The healthcare fraud analytics market will witness a rate of 25.50% in the years to come, to reach 11,909 million by 2030.
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The industry growth has a lot to do with the increasing population with health insurance, as well as the expanding occurrence of fraud in the medical sector. Amongst the frauds, those associated with pharmacy claims have become a substantial cause for apprehension for insurance firms, healthcare providers, in addition to governments.
The number of people availing of several healthcare programs has grown considerably over the past. The increasing aging population, increasing healthcare spending, and growing burden of ailments are behind the development of the health insurance market.
Furthermore, healthcare spending is increasing significantly, which impels people to accept insurance to get some relief from the increasing monetary burden associated with quality care.
Medical insurance had an important role to play in India in COVID-19, when roughly INR 25,000 crore COVID insurance claims were paid. This is due to the fact that in the pandemic, the perception of persons toward health insurance changed considerably, with people purchasing plans covering their families at once.
In 2022, on the basis of solution type, the descriptive analytics category had the largest share, of 42%, and it will maintain its dominance in the years to come. This is because of the ease of use offered by descriptive analytics solutions and their ease of incorporation into other sources of info, for producing expressive insights.
Moreover, analytics is often accepted for studying the existing along with historical data for the identification of relationships and trends. Descriptive analytics is progressively being used for evaluating numerous clinical decisions and their consequences on care quality, service performance, and overall patient outcomes.
On the basis of delivery model, the on-premises category had the larger share, of about 52%, in 2022, and it will maintain its dominance in the years to come. The on-premises method is dependable and secure, and it lets enterprises to maintain a level of control and ease of access to data, allowing for the better record management, along with monitoring of the info.
North America healthcare fraud analytics market had the largest share, of about 40%, in 2022, and it will grow at a considerable rate in the years to come.
This will be as a result of the high per capita income and healthcare spending, vast populace of the aging and patients, large pool of people with health insurance, high occurrence of healthcare frauds, advantageous government initiatives for anti-fraud activity, and pressure to decrease healthcare costs.
As stated by P&S Intelligence, because of the increasing adoption of health insurance, the demand for healthcare fraud analytics will continue to increase in the years to come.
