In a recent published report, Kenneth Research has updated the market report for Healthcare Fraud Detection Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Healthcare Fraud Detection Market products.
Kenneth Research has recently added a report titled Healthcare Fraud Detection Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
The Healthcare Fraud Detection Market is thriving on account of the rising awareness amongst individuals for the benefits of maintaining a good health and the increasing need for high quality healthcare services amongst individuals. With the increasing prevalence of diseases worldwide, people are opting for products that help them to stay fit and are also investing more on healthcare services. Alternatively, pharmaceutical manufacturers, along with other healthcare companies that manufactures devices and equipment, are increasingly focusing on the research and development of advanced treatment, drugs and equipment for the diagnosis and treatment of the diseases and for developing healthcare products. Organizations are raising their R&D expenses year-on-year so as to deliver quality healthcare products in the years to come. The advancements in the healthcare sector are also supported by the governments of nations worldwide with numerous financial aids. According to a statistical report titled “Global Spending on Health: A World in Transition”, released in theyear 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 7.8 trillion in 2017,
Market analysis
Generally, the major market performers are actively participating in business advancement in the healthcare fraud detection and related organizations. For illustration, in 2019 Optum, Inc. purchased DaVita Medical Group, one of the foremost independent medical groups in the US. Frauds in healthcare increase the burden on the healthcare industry as a rise in the healthcare cost directly involve the products and services. The global healthcare fraud detection market is in the growing healthcare business continuum. The factors driving global healthcare fraud detection market are the rising number of patients opting for health insurance, an increase in the incidents of fraudulent activities, the escalation in healthcare expenditure, and others.
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However, the unwillingness of the end users to adopt healthcare fraud analytics systems in growing regions are likely to restrain the growth of the global healthcare fraud detection market during the forecast period. For example, agreeing to the National Health Care Anti-Fraud Association (NHCAA) the financial losses suffered from healthcare frauds add up to roughly USD 10 billion each year. This suggests that there is a looming need to detect fraudulent activities in healthcare business which in turn will boost the global healthcare fraud detection market. Healthcare fraud is a misrepresentation or intentional deception of facts by either healthcare specialists or patients, which can cause in illicit disbursements or advantages.
Market segmentation
The Global Healthcare Fraud Detection Market is segmented based on type, component, delivery model, application, end user and region respectively. Based on component, the market has been bifurcated into services and software. By application, the global healthcare fraud detection market has been split into insurance claims review and payment integrity. Because of type healthcare fraud detection market has been separated into scientific analytics, predictive analytics, and prescriptive analytics. Descriptive analytics uses historical data to analyze the changes that have been made.
It is helpful for the hospitals to analyze the total revenue produced per patient, month-over-month sales growth, and year-over-year pricing modifications, thus correctly retaining the related records. This information is used to analyze or understand the proceeds cycle during a set period. The prognostic analytics is also termed as a supervised learning technique. This model is built based on the past data which contains fraud or non-fraud indicators along with different elements such as the number of patients, bill amount, treatment characteristics, reporting lags, years of experience of the doctor, and the number of patient visits. Different organizations such as the National Health Care Anti-Fraud Association and the European Healthcare Fraud and Corruption Network (EHFCN) are involved in countering fraud in the healthcare sector. Based on end user the market has been classified as private insurance payers, public/government agencies, and third-party service sources.
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Regional analysis
Geographically the Global Healthcare Fraud Detection Market is split in regions like North & South America, Europe, Asia-Pacific, Middle east and Africa and Rest of the world. The Asia-Pacific region has been labeled as China, India, Japan, and the rest of Asia-Pacific. It retains the third-largest position in the healthcare fraud detection market. Europe held the second-leading market share owing to the high recognition of healthcare fraud detection by the exclusive protection payers.
The Europe region is further accounted into Western Europe and Eastern Europe. Western Europe, based on countries has been, segmented into Germany, the UK, France, Italy, Spain, and the rest of Western Europe. The Middle East & Africa is anticipated to witness a astonishing growth owing to the developments in the healthcare services, such as hospitals, clinics, and others. The Americas settled for a market share of 49.97% in 2018. Americas is sub-segmented into North America and South America. North America has been further sub-settled into the US and Canada.
Major players
The proposed spectators in the Global Healthcare Fraud Detection Market are manufacturers, Retailers, distributors, wholesalers, Investors and trade experts, Governments, associations, industrial bodies, etc. The troupe’s operation in the global healthcare fraud exposure market are focusing on product launches, along with enlarging their global footprints by entering available markets. The major companies functioning in the Global Healthcare Fraud Detection Market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global Healthcare Fraud Detection Market are companies like International Business Machines Corporation (IBM), UNITEDHEALTH group, SAS Institute Inc., FAIR ISAAC Corporation, McKesson Corporation, EXLSERVICE Holdings, Inc., DXC Technology Company, LEXISNEXIS, COTIVITI INC., WIPRO LIMITED, and CGI INC.
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