Press release
Strong Growth Ahead: Healthcare Fraud Detection Market Size To Grow At Arecord 31.1% Cagr By 2029
Healthcare Fraud Detection
How Big Is the Healthcare Fraud Detection Market Size Expected to Be by 2034?
The market size for healthcare fraud detection has been expanding massively in the past few years. It is predicted to escalate from $3.62 billion in 2024 to a substantial $4.67 billion in 2025, with a compound annual growth rate (CAGR) of 28.9%. Growth during the historical period can be correlated to factors such as augmented cyber threats, verification of patient identity, market rivalry, identification of fraudulent claims, and heightened awareness and training.
It is anticipated that the healthcare fraud detection market size will undergo significant expansion in the upcoming years, with its growth predicted to reach $13.77 billion by 2029, reflecting a compound annual growth rate (CAGR) of 31.1%. The expected growth during the forecast period can be linked to a variety of factors, including regulatory revisions, the rise of digitalization, the complexity of fraud schemes, emphasis on insurance fraud, and improvements in data security. Key trends anticipated to shape the forecast period entail the incorporation of cutting-edge technology, real-time surveillance, behavioural analytics, blockchain for enhanced security, and validation of patient identity.
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What Are the Emerging Segments Within the Healthcare Fraud Detection Market?
The healthcare fraud detection market covered in this report is segmented -
1) By Type: Descriptive Analytics, Predictive Analytics, Prescriptive Analytics
2) By Model: On-Premise Delivery, On-Demand Delivery
3) By Component: Services, Software
4) By Application: Insurance Claims Review, Payment Integrity
5) By End User: Healthcare Payers, Government Agencies, Other End-Users
Subsegments:
1) By Descriptive Analytics: Data Mining, Reporting Tools, Historical Data Analysis
2) By Predictive Analytics: Risk Scoring Models, Machine Learning Algorithms, Trend Analysis
3) By Prescriptive Analytics: Decision Support Systems, Optimization Algorithms, Scenario Analysis And Simulations
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What Long-Term Drivers Are Shaping Healthcare Fraud Detection Market Trends?
The escalation of deceptive activities within the healthcare sector is anticipated to boost the healthcare fraud detection market. Deceptive activities in healthcare involve the intentional distortion of patient data and insurance details with the aim of unlawfully benefiting or depriving a user of their legitimate right. For example, in 2022, a UK-based financial organization reported 207,372 cases of APP fraud, with total losses amounting to £485.2 million, a decrease of 17 percent compared to 2021. Consequently, this surge in deceptive activities in the healthcare arena significantly contributes to the expansion of the healthcare fraud detection market.
Who Are the Top Competitors in Key Healthcare Fraud Detection Market Segments?
Major companies operating in the healthcare fraud detection market are International Business Machines Corporation, Cotiviti Inc., Fair Isaac Corporation, SAS Institute Inc., CGI Inc., DXC Technology Company, RELX Group PLC, EXL Service Holdings Inc., HCL Technologies Limited, UnitedHealth Group Incorporated, Conduent Incorporated, Change Healthcare LLC, OSP Labs LLC, Codoxo Inc., Wipro Limited, Qlarant Inc., Northrop Grumman Corporation, LexisNexis Risk Solutions Group, Healthcare Fraud Shield LLC, Sharecare Inc., FraudLens Inc., HMS Holdings Corp., H2O.ai Inc., Pondera Solutions Inc., FRISS B.V., MultiPlan Corporation, FraudScope Inc., McKesson Corporation, FraudGuard LLC, FraudCracker LLC
What Healthcare Fraud Detection Market Trends Are Gaining Traction Across Different Segments?
The upsurge in the use of sophisticated analytical tools is a significant trend gaining traction in the healthcare fraud detection market. Key players are focusing their energies on developing cutting-edge technologies to maintain their market position in healthcare fraud detection. For example, Premier, Inc., a healthcare technology firm based in the U.S., unveiled INSights, an analytics platform built on PINC AITM technology in January 2022. This vendor-neutral platform, which uses risk-adjusted, standardized, and sanitized data from PINC AITM, aims to reduce the burden associated with data processing and analytical creation, enabling swift improvements in clinical, quality, and financial results.
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Which Regions Are Becoming Hubs for Healthcare Fraud Detection Market Innovation?
North America was the largest region in the healthcare fraud detection market in 2024. The regions covered in the healthcare fraud detection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Healthcare Fraud Detection Market?
2. What is the CAGR expected in the Healthcare Fraud Detection Market?
3. What Are the Key Innovations Transforming the Healthcare Fraud Detection Industry?
4. Which Region Is Leading the Healthcare Fraud Detection Market?
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