Latest News- Healthcare Fraud Detection Market: Descriptive analytics is expected to lead the Type segment during 2025-2029

The Healthcare Fraud Detection Market is being driven by Increased number of patients seeking health insurance

The Healthcare Fraud Detection Market is expected to grow at a CAGR of 11.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1092.1 million. The proliferation of social media in the healthcare sector has significantly influenced the global healthcare fraud detection market. Social media platforms serve as primary channels for health information dissemination, fostering two-way communication between patients, providers, and organizations. This interaction empowers patients with valuable information while generating vast amounts of data that can be analyzed to identify fraudulent activities. Healthcare providers leverage social media to engage with patients, share reliable health information, and combat misinformation, thereby fostering trust and transparency. Real-time monitoring of public sentiment and feedback on social media enables organizations to detect potential fraud patterns early, enhancing their fraud prevention efforts. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Descriptive analytics
  • Predictive analytics
  • Prescriptive analytics
• End-user
  • Private insurance payers
  • Third-party administrators (TPAs)
  • Government agencies
  • Hospitals and healthcare providers
• Delivery Mode
  • Cloud-based
  • On-premises
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • Asia
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased number of patients seeking health insurance
• Increasing cases of healthcare fraud
• Rise in number of health care BPO and fraud identity management software

However, the market also witnesses some limitations, which are as follows:

• Time-consuming deployment and need for frequent upgrades
• High cost of health care fraud detection software and services
• Limitations in capturing process in medicaid services

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Market Scope in Healthcare Fraud Detection Market Research Report

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Research Analysis Overview

The healthcare fraud market encompasses solutions that mitigate fraudulent activities in the healthcare sector, including false claims, billing schemes, identity theft, and prescription fraud. Healthcare fraud offenders cause significant financial losses through various means, necessitating advanced analytics solutions. These solutions employ data analysis techniques such as statistical methods, machine learning, and artificial intelligence for descriptive, predictive, and prescriptive analytics. Healthcare fraud analytics focuses on detecting fraudulent healthcare activities related to medical services, insurance claims review, pharmacy billing fraud, and payment integrity. Financial losses from healthcare fraud impact various stakeholders, including health insurance, Medicaid services, and medical providers. Data limitations and the use of social media present challenges for fraud detection, making advanced data analytics essential. Fraud detection solutions are delivered through on-premise and cloud-based models.

Market Research Overview

The Healthcare Fraud market encompasses the earnings derived from the sale of healthcare applications, IT systems, monitoring devices, telehealth technologies, and digital health solutions, as well as IT consulting services to healthcare providers and businesses. According to Technavio, the global healthcare market size is determined by the consolidated revenue generated by manufacturers, suppliers, pharmaceutical companies, healthcare technology firms, biotechnology players, and life sciences tool and service providers. The expansion of the healthcare technology market is influenced by factors affecting both the healthcare industry and IT expenditure market. Key drivers include the persistent need to cut costs in both developed and emerging economies, which is a prevalent concern for businesses in the healthcare sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/