Global Healthcare Fraud Detection Software Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Descriptive Analytics, Predictive Analytics, and Prescriptive Analysis), By Delivery (On-Premises and Cloud), By Application (Insurance Claims Review and Payment Integrity), By End User (Healthcare Payer, Government Agencies, and Others), and Region Forecast 2019-2030

The healthcare fraud detection software market size was valued at US$ 2,107.9 million in 2023 and is anticipated to grow at a CAGR of 22.6% from 2024-2030. Healthcare Fraud Detection Software is a type of technology solution designed to identify and prevent fraudulent activities in the healthcare industry. Healthcare fraud refers to the act of intentionally deceiving or misrepresenting information to obtain unauthorized benefits, payments, or services related to healthcare.

Rising healthcare costs play a pivotal role in driving the revenues of the market. As healthcare expenses continue to escalate, healthcare organizations, insurance companies, and government healthcare programs face a growing financial burden. Fraudulent activities, such as billing for services never provided or upcoding procedures, significantly contribute to these skyrocketing costs. To mitigate these financial losses, healthcare stakeholders increasingly turn to healthcare fraud detection software. These solutions employ advanced data analytics, machine learning algorithms, and real-time monitoring to identify and prevent fraudulent activities. As the need for effective fraud detection becomes more pressing in the face of rising healthcare costs, investments in healthcare fraud detection software solutions are expected to continue growing. Moreover, Increased digitalization within the healthcare industry is a key driver behind the growing sales of healthcare fraud detection software. As healthcare organizations transition to electronic health records (EHRs), adopt telemedicine, and digitize their operations, they generate vast amounts of digital data. This digital transformation provides fraudsters with new opportunities, making it crucial for healthcare providers, insurers, and government agencies to deploy advanced technology solutions to safeguard their data and finances.

However, the high cost of implementation of robust healthcare fraud detection software stands as a potential restraint to the market growth. Meanwhile, increasing collaboration of healthcare organizations with technology providers and data analytics firms to develop and implement more advanced fraud detection solutions can create significant opportunities for the growth of the market over the forecasted years. The key players in the market are further contributing to the development of the market by announcing launches, collaborations, and acquisitions.