The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s healthcare fraud detection market report forecasts the healthcare fraud detection market size to grow to $7.74 Billion by 2027, with a CAGR (compound annual growth rate) of almost 30%.

Learn More On The Healthcare Fraud Detection Market Report 2023 – https://www.thebusinessresearchcompany.com/report/healthcare-fraud-detection-global-market-report

Healthcare Fraud Detection Market Size Forecast
The global healthcare fraud detection market is expected to grow from $2.16 billion in 2022 to $2.80 billion in 2023 at a compound annual growth rate (CAGR) of 29.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The healthcare fraud detection market size is expected to reach $7.74 billion in 2027 at a CAGR of 28.9%.

North America held the largest healthcare fraud detection market share.

Key Healthcare Fraud Detection Market Driver ­– Rise In Fraudulent Events In The Healthcare Industry
For instance, in 2021, the Department of Justice (DOJ) opened 831 new criminal health care fraud investigations. Moreover, in 2021, DOJ opned 805 new civil health care fraud investigations. According to data published by the United States Sentencing Commission, a US-based agency that articulates sentencing guidelines, in August 2022, 336 health care fraud offenders were identified in fiscal year 2021, making up 8.0% of total theft, property damage, and fraud charges. Therefore, the rise in fraudulent events in the healthcare industry is expected to drive the healthcare fraud detection market.

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Key Healthcare Fraud Detection Market Trend – Adopting Advanced Analytics Tools
Major players are concentrating their efforts on creating innovative technologies to sustain their position in the healthcare fraud detection market. For instance, in January 2022, Premier, Inc., a US-based healthcare technology company, launched “INSights” based on PINC AITM technology. Insights is a vendor-neutral analytics platform that has access to the risk-adjusted, standardised, and cleaned healthcare data from PINC AITM. Insights is designed for healthcare providers to lower the workload associated with data preparation and analytics development for quick gains in clinical, quality, and financial outcomes.

Healthcare Fraud Detection Market Segment
1) By Type: Descriptive Analytics, Predictive Analytics, Prescriptive Analytics
2) By Model: On-premise Delivery, On-demand Delivery
3) By Component: Services, Software
4) By Application: Insurance Claims Review, Payment Integrity
5) By End User: Healthcare Payers, Government Agencies, Other end-users

Healthcare Fraud Detection Market Major Players and Strategies
Major players in the healthcare fraud detection market are International Business Machines Corporation, Cotiviti Inc., Fair Isaac and Company, SAS Institute, CGI Inc., DXC Technology, RELX Group plc, EXL Service Holdings Inc., HCL Technologies, UnitedHealth Group Incorporated, Optum Inc., Conduent Inc., Change Healthcare, OSP Labs, and Codoxo.

In 2021, Equifax, a global data, analytics and technology company acquired Appriss Insights for $1.825 billion. With the acquisition Equifax will expand its largest and fastest growing business-workforce solutions. Appriss Insights is a UK based provider of proprietary data and analytics solutions to address safety, fraud, risk and compliance issues effectively and efficiently for government and commercial enterprises including healthcare.

The Healthcare Fraud Detection Global Market Report 2023 covers regional data on healthcare fraud detection market size, healthcare fraud detection market trends and drivers, opportunities, strategies, and healthcare fraud detection market competitor analysis. The countries covered in the healthcare fraud detection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Healthcare fraud detection refers to a group of actions performed to stop someone from obtaining patient data or property under false pretences and involves account auditing and detective investigation. It is used to promote transparency and accountability, risk assessment by identifying data usage, detection, prevention, and management of suspicious fraud, waste, and abuse, and reduce leakage of sensitive information such as patient medical records and other credentials.

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