Healthcare Fraud Detection Industry Analysis and Outlook 2023-2027 - Major Players Concentrating Their Efforts on Creating Innovative Technologies to Sustain Their Position

DUBLIN, June 29, 2023 /PRNewswire/ -- The "Healthcare Fraud Detection Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global healthcare fraud detection market is expected to grow from $2.16 billion in 2022 to $2.8 billion in 2023 at a compound annual growth rate (CAGR) of 29.5%. The market is expected to reach $7.74 billion in 2027 at a CAGR of 28.9%. North America was the largest region in the healthcare fraud detection market in 2022.

Where is the largest and fastest growing market for healthcare fraud detection? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.

Adoption of advanced analytics tools is a key trend gaining popularity

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.

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 rise in fraudulent events in the healthcare industry is expected to propel the healthcare fraud detection market going forward

For instance, in 2021, the Department of Justice (DOJ) opened 831 new criminal health care fraud investigations. Moreover, in 2021, DOJ opened 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% 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.

Report Scope

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:
• The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
• The impact of higher inflation in many countries and the resulting spike in interest rates.
• The continued but declining impact of COVID-19 on supply chains and consumption patterns.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

A selection of major companies mentioned in this report includes:

• 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
• Codoxo

For more information about this report visit https://www.researchandmarkets.com/r/lrqvvl

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