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A comprehensive overview of the Global Healthcare Fraud Detection Market is recently added by UnivDatos Market Insights to its humongous database. The Global Healthcare Fraud Detection Market report has been aggregated by collecting informative data for market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Global Healthcare Fraud Detection Market. The market report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global Healthcare Fraud Detection Market at the regional/country levels. Global Healthcare Fraud Detection Market is expected to grow at a CAGR of 25.3% from 2021-2027 to reach US$ 6.9 billion by 2027.
Market Overview
The Global Healthcare Fraud Detection Market is booming owing to the rising number of patients applying for health insurance coupled with an increase in the number of frauds in pharmacy bills, healthcare, and high returns on investment paired with increasing government initiative to reduce healthcare fraud. As per General Accounting Office (GAO), ‘federal spending on major healthcare programs to grow from 5.9% of GDP in the fiscal year 2020 to 8.0% of GDP in the fiscal year 2050’. The enormous volume of money involved in the healthcare sector and its size make it an attractive fraud target.
COVID-19 Impact
COVID-19 proposes an occupational risk to healthcare workers. Thousands of healthcare workers worldwide have been infected by COVID-19. The prevention of the intra-hospital spreading of communicable infections is the main concern for governmental bodies and healthcare institutions. As per Berlin-based international anti-fraud consulting firm NEMEXIS, corruption and fraud are on high in the healthcare sector. NEMEXIS surveyed 58 countries for the determination of fraudulent activities including ventilators, personal protective equipment (PPE), black markets, cyber-attacks, faulty equipment, and bribes taken by medical personnel in the healthcare systems. The survey found that 80% of the personnel were involved in some of the other corruption and fraud.
Healthcare Fraud Detection Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By-Components, the market is primarily bifurcated into:
Based on components, the market is fragmented into Services and Software. The healthcare fraud detection market is expected to record high growth owing to advancements in software technology, a high adoption rate of fraud detection software by insurance companies, rise in software availability in the developed regions, among others. For instance, the healthcare cloud has launched patient analytics software for the tracking of patient outcomes and utilizes extensive database and proprietary analytics to recommend procedures based on patient comorbidities. The software segment generated revenue of USD X million in 2020 and is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X million by 2027.
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By Delivery Models, the market is primarily segmented into:
Based on delivery models, the market is fragmented into on-premises and on-demand delivery models. The on-premises delivery model is expected to record the highest growth owing to high flexibility, pay-as-you-go pricing, and the lack of upfront capital investments for hardware. The On-Premises delivery model generated revenue of USD X million in 2020 and is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X million by 2027.
By Solutions Type, the market is primarily segmented into:
Based on solutions type, the market is divided into descriptive analytics, predictive analytics, and prescriptive analytics. Descriptive analytics holds the major share owing to its high assistance in predictive and prescriptive analytics. For instance, Vidence and NTT DATA announced a partnership to deliver predictive analytics in oncology. This collaboration will make use of a combination of medical imaging scans, clinical and outcomes data to build a predictive model that will improve treatment regimens. The Descriptive Analytics sub-segment generated revenue of USD X million in 2020. The market is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X million by 2027.
Global Healthcare Fraud Detection Market Geographical Segmentation Includes:
North America is dominating the Global Healthcare Fraud Detection Market in 2020 and is anticipated to maintain its dominance during the forecast period.
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The major players targeting the market include:
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions. Companies operating in the market have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
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Final Report will add the analysis of the impact of COVID-19 on this industry.”
In the highly import dependent Indian medical devices market, a large number of indigenous manufacturers of syringes & needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.
The report provides a snapshot of the syringes & needles market. It begins with the introduction section which mentions the features and uses of syringes & needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes & needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.
An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes & needles and problems associated with usage. Government legislation in the market has been discussed in the next section.
The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.
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A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:
What is the aim of the report?
What aspects regarding the regional analysis Market are included in this report?
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