Medical
Payment Fraud Detection Market Size is expected to hold a value of USD 5.88
Billion by 2030 and medical payment fraud detection market is expected to
register a growth of 21.30% from 2023 to 2030.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.
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.
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.
Segmental Analysis
The segmental investigation of the medical
payment fraud detection market insightsis 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.
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 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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