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Healthcare Fraud Analytics Market to Reach USD 6.65 Billion by 2027 | Market Trends – Expanding healthcare budget by the government to reduce fraudulent activities

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Healthcare Fraud Analytics Market to Reach USD 6.65 Billion by 2027 | Market Trends – Expanding healthcare budget by the government to reduce fraudulent activities

February 12
23:15 2021
The global healthcare fraud analytics market is anticipated to expand rapidly, owing to the growing number of individuals requiring medical insurance. The growing number of fraud incidents associated with health insurance claims across the world

Escalating incidences of fraudulent cases in healthcare insurance worldwide and the rapid development of the insurance industry due to the advent of fraud analytics is bolstering the market growth. Market Size – USD 1.02 Billion in 2019, Market Growth – CAGR of 27.8%,

The Global Healthcare Fraud Analytics Market is expected to be valued at USD 6.65 Billion in 2027 from USD 1.02 Billion in 2019, registering a CAGR of 27.8% through the forecast period. The market expansion can be ascribed to the escalating occurrences of fraudulent cases in the healthcare insurance policies worldwide. The expanding healthcare insurance industry and the growing number of people opting for healthcare insurance are further projected to boost the growth of the healthcare fraud analytics market. Moreover, the government’s increasing efforts to expand the healthcare budget for developing resilient fraud detecting solutions and reduce the frequency of fraudulent claims is projected to add traction to the market growth.

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However, certain elements such as high expenses associated with the implementation of fraud prevention solutions and facilities in the healthcare industry are projected to impede the market growth. Moreover, the inability and limited access to the implementation of advanced fraud analytics solutions are also projected to hamper the market expansion in the projected period.

Key Highlights from the Report:  

  • The on-premises sub-segment is expected to dominate the market expansion in the projected timeline owing to the rising number of solutions offered in-house and in on-premises conditions inside the IT infrastructure of the organization. The company is solely responsible for the regulations of the solution and all the concerning activities.
  • The insurance claims sub-segment is projected to lead the market growth in the projected timeline owing to the escalating number of people opting for medical insurance, rising frequency of fraud claims, and the accelerated acceptance of the pre-payment methods.
  • The predictive sub-segment is foreseen to dominate the industry growth in the projected period, proliferating at a CAGR of 28.0% through the timeline. This can be credited to the predictive segment’s augmented capability to recognize fraudulent patterns and generate a large number of claims.
  • North America is projected to occupy the largest share of the industry in the forthcoming years. The dominance of the region can be accredited to a large population of the region opting for medical insurance, surging cases of fraudulent incidents in medical insurance, increasing government initiatives to mitigate the frauds, and the augmenting need to minimize the healthcare expenses. Moreover, the rapid advancement in technologies and the availability of a broad spectrum of products and facilities in the region are also adding traction to the market growth in the region.
  • Major companies operating in the market include DXC Technology Co, Wipro Limited, International Business Machines Corporation (IBM), SAS Institute, Conduent Inc., ExlService Holdings, Inc., FraudScope, Inc., CGI Inc., HCL Technologies Limited, and Pondera Solutions, LLC.
  • DWS Ltd. gained a controlling stake in HCL Technologies Limited in September 2020. The acquisition is set to expand the HCL Technologies’ product portfolio and offerings in Australia and New Zealand.

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For the purpose of this report, Emergen Research has segmented the Global Healthcare Fraud Analytics Market on the basis of deployment, application, solution, and region:

Deployment Outlook (Revenue, USD Billion; 2017–2027)

  • Cloud-based
  • On-premise

Application Outlook (Revenue, USD Billion; 2017–2027)

  • Payment Integrity
  • Insurance Claim

Solution Outlook (Revenue, USD Billion; 2017–2027)

  • Predictive Analytics
  • Descriptive Analytics
  • Prescriptive Analytics

Regional Outlook (Revenue, USD Billion; 2017–2027)

  • North America
    • U.S.
    • Canada
    • Mexico
    • Europe
      • Germany
      • U.K.
      • France
      • BENELUX
      • Rest of Europe
      • Asia Pacific
        • China
        • Japan
        • South Korea
        • India
        • Rest of APAC
        • Latin America
          • Brazil
          • Rest of LATAM
          • Middle East & Africa
            • Saudi Arabia
            • U.A.E.
            • Rest of MEA

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