Healthcare Fraud Detection Market to Reach US$ 6.9 Billion by 2027 Globally |CAGR: 25.3%| UnivDatos Market Insights

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NOIDA, India, May 7, 2021 /PRNewswire/ -- A comprehensive overview of the Global Healthcare Fraud Detection Market is recently added by UnivDatos Market Insights to its humongous database. The Global Healthcare Fraud Detection Market report has been aggregated by collecting informative data for market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Global Healthcare Fraud Detection Market. The market report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global Healthcare Fraud Detection Market at the regional/country levels. Global Healthcare Fraud Detection Market is expected to grow at a CAGR of 25.3% from 2021-2027 to reach US$ 6.9 billion by 2027.

Market Overview

The Global Healthcare Fraud Detection Market is booming owing to the rising number of patients applying for health insurance coupled with an increase in the number of frauds in pharmacy bills, healthcare, and high returns on investment paired with increasing government initiative to reduce healthcare fraud. As per General Accounting Office (GAO), 'federal spending on major healthcare programs to grow from 5.9% of GDP in the fiscal year 2020 to 8.0% of GDP in the fiscal year 2050'. The enormous volume of money involved in the healthcare sector and its size make it an attractive fraud target.

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COVID-19 Impact

COVID-19 proposes an occupational risk to healthcare workers. Thousands of healthcare workers worldwide have been infected by COVID-19. The prevention of the intra-hospital spreading of communicable infections is the main concern for governmental bodies and healthcare institutions. As per Berlin-based international anti-fraud consulting firm NEMEXIS, corruption and fraud are on high in the healthcare sector. NEMEXIS surveyed 58 countries for the determination of fraudulent activities including ventilators, personal protective equipment (PPE), black markets, cyber-attacks, faulty equipment, and bribes taken by medical personnel in the healthcare systems. The survey found that 80% of the personnel were involved in some of the other corruption and fraud.

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Healthcare Fraud Detection Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By-Components, the market is primarily bifurcated into:

• Services
• Software

Based on components, the market is fragmented into Services and Software. The healthcare fraud detection market is expected to record high growth owing to advancements in software technology, a high adoption rate of fraud detection software by insurance companies, rise in software availability in the developed regions, among others. For instance, the healthcare cloud has launched patient analytics software for the tracking of patient outcomes and utilizes extensive database and proprietary analytics to recommend procedures based on patient comorbidities. The software segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F.

By Delivery Models, the market is primarily segmented into:

• On-Premise Delivery
• On-Demand Delivery

Based on delivery models, the market is fragmented into on-premises and on-demand delivery models. The on-premises delivery model is expected to record the highest growth owing to high flexibility, pay-as-you-go pricing, and the lack of upfront capital investments for hardware. The On-Premises delivery model generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F.

By Solutions Type, the market is primarily segmented into:

• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics

Based on solutions type, the market is divided into descriptive analytics, predictive analytics, and prescriptive analytics. Descriptive analytics holds the major share owing to its high assistance in predictive and prescriptive analytics. For instance, Vidence and NTT DATA announced a partnership to deliver predictive analytics in oncology. This collaboration will make use of a combination of medical imaging scans, clinical and outcomes data to build a predictive model that will improve treatment regimens. The Descriptive Analytics sub-segment generated revenue of USD XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F.

Global Healthcare Fraud Detection Market Geographical Segmentation Includes:

• North America (United States, Canada, Rest of North America)
• Europe (Germany, United Kingdom, France, Spain, Italy and Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
• Rest of the World

North America is dominating the Global Healthcare Fraud Detection Market in 2020 and is anticipated to maintain its dominance during the forecast period.

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The major players targeting the market include:

• IBM Corporation
• Optum, Inc.
• COTIVITI, INC.
• McKesson Corporation
• Fair Isaac Corporation
• SAS Institute Inc.
• SCIO Inspire, Corp.
• Conduent, Inc.
• HCL Technologies Limited
• CGI Inc.
• DXC Technology Company
• Northrop Grumman

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions. Companies operating in the market have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, patterns, and technological advancements in the Global Healthcare Fraud Detection Market?
• Which factors are influencing the Global Healthcare Fraud Detection Market over the forecast period?
• What are the global challenges, threats, and risks in the Global Healthcare Fraud Detection Market?
• Which factors are propelling and restraining the Global Healthcare Fraud Detection Market?
• What are the most prominent regions for Global Healthcare Fraud Detection Market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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About UnivDatos Market Insights

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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