Global Healthcare Fraud Detection Market – Industry Trends and Forecast to 2022
According to the new market research report “Healthcare Fraud Detection Market by Type (Descriptive, Prescriptive), Application (Insurance Claim, Prepay, Post payment), Component (Service, Software), Delivery (On-premise, Cloud), End user (Insurance Payer, Private, Public) – Global Forecast to 2022″, published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
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The growth of the market is attributed to a 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 investment.
The healthcare fraud detection market is segmented descriptive, predictive, and prescriptive analytics. In 2017, the descriptive analytics segment is expected to account for the largest share of the healthcare fraud detection market. Descriptive analytics forms the base for the effective application of predictive or prescriptive analytics. Thus, descriptive analytics is expected to continue to dominate the healthcare fraud detection market during the forecast period.
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The healthcare fraud detection market is segmented into insurance claims review, payment integrity, and other applications. The insurance claims review segment is expected to dominate the healthcare fraud detection market with a share in 2017. This segment is also expected to register the highest growth rate during the forecast period, primarily due to the increasing number of patients seeking health insurance, rising number of fraudulent claims, and growing adoption of the prepayment review model.
In 2017, North America is expected to dominate the market followed by Europe. The large share of the North American segment is attributed to 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.
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The healthcare fraud detection market is highly competitive with the presence of several small and big players. Some of the players in the healthcare fraud detection market are 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), and Pondera (US).