DUBLIN, Jan. 16, 2018 /PRNewswire/ --
The "Healthcare Fraud Detection Market by Type (Descriptive, Prescriptive), Application (Insurance Claim, Prepay, Post payment), Component (Service, Software), Delivery (On-premise, Cloud), End user (Insurance Payer, Private) - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.
The healthcare fraud detection market is expected to reach USD 2,242.7 Million by 2022 from USD 631.0 Million in 2017, at a CAGR of 28.9%. Market growth can be attributed to the large number of fraudulent activities in healthcare; increasing number of patients seeking health insurance; the prepayment review model; growing pressure of fraud, waste, and abuse on healthcare spending; and high returns on investment.
This report segments the healthcare fraud detection market into type, component, delivery model, application, end user, and region. Based on type, the healthcare fraud detection market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment is expected to account for the largest share of the healthcare fraud detection market, by type, in 2017. However, prescriptive analytics is slated to grow at the highest CAGR due to its ability to ensure the synergistic integration of predictions and prescriptions.
Based on component, the healthcare fraud detection market is segmented into services and software. The services segment accounted for the largest share of the healthcare fraud detection market. With the increasing need for fraud analytics services and the introduction of technologically advanced healthcare fraud detection software, which requires extensive training to use as well as regular upgrades, the services segment is expected to grow at the highest CAGR during the forecast period.
Based on delivery model, the healthcare fraud detection market is segmented into on-demand and on-premise models. The on-demand healthcare fraud detection segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the lack of upfront capital investments for hardware, higher flexibility, and the pay-as-you-go pricing of this model, and increased demand for self-driven analytics.
Based on end user, the healthcare fraud detection market is segmented into private insurance payers, public/government agencies, employers, and third-party service providers. The private insurance payers segment is expected to account for the largest share of the global healthcare fraud detection market in 2017. The need to comply with stringent laws and the opportunity for substantial cost savings are some important factors driving private payers to invest in advanced fraud analytics.
In 2017, North America is expected to dominate the market, followed by Europe. Factors such as increase in the number of people seeking health insurance, increasing cases of healthcare fraud, favorable government initiatives to combat healthcare fraud, rising pressure to reduce healthcare costs, technological advancements, and greater product and service availability in this region are expected to drive market growth in North America.
While the healthcare fraud detection market presents significant growth opportunities, market growth may be limited to a certain extent due to dearth of skilled personnel and time-consuming deployment and frequent upgrades.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type: Tier 1 - 33%; Tier 2 - 45%; Tier 3 - 22%.
- By Designation (Supply Side): C-level- 22%; D-level- 27%; others- 51%.
- By Region: North America-62%; Europe-13%; Asia-21%; South America- 3%, and Middle East & Africa- 1%.
List of companies profiled in the report
- IBM (US)
- Optum (US)
- SAS (US)
- McKesson (US)
- SCIO (US)
- Verscend (US)
- Wipro (India)
- Conduent (US)
- HCL (India)
- CGI (Canada)
- DXC (US)
- Northrop Grumman (US)
- LexisNexis (US)
- Pondera (US)
Key Topics Covered:
- Market Overview
- Healthcare Fraud Detection Market, By Component
- Fraud Detection Market, By Delivery Model
- Healthcare Fraud Detection Market, By Type
- Healthcare Fraud Detection Market, By Application
- Healthcare Fraud Detection Market, By End User
- Healthcare Fraud Detection Market, By Region
- Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/research/p7hgk7/healthcare_fraud?w=5
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SOURCE Research and Markets