Global Healthcare Fraud Analytics and Detection Market is set to record considerable growth at 21.09%

According to Inkwood Research, the Global Healthcare Fraud Analytics and Detection Market is projected to register a CAGR of 21.09% in terms of revenue during the forecasting years of 2020-2028.

"Browse 33 Market Data Tables and 40 Figures spread over 133 Pages, along with an in-depth TOC on the Global Healthcare Fraud Analytics and Detection Market Forecast 2020-2028."

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Healthcare fraud is gaining importance, since fraudulent healthcare claims are becoming a thing of concern. Healthcare frauds are generally difficult to detect. There is an emergence of several startups that aim at reducing healthcare insurance claims fraud, so as to positively impact society. The three types of analytics utilized in fraud detection technology are prescriptive, predictive, and descriptive.

There is an increase in the Number of Patients opting for Health Insurance

The developed and developing countries of the world encompass populations that are provided with insurance, against the economic risks involved in a serious illness. Policymakers in developing countries prioritize the expansion of health insurance. At the same time, the health insurance scenario in the developing and developed countries differ from each other. Insurance entails the utilization of maximum healthcare benefits. Such services need to be subsidized in developing regions. The number of healthcare insurance being claimed is increasing in the developing nations, and this is set to rise in the coming years. This is accredited to the increasing awareness in terms of insurance claims. Such a steep rise in insurance and claims result in increased frauds associated with the same, thereby resulting in the increased demand for the tools for the reduction of such frauds.

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Descriptive Analysis held the Largest Market Share in the Type Segment in 2019

Descriptive Analysis is the unsupervised learning technique aimed at the discovery and exploration of information in the dataset, resulting in the identification of anomalies. It aids in recognizing what has been happening, along with the measures that could be taken to prevent the irregularities in the future. All this in coordination with Business Intelligence (BI). The companies utilize this technique for privacy and fraudulence activities. The rising privatization in hospitals is resulting in increased demand for data digitalization and data science. This technique is also useful in fraud activities related to diabetes, cancer, cardiovascular diseases, etc. Several European countries are using descriptive analysis mining across various health institutes. At the same time, it is evaluated that its distribution and adoption will take time, and also require decent investment.

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North America dominated the Global Market in 2019

The North American market growth prospects are accredited to increased healthcare expenditure, growing fraudulent activities in the healthcare industry, and the rising pressure of enhancing operational efficiency and reducing healthcare spending in the countries of Canada and the United States. Also, these countries encompass advanced healthcare infrastructure and government-supported healthcare programs.

Many IT companies are getting engaged in the development of healthcare fraud detection software. This is because many IT industries are showing inclination in the healthcare industry. Therefore, the threat of new entrants is evaluated to be high. The market share is shared by both minor and major players in the market. Some of the companies operating the market include, McKesson, DXC, Technology, CGI Inc, OSP Labs, etc.

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