North America 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 North America 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$ 1,480.14 Million |
| Market Size by 2027 | US$ 4,476.22 Million |
| Global CAGR (2020 - 2027) | 17.1% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Disorders
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America 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 North America medical second opinion market is expected to reach US$ 4,476.22 million by 2027 from US$ 1,480.14 million in 2020; it is estimated to grow at a CAGR of 17.1% from 2020 to 2027. The market's growth is attributed to growing emphasis on superior treatment outcomes and increasing preference for healthcare cost optimization. However, the absence of clear-cut guidelines on using medical second opinion globally is likely to impact market growth during the forecast period negatively.
Increasing emphasis on achieving better treatment outcomes drives the second medical opinion market. There is a high possibility of the adverse effects of many treatment procedures, which might also lead to mortality. Hence, it becomes essential to revise the current treatment alternatives in crucial cases and get advice from another reliable healthcare professional to avoid possible ill effects. According to a study published by the John Hopkins University in 2018, around 250,000 deaths are caused due to medical errors in the US each year. Such a large extent of medical errors is anticipated to encourage consumers to opt for a medical second opinion. According to the World Health Organization data, in 2018, an estimated 9.6 million patients across the globe lost their lives due to the occurrence of cancer. In addition, the growing exposure to risk factors such as consumption of tobacco, excessive alcoholism, unhealthy diet, and obesity is further projected to elevate the prevalence of cancer. Thus, 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. Increasing healthcare-associated costs due to the overall shortage of healthcare professionals and limited availability of resources are generating the need for healthcare cost optimization worldwide. Also, growing emphasis on reducing additional costs and increasing awareness about the possible exploitation from healthcare organizations, especially in low- and middle-income countries, significantly drive the medical second medical opinion market.
The COVID-19 pandemic has severely affected the countries in the North American region. The second opinion for COVID-19 becomes a must in the region as the virus outbreak is continuously growing. Most countries in the region face complete lockdown; in this challenging time, the patient should be aware of the treatment options. For instance, Mount Sinai Health System is harnessing the power of artificial intelligence to help analyze lung scans in patients situated in the US for COVID-19. The high sensitivity of their AI model can provide a second opinion to physicians in cases where CT is either negative (in the early course of infection) or shows nonspecific findings, which can be common. Moreover, the government in the region asked for a second opinion on the usage of hydroxychloroquine as the effective treatment for COVID-19. Thus, it is likely that the outbreak of COVID-19 will support the growth of the medical second opinion market.
Based on disorders, the North America 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 North America medical second opinion market is segmented into hospitals, health insurance companies, and online services. The hospital 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.
Some of the primary and secondary sources associated with this report on the North America medical second opinion market are Canada Foundation of Innovation (CFI), Ministry of Health and Family Welfare (MoHFW) and Pharmaceutical Research and Manufacturers of America (PhRMA).
The North America Medical Second Opinion Market is valued at US$ 1,480.14 Million in 2020, it is projected to reach US$ 4,476.22 Million by 2027.
As per our report North America Medical Second Opinion Market, the market size is valued at US$ 1,480.14 Million in 2020, projecting it to reach US$ 4,476.22 Million by 2027. This translates to a CAGR of approximately 17.1% during the forecast period.
The North America 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 North America Medical Second Opinion Market report:
The North America Medical Second Opinion Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Medical Second Opinion Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Medical Second Opinion Market value chain can benefit from the information contained in a comprehensive market report.
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