As cited by the research report titled ‘Global Healthcare Fraud Analytics Market Size study, by Solution Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), by Delivery Model (On-premise, Cloud-based), by Application (Insurance Claims Review, Pharmacy Billing Misuse, Payment Integrity, Other applications), by End User (Public & Government Agencies, Private Insurance Payers, Third-party service providers, Employers), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global healthcare fraud analytics market was valued at USD 1.2 billion in 2020 and is estimated to expand at a CAGR of 26.7% over 2021-2027, further reaching USD 6.3 billion in valuation by the end of study duration.
 

Increasing prevalence of fraudulent activities in healthcare coupled with rising number of patients seeking health insurance are the major factors driving global healthcare fraud analytics market. Growing importance of AI in healthcare fraud detection is further likely to generate lucrative opportunities for the market development.
 

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For the record, healthcare fraud analytics is a software that helps in early detection of frauds in healthcare sector such as duplication of claims, errors in claim submissions, prescription fraud by pharmacists, and health insurance frauds.
 

As per Statista, the number of people having health insurance in the United States was around 257 million in 2010, which increased to over 297 million people in 2020. Similarly, health insurance sector market in India accounted to around USD 4.94 billion in 2018 and is anticipated to accrue USD 26.72 billion by 2030.
 

Such rising demand for health insurance is slated to augment adoption of healthcare fraud analytics, thereby favoring the industry outlook. On the downside, limitations in data capturing process in medicaid services is likely to act as bottleneck for the market progression over the estimated timeline. 
 

Based on solution type, global healthcare fraud analytics industry is segmented into descriptive analytics, prescriptive analytics, and predictive analytics. Considering delivery model, the marketplace is bifurcated into on-premise, and cloud based.
 

Speaking of the application range, the business space is categorized into payment integrity, insurance claims review, pharmacy billing misuse, and other applications. Moving on to end user ambit, the industry is divided into public & government agencies, third-party service providers, private insurance payers, and employers.
 

The geographical analysis of the industry extends to Asia Pacific, Europe, North America, and Latin America.
 

Experts cite that North America is likely to emerge as a key revenue generator for the worldwide healthcare fraud analytics market over the assessment period, on account of rising incidence of healthcare fraud, pressure to reduce healthcare costs, increasing number of people seeking health insurance, favorable government anti-fraud initiatives, technological advancements, and improved service & product availability.
 

Prominent players swaying the global healthcare fraud analytics industry trends are Canadian Global Information Technology Group Inc. (CGI), Hindustan Computers Limited Technologies Limited (HCL), Conduent Inc., Wipro Limited, Cotiviti, EXL Service Holdings Inc., Change Healthcare, SAS Institute Inc. (SAS), Optum Inc., and International Business Machines Corporation.