The Healthcare Fraud Analytics and Detection Market to Garner $5480.25 Million by 2028

As per a Triton Market Research report, the Healthcare Fraud Analytics and Detection market, which generated $812.15 million in 2019, is likely to expand at a CAGR of 23.63% in terms of revenue by the year 2028.

A study by Triton Market Research with the title ‘Healthcare Fraud Analytics and Detection Market,’ covers the Global Analysis and Forecast for 2019-2028 by End-user (Private Insurance Claims, Government Agencies, Other End-users), by Application (Review of Insurance Claims, Payment Integrity), by Type (Predictive Analysis, Prescriptive Analysis, Descriptive Analysis) and by Geographical Region (Europe, Middle East and Africa, North America, Latin America, Asia-Pacific).

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According to the report, the healthcare fraud analytics and detection market is estimated to generate $5480.25 million by 2028, surging with a CAGR of 23.63% during the projected years between 2019 and 2028.

Healthcare fraud analytics and detection is used to detect fraudulent activities like unnecessary billing, false claims and other medical fraud practices. It will help in preventing fraud, waste and abuse at each claim stage.

Currently, developing countries are witnessing a rise in healthcare expenditure, which is driving the growth of the healthcare fraud analytics and detection market. As the health expenditure increases, increased insurance facilities are being provided. This will directly influence the studied market growth. However, as more number of people are not efficient with the technology, there is an unwillingness to adopt it, which is hampering the growth of the healthcare fraud analytics and detection market.

The healthcare fraud analytics and detection market is mainly divided into three segments, namely, end-user, application and type. The first segment, end-user, is trifurcated into private insurance claims, government agencies and other end-users. The second segment, application, includes review of insurance claims and payment integrity. The last segment, type, includes predictive analysis, prescriptive analysis and descriptive analysis.

As per the geographical landscape, North America will be the largest healthcare fraud analytics and detection market in the forecasted years. The increasing per capita income in the US and the increasing share of the GDP spent on healthcare indicates an increased population of insured people. This is significantly increasing the risk of fraudulent claims. Moreover, governments are increasingly implementing initiatives for improving the healthcare system and reducing fraud practices in the sector. This factor is likely to aid the growth of the studied market in North America.

Few companies engaged in the healthcare fraud analytics and detection market are EXL, RELX Group Plc, Northrop Grumman Corporation, UnitedHealth Group (Optum Inc), Fair Issac Corporation, DXC Technology Company, SAS Institute Inc, Change Healthcare, OSP Labs, Pondera Solutions, Cotiviti Inc, McKesson Corporation, Intelligent Business Machines Corporation and CGI Inc.

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Question & Answer: Healthcare Fraud Analytics and Detection Market

Question 1: What is driving the healthcare fraud analytics and detection market growth?
Answer: Currently, the developing countries are witnessing a rise in healthcare expenditure, which is driving the growth of the healthcare fraud analytics and detection market. As the health expenditure increases, increased insurance facilities are being provided. This will directly influence the studied market growth.

Question 2: Which factor is hampering the growth of the healthcare fraud analytics and detection market?
Answer: As more number of people are not efficient with the technology, there is an unwillingness to adopt it, which is hampering the growth of the healthcare fraud analytics and detection market

Question 3: How is North America influencing the healthcare fraud analytics and detection market outlook?
Answer: As per the geographical landscape, North America will be the largest healthcare fraud analytics and detection market in the forecasted years. The increasing per capita income in the US and the increasing share of the GDP spent on healthcare is indicating an increased population of insured people. This is significantly increasing the risk of fraudulent claims. Moreover, governments are increasingly implementing initiatives for improving the healthcare system and reduce fraud practices in the sector. This factor is likely to aid the growth of the studied market in North America.

Question 4: Name a few companies engaged in the healthcare fraud analytics and Detection market report.
Answer: Few companies engaged in the healthcare fraud analytics and detection market are EXL, RELX Group Plc, Northrop Grumman Corporation, UnitedHealth Group (Optum Inc), Fair Issac Corporation, DXC Technology Company, SAS Institute Inc, Change Healthcare, OSP Labs, Pondera Solutions, Cotiviti Inc, McKesson Corporation, Intelligent Business Machines Corporation and CGI Inc.

Related Report:
Global Big Data in E-commerce Market

The Global Big Data in E-commerce Market is anticipated to showcase growth at $8.25 million by 2028, with a CAGR of 13.27% over the estimated period between 2019 and 2028.

In order to provide the best customer satisfaction, online retailers are increasingly adopting Big Data in the industry. Thus they are now able to monitor customer’s experience, answer queries and offer appropriate plans with the purchase patterns. The growing need to efficiently manage inventory and keep the data organized on the basis of the customer’s shopping patterns is driving the need for Big Data in e-commerce market.

It is reported that over 80% of the consumers prefer online payments instead of using cards or cash due to the former’s hassle-free and time-saver benefits. Also, the adoption of Big Data aids in identifying fraudulent activities. It also helps in integrating different payment options into a single centralized platform, providing convenience to the customers.

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