The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Healthcare Fraud Detection Global Market Report 2024, the healthcare fraud detection market is expected to show promising growth in the forecast period.

The Surge of Healthcare Fraud Detection Market

• The healthcare fraud detection market has witnessed exponential growth, climbing from $2.78 billion in 2023 to $3.6 billion in 2024, with a compound annual growth rate (CAGR) of 29.3%.
• Historic growth is attributed to escalating cyberthreats, enhanced patient identity verification, competitive market dynamics, and increased awareness and training.

A Vision for the Future: Projections and Trends

• The market is expected to soar to $10.35 billion by 2028, driven by regulatory changes, digitalization, sophisticated fraud schemes, insurance fraud focus, and data security enhancements.
• Notable trends include advanced technology integration, real-time monitoring, behavioral analytics, blockchain for security, and patient identity verification.

Surging Healthcare Fraud Incidents Fuel Growth In Healthcare Fraud Detection Market

• The rise in fraudulent events within the healthcare industry serves as a catalyst for the expansion of the healthcare fraud detection market.
• In 2021, the Department of Justice (DOJ) initiated numerous criminal and civil health care fraud investigations, highlighting the severity of the issue.
• Major players in the market include IBM, Cotiviti Inc., Fair Isaac Corporation, SAS Institute Inc., and CGI Inc.

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Product Innovations Transforming The Healthcare Fraud Detection Market

• Companies are innovating insurance fraud detection solutions to gain a competitive edge.
• For example, Verisk Analytics, Inc. and Kyndryl Holdings, Inc. collaborated to launch an advanced technology suite aimed at preventing insurance fraud.
• The solution offers real-time monitoring of auto claims for bodily injury and facilitates data investigation for insurance claim adjusters.

Equifax Strengthens Workforce Solutions Through Acquisition Of Appriss Insights

• In 2021, Equifax acquired Appriss Insights for $1.825 billion, enhancing its workforce solutions.
• Appriss Insights provides proprietary data and analytics solutions to address safety, fraud, risk, and compliance issues effectively.
• The acquisition aims to expand Equifax’s footprint in the healthcare fraud detection space.

Segmentation and Regional Dynamics

• The healthcare fraud detection market is segmented by type, model, component, application, and end-user, offering tailored solutions for various stakeholders.
• North America led the market in 2023, demonstrating its proactive approach towards combating healthcare fraud.

Conclusion: Building Resilient Healthcare Systems
The growth of the healthcare fraud detection market underscores the pressing need for robust solutions in the face of escalating fraudulent activities. As healthcare systems embrace digitalization and face evolving regulatory landscapes, the demand for innovative fraud detection mechanisms intensifies. Companies are leveraging advanced technologies and strategic partnerships to develop cutting-edge solutions that mitigate risks and safeguard healthcare integrity. With a focus on real-time monitoring, behavioral analytics, and stringent identity verification, the industry navigates towards a future where transparency, security, and compliance are paramount. As stakeholders collaborate to fortify healthcare systems against fraud, the healthcare fraud detection market emerges as a pivotal player in building resilient and trustworthy healthcare ecosystems for the benefit of patients, providers, and payers alike.

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