iCrowd Newswire – Jul 28, 2020
Frauds in healthcare increase the burden on the healthcare industry as a rise in the healthcare cost directly affect the products and services. Healthcare fraud is a misrepresentation or intentional deception of facts by either healthcare professionals or patients, which can result in unauthorized payments or benefits.
The Global Healthcare Fraud Detection Market is expected to register a CAGR of 28.83% to reach USD 3,787.68 Million by 2024.
However, the unwillingness of the end users to adopt healthcare fraud analytics systems in developing regions are anticipated to restrain the growth of the global healthcare fraud detection market during the forecast period.
The global healthcare fraud detection market is in the growing healthcare business spectrum. The factors driving global healthcare fraud detection market are the rising number of patients opting for health insurance, an increase in the incidents of fraudulent activities, the escalation in healthcare expenditure, and others.
For instance, according to the National Health Care Anti-Fraud Association (NHCAA) the financial losses incurred from healthcare frauds add up to approximately USD 10 billion each year. This indicates that there is an imminent need to detect fraudulent activities in healthcare business which in turn will boost the global healthcare fraud detection market.
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Segmentation Overview of the Global HEALTHCARE FRAUD DETECTION MARKET
The Global HEALTHCARE FRAUD DETECTION MARKET is categorized into various segments. These major market segments are further categorized into various sub-segments to study the market in detail. The segmentation study offers detailed market study considering various growth determinants and geographical dynamics.
Global Healthcare Fraud Detection Market, By Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
Global Healthcare Fraud Detection Market, By Component
Global Healthcare Fraud Detection Market, By Delivery Model
Global Healthcare Fraud Detection Market, By Application
- Insurance Claims Review
- Payment Integrity
Global Healthcare Fraud Detection Market, By End User
- Private Insurance Payers
- Public/Government Agencies
- Third Party Service Providers
Regional Overview of the Global HEALTHCARE FRAUD DETECTION MARKET
The global healthcare fraud detection market is broadly segmented based on region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas accounted for a market share of 49.97% in 2018. Americas is sub-segmented into North America and South America. North America has been further sub-segmented into the US and Canada.
Europe held the second-largest market share due to the high adoption of healthcare fraud detection by the private insurance payers. The Europe region is further segmented into Western Europe and Eastern Europe. Western Europe, on the basis of countries has been, segmented into Germany, the UK, France, Italy, Spain, and the rest of Western Europe.
The Asia-Pacific region has been categorized as China, India, Japan, and the rest of Asia-Pacific. It holds the third-largest position in the healthcare fraud detection market.
The Middle East & Africa is expected to witness a remarkable growth owing to the developments in the healthcare services, such as hospitals, clinics, and others.
The troupe’s operation in the global healthcare fraud exposure market are focusing on product launches, along with enlarging their global footprints by entering available markets. The major companies functioning in the Global Healthcare Fraud Detection Market are International Business Machines Corporation (IBM), UNITEDHEALTH group, SAS Institute Inc., FAIR ISAAC Corporation, McKesson Corporation, EXLSERVICE Holdings, Inc., DXC Technology Company, LEXISNEXIS, COTIVITI INC., WIPRO LIMITED, and CGI INC. The players operating in the global healthcare fraud detection market are focusing on product launches, along with expanding their global footprints by entering untapped markets.
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Keywords: global healthcare fraud exposure market