Medical Payment Fraud Detection Market is expected to hold a value of USD 5786.44 Million by 2027 and medical payment fraud detection market is expected to register a growth of 25.2%from 2020 to 2027.The increased occurrence of fraud, especially in terms of bill payment in the medical sector, has escalated significantly in the past few years. Therefore, the market's report is efficiently analyzed as per MRFR, which provides outlooks for the global markets. With a CAGR of 25.2%, the market is set to earn USD 5786.44 Million by 2027.
The improved quality of technology used for fraud detection in the healthcare sector is estimated to foster the growth of the medical payment fraud detection market. Moreover, the willingness of end users to invest in robust fraud detection systems is estimated to spur the global market in the future.
Segmental Analysis
The segmental investigation of the medical payment fraud detection market is carried out on the basis of type, components, delivery model, source of service, end user, and regions. The source of service segment of the medical payment fraud detection market consists of outsourced and in-house. The component segment of the medical payment fraud detection market consists of software and services. The delivery model segment of the medical payment fraud detection market consists of on-premise and cloud-based. The end-user segment of the medical payment fraud detection market consists of public/ government agencies, private insurance payers, and third-party service providers. The type segment of the medical payment fraud detection market consists of predictive analytics, descriptive analytics, and prescriptive analytics. The region segment of the market consists of Asia-Pacific, Europe, Africa, North America, and the Middle East.
Regional Overview
The regional overview of the medical payment fraud detection market consists of Asia Pacific, Europe, Africa, North America, and the Middle East. In the North American region, insurance claims appraisal performs a key role in healthcare fraud detection. Therefore, healthcare insurance fraud detection is estimated to drive the region's medical payment fraud detection market share. Europe is the second-largest regional market in the medical payment fraud detection market due to the rising healthcare expenditure which is projected to boost the market development. The Asia-Pacific regions' fastest growth pace is likely to put it in a strong position in the global market for medical payment fraud detection. Furthermore, the mounting number of patients opting for healthcare insurance is anticipated to increase the forecast period's medical payment fraud detection market growth. The Middle Eastern and African regional market is anticipated to show remarkable progress in the expansion of healthcare services. The intensification in healthcare spending and developing pressure to grow operational efficiency will boost the medical payment fraud detection market progress.
Competitive Analysis
The market's advanced operation potential is estimated to bolster the market in the coming months. Better access to varied financing sources in the market is estimated to foster a strong potential for growth in the forthcoming period. The players for the majority stake in the market are projected to take swift and strategic decisions to further their position. The reliance on mergers and acquisitions is estimated to grow as stronger contenders begin the buyout of smaller companies with specialized fortes. The support from governmental agencies is estimated to further augment the market progress in the future. The enhanced focus on technology-centric solutions is likely to further bolster the development potential of the market. The popularity of e-commerce modes of business is projected to broaden the scope for growth in the coming years. The expansion to new geographical areas is estimated to introduce a new development phase in the global market. The intensification of cybersecurity risk is estimated to further create novel operational procedures in the market during the forecast period.
The foremost companies operating in the medical payment fraud detection market players are OSP Labs, Unitedhealth Group, International EXL Service Holdings, Inc., Business Machines Corporation, Optuminsight, LexisNexis Risk Solutions, DXC Technology Company, SAS Institute, Fair Isaac Corporation, and CGI GROUP.
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