Americas over the forecast period.
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The increasing use of web-based resources for application and maintenance of health insurance policies as well as hospital records in North America has also increased the risk of healthcare fraud. This is also likely to be a key factor for the global healthcare fraud detection market over the forecast period, with the development of strong cyber security channels likely to prove vital for the market.
Europe is the second largest regional market for healthcare fraud detection solutions, while Asia Pacific is likely to exhibit rapid growth over the forecast period due to the growing use of digital solutions for management of health insurance and healthcare records, as well as the growing presence of the digital security industry.