“Global healthcare fraud detection market projected to grow at a CAGR of 28.9%”
The healthcare fraud detection market is expected to reach USD 2,242.7 million by 2022 from USD 631.0 million in 2017, at a CAGR of 28.9%. Factors such as the large number of fraudulent activities in healthcare; increasing number of patients seeking health insurance; the prepayment review model; growing pressure of fraud, waste, and abuse on healthcare spending; and high returns on investments are driving the growth of the healthcare fraud detection market. On the other hand, market growth is likely to be negatively affected by the dearth of skilled personnel and reluctance to adopt healthcare fraud analytics in emerging countries, are expected to limit the growth of this market to a certain extent.
“The prescriptive analytics segment is expected to grow at the highest CAGR during the forecast period”
By type, the healthcare fraud detection market is segmented into descriptive, predictive, and prescriptive analytics. The prescriptive analytics segment is expected grow at a highest CAGR during the forecast period. The high growth of this segment is attributed to the ability of prescriptive analytics to ensure the synergistic integration of predictions and prescriptions.
“The services segment is expected to dominate the market during the forecast period”
Based on component, the healthcare fraud detection market is segmented into services, software, and hardware. The services segment accounted for the largest share of the healthcare fraud detection market in 2016. With the increasing need for business analytics services and the introduction of technologically advanced healthcare fraud detection software, which requires extensive training to use as well as regular upgrades, the services segment is expected to grow at the highest CAGR during the forecast period.
“North America to witness high growth during the forecast period”
In 2017, North America is expected to account for the largest share of the market followed by Europe. This regional segment is expected to register the highest CAGR during the forecast period. Factors such as increase in the number of people seeking health insurance, increasing cases of healthcare fraud, favorable government initiatives to combat healthcare fraud, rising pressure to reduce healthcare costs, technological advancements, and greater product and service availability in this region are expected to drive market growth in North America.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type: Tier 1 – 33%; Tier 2 - 45%; Tier 3 - 22%.
- By Designation (Supply Side): C-level- 22%; D-level- 27%; others- 51%.
- By Region: North America-62%; Europe-13%; Asia-21%; South America- 3%, and Middle East & Africa- 1%.
List of companies profiled in the report
• IBM (US)
• Optum (US)
• SAS (US)
• McKesson (US)
• SCIO (US)
• Verscend (US)
• Wipro (India)
• Conduent (US)
• HCL (India)
• CGI (Canada)
• DXC (US)
• Northrop Grumman (US)
• LexisNexis (US)
• Pondera (US)
The report provides an overview of the healthcare fraud detection market. It aims at estimating the market size and future growth potential of this market across different segments such as type, application, component, delivery model, end user, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them with the closest approximations of revenues for the overall healthcare fraud detection market and its subsegments. This report will help stakeholders to understand the competitive landscape better and gain insights to position their businesses and help companies make suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provide them with information regarding key market drivers and opportunities.