The Europe Healthcare Fraud Analytics Market would witness market growth of 22.8% CAGR during the forecast period (2022-2028).
The growing amount of fraud instances in the healthcare business, as well as the increasing adoption of health insurance, are driving market expansion. Additionally, the increased focus on reducing healthcare expenses, as well as technical improvements that allow for the introduction of improved analytical procedures, is likely to propel market expansion.
Despite an overall drop in the number of breach occurrences throughout private and public sectors, the number of compromised records and the complexity of these breaches surged tremendously during the COVID-19 pandemic. During the pandemic, this resulted in the use of healthcare fraud analytics software and services.
According to the National Healthcare Anti-Fraud Association, each year in the United States, payers spend almost USD 68 billion on fraud. The risk of receiving a nonexistent or needless medical service as a result of provider or patient deception becomes a costly investment. Rather than focusing on finding the problem areas, doctors and medical consultants should concentrate on enhancing access to resources for acute and urgent care, which can improve the quality of care by utilizing machine learning, data science, and artificial intelligence-based solutions. As an outcome, the market expansion is fueled by the implementation of technologically advanced solutions.
Only 11 of Europe's 46 countries are members of the international non-profit organization, and many of member either don't see the need or claim that members can't afford the high start-up costs of setting up anti-fraud units. The battle over healthcare corruption has become more intense in recent years. According to statistics from the European Healthcare Fraud and Corruption Network, corruption costs Europe an estimated €56 billion every year.
The Germany market dominated the Europe Healthcare Fraud Analytics Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $448.2 million by 2028. The UK market is anticipated to grow at a CAGR of 21.7% during (2022 - 2028). Additionally, The France market would display a CAGR of 23.7% during (2022 - 2028).
Based on Delivery Model, the market is segmented into On-premise and Cloud. Based on Application, the market is segmented into Insurance Claim Review, Pharmacy billing Issue, Payment Integrity, and Others. Based on End User, the market is segmented into Public & Government Agencies, Private Insurance Payers, Third-party Service Providers, and Employers. Based on Solution Type, the market is segmented into Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Healthcare Fraud Analytics Market will Hit $6.6 Billion by 2028, at a CAGR of 23%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Wipro Limited, IBM Corporation, DXC Technology Company, SAS Institute, Inc., Conduent, Incorporated, HCL Technologies Ltd., UnitedHealth Group, Inc. (Optum, Inc.), OSP Labs, Cotiviti, Inc., and ExlService Holdings, Inc.
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