Healthcare Fraud Analytics Market size worth $ 24,160.88 Million, Globally, by 2028 at 20.95% CAGR: Verified Market Research®

The healthcare fraud analytics market is growing at a robust rate mainly due to the growing number of the population choosing health insurance.

Jersey City, New Jersey, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Healthcare Fraud Analytics Market” By Solution Type (Descriptive Analytics, Predictive Analytics, & Prescriptive Analytics), By Application (Insurance Claims Review, Pharmacy Billing Misuse, Payment Integrity), and By Geography. According to Verified Market Research, the Global Healthcare Fraud Analytics Market size was valued at USD 5,116.61 Million in 2020 and is projected to reach USD 24,160.88 Million by 2028, growing at a CAGR of 20.95% from 2021 to 2028.

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Global Healthcare Fraud Analytics Market Overview

The healthcare fraud analytics market is growing at a robust rate mainly due to the growing number of the population choosing health insurance. Health insurance offers financial expenditure coverage required to treat various medical conditions, injuries, mental and physical injuries. The demand for health insurance is growing as it compensates medical expenditure required by the payer by providing healthcare benefits in exchange for a monthly/semi-annual/annual premium or a payroll tax. Increasing insurance frauds by the applicants, policyholders, third-party claimants, and healthcare professionals to gain monetary benefits is promoting the need for analytics for a smooth insurance process without any loopholes. The rise in insurance fraud has resulted in massive financial loss annually. According to the National Health Care Anti-Fraud Association in the United States, healthcare fraud could cost up to $300 billion in 2018. As the number of cases of healthcare fraud increases around the world, so does the demand for healthcare fraud analytics.

The growth of the market is projected to propel due to a rise in the spending on the healthcare sector by the potential population. Changing customer preferences, increasing investment in developing the healthcare infrastructure and developing patient demographics are pushing the market growth. The increasing prevalence of chronic disease and epidemic infections and the growing geriatric population base, who are vulnerable to diseases and disorders is pushing demand for healthcare insurance. This, in turn, escalates the risks of healthcare fraud, pushing the market growth. However, the growth of the market is hampered mainly due to a limited skilled workforce for utilizing the features and fraud analytics, higher cost of deployment especially for the small and medium enterprise, and growing risk of data security.

Key Players

The major players in the market are IBM, Optum Inc., SAS Institute Inc., Change Healthcare, EXL Service, Cotiviti, Conduent, Inc., Hindustan Computers Limited Technologies Limited, CGI Inc.

Verified Market Research has segmented the Global Healthcare Fraud Analytics Market On the basis of Solution Type, Application, and Geography.

  • Healthcare Fraud Analytics Market, By Solution Type
    • Descriptive Analytics
    • Predictive Analytics
    • Prescriptive Analytics
  • Healthcare Fraud Analytics Market, By Application
    • Insurance Claims Review
    • Pharmacy Billing Misuse
    • Payment Integrity
  • Healthcare Fraud Analytics Market by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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