Global Healthcare Fraud Analytics And Detection Market Forecast 2020-2028
The global healthcare fraud analytics and detection market is set to register a CAGR of 21.09% during the forecast period, 2020-2028. The factors augmenting the growth of the market are the rising fabricated activities in healthcare, the increasing number of patients opting for health insurance, and the growing healthcare expenditure.
Healthcare fraud detection is increasingly prioritized these days. There is a rise in the cases of frauds with regard to medical insurance, which is one of the crucial factors propelling the growth of the market analyzed. Many countries, like the United States, face issues with fraud in medical insurance. In the case of developing countries like India, there has been an increase in the number of fraudulent cases during the claim of medical insurance. In order to tackle such circumstances, the healthcare industry is adopting technology, which can ease the process of fraud detection, while maintaining the data for insurance. The implementation of fraud detection software has increased, given the rapid transformation of healthcare delivery and claims systems in developed and developing countries. The growing reliance on software and cloud-based solutions, is deemed to be beneficial for market growth. The inefficiency, while dealing with technology, and the unwillingness of companies in adopting new analytics technologies, are the factors hindering the growth of the market.
The geographical segmentation of the global healthcare fraud analytics and detection market entails the assessment of Europe, North America, Asia Pacific, and the rest of the world. The Asia Pacific region is predicted to record the highest CAGR by the end of the forecast period. The increasing use of mobile data for applications like mobile banking and social media is resulting in the increased adoption of fraud detection and prevention solutions. Such factors are accredited to the growth of the market in the region.
The competitive environment of the market encompasses sustainable advantage due to innovations among companies. Some of the leading companies present in the market include, DXC Technology, EXL, McKesson, IBM, CGI Inc, etc.
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