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The healthcare fraud detection market share is expected to increase by USD 1.26 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 14.26%.
This healthcare fraud detection market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers healthcare fraud detection market segmentation by type (descriptive analytics, predictive analytics, and prescriptive analytics) and geography (North America, Europe, Asia, and ROW). The healthcare fraud detection market report also offers information on several market vendors, including CGI Inc., Conduent Inc., Cotiviti Inc., ExlService Holdings Inc., HCL Technologies Ltd., International Business Machines Corp., SAS Institute Inc., Thomson Reuters Corp., UnitedHealth Group, and Wipro Ltd. among others.
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"There are several players operating in the market that are aiming at reducing costs to fuel the adoption of healthcare fraud detection. However, the strong position of the existing players and the moderate cost of switching products can reduce the threat of rivalry."
The increased number of patients seeking health insurance is notably driving the healthcare fraud detection market growth, although factors such as time-consuming deployment and need for frequent upgrades may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the healthcare fraud detection industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Healthcare Fraud Detection Market Driver
One of the key factors driving growth in the healthcare fraud detection market is the increased number of patients seeking health insurance. The number of people benefitting from various healthcare schemes has grown considerably over the years. The rise in the aging population increased the burden of diseases, and growth in healthcare expenditure are the major factors that contribute to the growth of the health insurance market. Developing countries such as Asia are significantly growing in health insurance coverage, primarily due to the rising government initiatives, increasing government and private investments for promoting medical insurance, and growing income levels. This growth is aided by the increasing affordability of health insurance for the middle class in this region and the rising awareness regarding the benefits of health insurance.
Key Healthcare Fraud Detection Market Challenge
The time-consuming deployment and need for frequent upgrades will be a major challenge for the healthcare fraud detection market during the forecast period. The placement of fraud analytics solutions is a time-consuming process. The process involves creating user interfaces, new databases, and predictive models; evaluating and deploying models, and monitoring their effectiveness. In this process, data analysts continuously run algorithms until they get the most effective predictive model. At times, analysts may not find the appropriate predictive model for expected outcomes, which results in time wastage. This means they must start the same process again with new data. Furthermore, the software requires frequent upgrades, as fraudsters constantly change tactics. This adds to the total cost of fraud analytics solutions. Such challenges can hinder the growth of the market in focus.
This healthcare fraud detection market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The healthcare technology market includes the revenue generated from the sales of healthcare applications and IT systems; Internet-based healthcare tools (such as monitoring devices), and IT consulting services to clinics, hospitals, or businesses operating primarily in the healthcare sector. The global healthcare market is expected to show a moderate growth rate due to the growing demand for devices and equipment especially from developing countries.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the healthcare fraud detection market encompasses successful business strategies deployed by the key vendors. The healthcare fraud detection market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The healthcare fraud detection market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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43% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for healthcare fraud detection in North America. Market growth in North America will be faster than the growth of the market in other regions.
This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The healthcare fraud detection market share growth by the descriptive analytics segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the healthcare fraud detection market size and actionable market insights on post COVID-19 impact on each segment.
Healthcare Fraud Detection Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.26% |
Market growth 2022-2026 |
$ 1.26 billion |
Market structure |
Fragmented |
YoY growth (%) |
10.37 |
Regional analysis |
North America, Europe, Asia, and ROW |
Performing market contribution |
North America at 43% |
Key consumer countries |
US, Canada, China, Germany, and India |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
CGI Inc., Conduent Inc., Cotiviti Inc., ExlService Holdings Inc., HCL Technologies Ltd., International Business Machines Corp., SAS Institute Inc., Thomson Reuters Corp., UnitedHealth Group, and Wipro Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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