The Healthcare Fraud Analytics and Detection Market to Gain $5480.25 Million by 2028

The Healthcare Fraud Analytics and Detection Market to Gain $5480.25 Million by 2028

“Healthcare Fraud Analytics and Detection Market”
A Triton Market Research report on the Healthcare Fraud Analytics and Detection market states that, the industry, which generated $812.15 million in 2019, is set to surge at a CAGR of 23.63% by the year 2028.

A study by Triton Market Research with the title ‘Healthcare Fraud Analytics and Detection Market,’ covers the Global Analysis and Forecast for 2019-2028 by Application (Payment Integrity, Review of Insurance Claims), by End-user (Government Agencies, Private Insurance Claims, Other End-users), by Type (Prescriptive Analysis, Descriptive Analysis, Predictive Analysis) and by Geographical Region (Europe, North America, Middle East and Africa, Latin America, Asia-Pacific).

Healthcare fraud analytics and detection involves the investigation of fraudulent activities like incorrect billing for unnecessary medications, charging excessively and other deceptive practices that may increase the burden of medical charges.

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As per the report on the healthcare fraud analytics and detection market, the industry will generate $5480.25 million by the year 2028, augmenting with a CAGR of 23.63% over the forecasted period 2019-2028.

The growing number of people opting for health insurance is primarily driving the growth of the global healthcare fraud analytics and detection market. Insurance provides protection to patients against the economic risks associated with serious illness. With the growing insurance claims, fraudulent activities related to them will also increase, thereby instigating the demand for the studied market. However, underdeveloped IT systems, insufficient regulations to combat privacy issues and the advanced technologies in medical record databases are impeding the growth of the healthcare fraud and analytics detection market.

The healthcare fraud analytics and detection market is primarily segmented into three parts, end-user, application, and type. The first segment, application, includes payment integrity and review of insurance claims. The second segment, end-user, is clasified into government agencies, private insurance claims and other end-users. The last segment, type, is segmented into prescriptive analysis, descriptive analysis and predictive analysis.

Considering the geographical landscape, North America is expected to be the largest healthcare fraud analytics and detection market during the projected years. In Canada, the Public Health Agency is implementing several programs and strategies to improve the healthcare system in the country. Besides, various other initiatives are being undertaken to create public awareness regarding healthcare. The rising awareness among the people, coupled with the growing fraud cases, is likely to aid the growth of the studied market in North America.

Major firms in the healthcare fraud analytics and detection market are SAS Institute Inc, Intelligent Business Machines Corporation, DXC Technology Company, OSP Labs, UnitedHealth Group (Optum Inc), Pondera Solutions, Cotiviti Inc, Change Healthcare, Northrop Grumman Corporation, Fair Issac Corporation, EXL, RELX Group Plc, McKesson Corporation and CGI Inc.

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Question & Answer: Healthcare Fraud Analytics and Detection Market

Question 1: What is primarily driving the growth of the global healthcare fraud analytics and detection market?

Answer: The growing number of people opting for health insurance is primarily driving the growth of the global healthcare fraud analytics and detection market. Insurance provides protection to patients against the economic risks associated with serious illness. With the growing insurance claims, fraudulent activities related to them will also increase, thereby instigating the demand for the studied market.

Question 2: Which factors are impeding the growth of the healthcare fraud analytics and detection market?

Answer: Underdeveloped IT systems, insufficient regulations to combat privacy issues and the advanced technologies in medical record databases are impeding the growth of the healthcare fraud and analytics detection market.

Question 3: In which way is North America impacting the healthcare fraud analytics and detection market outlook?

Answer: Considering the geographical landscape, North America is expected to be the largest healthcare fraud analytics and detection market during the projected years. In Canada, the Public Health Agency is implementing several programs and strategies to improve the healthcare system in the country. Besides, various other initiatives are being undertaken to create public awareness regarding healthcare. The rising awareness among the people, coupled with the growing fraud cases, is likely to aid the growth of the studied market in North America.

Question 4: Name some major firms mentioned in the healthcare fraud analytics and detection market report.

Answer: Major firms in the healthcare fraud analytics and detection market are SAS Institute Inc, Intelligent Business Machines Corporation, DXC Technology Company, OSP Labs, UnitedHealth Group (Optum Inc), Pondera Solutions, Cotiviti Inc, Change Healthcare, Northrop Grumman Corporation, Fair Issac Corporation, EXL, RELX Group Plc, McKesson Corporation and CGI Inc.

 

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Global Big Data in E-commerce Market 

The Global Big Data in E-commerce Market is likely to display growth at $8.25 million by 2028, with a CAGR of 13.27% in the projected period 2019-2028.

Online retailers are increasingly trying to customize their product upgrades and offerings with the help of customer behavior analysis. The growing use of Big Data is enabling the e-retailers to recommend products based on their shopping pattern, thereby increasing customer satisfaction and sales. Major online retailer Amazon has been using Big Data for different product customizations by providing purchase recommendations produced from the customer analysis.

There is an explosive growth of data across the worldwide, which is increasingly contributing to the growth of the Big Data market. Conventional database management tools like RDBMS (Relational Database Management System) is not able to manage the ever-increasing data volume. The massive data generated is used by the Big Data software to enhance the decision-making process. These factors are likely to drive the growth of Big Data in e-commerce market.

 

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