Healthcare Fraud Detection Market Overview
The healthcare fraud detection market will accrue USD 3,787.68 Million during the forecast period, says Market Research Future (MRFR). Since the lockdown, the need for healthcare fraud detection systems has grown, owing to a greater propensity for solutions with biometric sensors to detect fraud. A burgeoning number of healthcare BPOs, the launch of cutting-edge fraud identity management software, the expanded deployment of cloud-based analytical solutions, and social media’s significant influence on the healthcare industry are promising elements for the market’s growth.
Many of the other top growth boosters in the global market are an alarming rise in fraudulent events in the healthcare business, the growing patient pool opting for health care insurance, and snowballing demand to track abuse and fraud in healthcare.
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Healthcare Fraud Detection Market Segmentation
By delivery model, the healthcare fraud detection market consists of on-premises and cloud-based. The healthcare fraud detection market consists of payment integrity and insurance claims review by application. By end user, the healthcare fraud detection market consists of public/government agencies, private insurance payers, and third-party service providers. By type, the healthcare fraud detection market consists of predictive analytics, descriptive analytics, and prescriptive analytics. By component, the healthcare fraud detection market consists of services and software.
Healthcare Fraud Detection Market Regional Insights
The regional overview of the healthcare fraud detection market includes North America, Europe, APAC, and other vital regional markets. The Americas took the lead, accounting for half of the global market. The Americas have emerged as a viable market because of the favorable reimbursement rules, expanding use of technically sophisticated goods, and increased spending on healthcare analysis services. Due to social media’s swelling influence on the healthcare sector, growing adoption of cloud-based analytic solutions, and the growing integration of artificial intelligence in various healthcare solutions and services, Europe has landed the second spot in the medical fraud detection management system market. The healthcare fraud detection market in the Asia Pacific is developing due to an increase in government anti-fraud measures, technical advancements, a mounting demand to reduce healthcare expenses, and superior service and product obtainability. Furthermore, augmented demand in the pharmaceutical business and the budding popularity of medical tourism could develop as an important healthcare fraud detection market trend in the region.
Healthcare Fraud Detection Market Competitive Outlook
Governments worldwide are committing their support for market-friendly changes. The improving trade relations are projected to increase the international market in the coming years. The global contagion has provided businesses with a new mandate about the purchasing process and a rapid acceleration of digital transformation. Fresh business models and perceptions are present in current core operations and support functions in the forecast term. It is projected that implementing comprehensive research techniques to examine the market’s future development will aid in market development. The market’s development is projected to be hindered shortly due to a shortage of critical resources. The function of mergers and applications is expected to become critical in maintaining development speed in the coming era. The industry is anticipated to boost as new products are introduced that focus on satisfying the evolving requirements of their respective client bases. The use of the internet for sales and marketing is expected to expand the market’s prospects during the forecast period.
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The important players in the healthcare fraud detection market are UNITEDHEALTH Group, CGI INC, SAS Institute Inc., WIPRO LIMITED, EXLSERVICE Holdings Inc., DXC Technology Company, International Business Machines Corporation (IBM), McKesson Corporation, COTIVITI INC., FAIR ISAAC Corporation, and LEXISNEXIS.
Pindrop, a worldwide technology company that provides security, identification, and intelligence for every voice, announced today that it has partnered with Five9, a renowned provider of intelligent cloud contact centers. With premier voice authentication, fraud detection, and call intelligence technologies, the agreement will make Pindrop’s solutions more accessible around the globe, helping to protect consumer interactions in a variety of businesses.
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