Healthcare Fraud Detection Market by Type and Geography - Forecast and Analysis 2022-2026

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.

What will the Healthcare Fraud Detection Market Size be During the Forecast Period?

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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."

Healthcare Fraud Detection Market: Key Drivers and Challenges

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.

Market Overview

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. 

Who are the Major Healthcare Fraud Detection Market Vendors?

The report analyzes the market's competitive landscape and 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
• Wipro Ltd.

 

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. 

Which are the Key Regions for Healthcare Fraud Detection Market?

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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.

What are the Revenue-generating Type Segments in the Healthcare Fraud Detection Market?

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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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What are the Key Data Covered in this Healthcare Fraud Detection Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive healthcare fraud detection market growth during the next five years
• Precise estimation of the healthcare fraud detection market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the healthcare fraud detection industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of healthcare fraud detection market vendors

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