Healthcare Fraud Detection Market Is Expected to Reach $3.6 Billion by 2031: Allied Market Research
Increase in the use of innovative technologies such as machine learning, advanced analytics, and artificial intelligence, surge in need to maintain payment integrity, and increase in the number of fraudulent activities in healthcare are expected to drive the growth of the global healthcare fraud detection market. Adverse interruptions experienced by the healthcare payer and government agencies, reduced investments, and financial instability during the COVID-19 pandemic had a negative impact on the market.
According to the report published by Allied Market Research, the global healthcare fraud detection market generated $1.1 billion in 2021, and is projected to reach $3.6 billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report Coverage & Details:
Forecast Period2022–2031Base Year2021Market Size in 2021$1.1 billionMarket Size in 2031$3.6 billionCAGR12.6%No. of Pages in Report310Segments CoveredType, Component, Application, End-User, and RegionDriversIncrease in the standard of livingSurge in need to maintain payment integrityOpportunitiesIncrease in the number of fraudulent activities in healthcareRise in the use of innovative technologies such as machine learning, advanced analytics, and artificial intelligenceRestrainsSurge in data breaches in healthcareLack of awareness regarding effective solutions
The outbreak of COVID-19 had had negative impact on the growth of the global healthcare fraud detection market, owing to the occurrence of lockdowns in various countries across the globe.
Lockdowns exponentially decreased the demand for healthcare fraud detection as adverse interruptions were experienced by healthcare payers and government agencies, which resulted in decreased expenditure and investment in innovative technologies.