healthcare fraud analytics Market

The healthcare fraud analytics market was valued at US$ 1,331.09 million in 2019 and is expected to grow at a CAGR of 27.0% from 2020 to 2027 to reach US$ 8,707.73 million by 2027.

Driving factors of the healthcare fraud analytics market are rising number of healthcare fraudulent cases across the globe and growing health insurance industry are expected to boost the market growth over the years. However, concerns regarding healthcare fraud analytics is likely to have negative impact on the growth of the market in the coming years. 

The hospital industry in is growing. Though the average hospital stays for a single person has been slightly decreased from 7 days to 5-6 days over the last couple of decades, but, the total number of hospital admissions increased to 36.5 million in 2017. An increase in the elderly population is a major reason for driving the hospital market in the US. Furthermore, as per the American Hospital Association (AHA) annual survey of hospitals in the United States, there are around 6,146 hospitals in the US. Also, the super-specialty and multi-specialty hospitals hold several opportunities for the market to grow during the forecast period. Additionally, micro-hospitals are gaining popularity as they offer personalized care 24/7, and waiting time is less than 5 minutes. Thus owing to such advancements, the hospital industry in the US is growing and which is likely to hold several opportunities for the healthcare fraud analytics market.

The global healthcare fraud analytics is segmented by solution, mode of delivery, application and end user. The healthcare fraud analytics market, by solution, is segmented into predictive analytics, descriptive analytics, and prescriptive analytics. The predictive analytics segment held the largest share of the market in 2019. The segment is also anticipated to register the highest CAGR in the market during the forecast period. Based on mode of delivery, the market is segmented into on-premise delivery models, and on-demand delivery models. The on-premise delivery models segment held the largest share of the market in 2019. However, on-demand delivery models segment is estimated to register the highest CAGR in the market during the forecast period.

Some of the essential primary and secondary sources included in the report are, Food and Drug Administration, World Health Organization (WHO), American Hospital Association, Medical Identity Theft Alliance, National Health Care Anti-Fraud Association, European Healthcare Fraud and Corruption Network among others.