Asia Pacific Medical Second Opinion Market
Medical second opinion is intended to provide valuable information about the patient’s current treatment options. The concept plays a significant role in dealing with the confusion created through the recommendation of various treatment alternatives for a single case. Besides, the opinion is also sought to gain additional information, which can be helpful to improve treatment outcomes of a disease. The medical second opinion can validate diagnosis; thus, it plays a major role in increasing the accuracy of the treatment.
Strategic insights for the Asia Pacific Medical Second Opinion provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 770.83 Million |
| Market Size by 2027 | US$ 2,374.50 Million |
| Global CAGR (2020 - 2027) | 17.4% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Disorders
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Medical Second Opinion refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Asia Pacific medical second opinion market is expected to reach US$ 2,374.50 million by 2027 from US$ 770.83 million in 2020; it is estimated to grow at a CAGR of 17.4% from 2020 to 2027. The market's growth is attributed to the rise in investments in telemedicine technologies and the digitalization of medical consulting services across the globe. However, the lack of awareness and reluctance toward opting for a medical second opinion in emerging nations is likely to impact market growth during the forecast period negatively.
Patients across the globe are witnessing growing financial burdens imposed by healthcare services. The increasing healthcare-associated costs due to the overall shortage of healthcare professionals and limited availability of resources is generating the need for healthcare cost optimization worldwide. Also, the growing emphasis on the reduction of additional costs and increasing awareness about the possible exploitation from healthcare organizations, especially in low- and middle-income countries, significantly drive the medical second opinion market. The consumers can avail extensive information from medical second opinion while making the necessary decisions about surgery or the main case. In addition, medical second opinion providers review the recommendations for surgical procedures based on additional medical diagnosis, analysis of existing medical records, and assessment of other therapeutic solutions as an alternative for surgery. These aspects of the second opinion can result in the reduction of therapeutic costs. For instance, according to a study published by the World Health Organization in 2019, ~25.0% of patients worldwide suffer from complications in surgical procedures. The increasing number of errors in medical billing is also one of the prominent factors responsible for the market's growth. These possibilities and occurrences of financial errors are projected to accelerate the growth of the medical second opinion market by 2027. Also, an increasing prevalence of cancer, combined with a greater number of cancer patients seeking a second opinion, would be one of the prominent factors driving the medical second opinion market during the forecast period.
The COVID-19 pandemic has affected several countries across Asia Pacific. Second medical opinion becomes a must as the COVID-19 outbreak is growing, and most countries in Asia Pacific face a complete lockdown. For the first time in India, Foreign OPD—India's first and only medical healthcare brand that enables face2face second medical opinion consultations—will provide outpatient and awareness support for the people suspected by COVID-19. The health card is launched keeping in mind the rising costs of investigations and expert private consultations in a time of the COVID-19 crisis in India. Pulmonologists and critical care experts are roped in to offer specialized treatments for patients, desirable for such consultation and even a consultation over Skype/email and phone with international doctors for a second opinion if required, at no extra cost. In a scenario where the Indian healthcare industry is evolving rapidly, and more and more patients are demanding world-class expertise and experience, this is a milestone achieved by the region which will offer opportunities for the market.
Based on disorders, the Asia Pacific medical second opinion market is segmented into cancer, diabetes, cardiac disorders, neurological disorders, nephrological disorders, hematological disorders, COPD, orthopedic disorder, organ transplant, and other disorders. The cancer segment held the largest share of the market in 2019. However, the orthopedic disorders segment is estimated to register the highest CAGR in the market during the forecast period.
Based on service provider, the Asia Pacific medical second opinion market is segmented into hospitals, health insurance companies, and online services. The hospitals segment held the largest market share in 2019; however, the online services segment is estimated to register the highest CAGR in the market during the forecast period.
The primary and secondary sources associated with this report on the Asia Pacific medical second opinion market include the India Brand Equity Foundation (IBEF), Ministry of Health and Family Welfare (MoHFW), and National Institute of Health (NIH).
The Asia Pacific Medical Second Opinion Market is valued at US$ 770.83 Million in 2020, it is projected to reach US$ 2,374.50 Million by 2027.
As per our report Asia Pacific Medical Second Opinion Market, the market size is valued at US$ 770.83 Million in 2020, projecting it to reach US$ 2,374.50 Million by 2027. This translates to a CAGR of approximately 17.4% during the forecast period.
The Asia Pacific Medical Second Opinion Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Medical Second Opinion Market report:
The Asia Pacific Medical Second Opinion Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Medical Second Opinion Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Medical Second Opinion Market value chain can benefit from the information contained in a comprehensive market report.
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