According to the new market research report by IndustryARC titled “Medical Second Opinion Market: By Disease (Cancer, Cardiac Disorders, Diabetes, Injuries and Others); By Service Providers (Hospitals, Online and Offline Medical Second Opinion Providers and Health Insurance Players) & By Geography-Forecast(2017-2022)”, the market is driven by the increasing instances of medical errors and health insurance companies’ emphasis on second opinion for effective management of health claims.
Americas held the largest market share in the Medical Second Opinion Market
Americas region holds the largest market share and growth in the medical second opinion Market and is anticipated to reach $2.22 billion by 2023 at a CAGR of 17.10%. However, APAC projects highest growth rate during the forecast period and is expected to reach $1.44 billion by 2023 at a CAGR of 20.9%. Americas Medical Second Opinion Market is mainly driven by the healthcare reforms such as the Affordable Healthcare Act, the favorable business environment for start-ups to grow, etc. The key service providers in the region include hospitals and health insurance companies.
Selected Value Chain Analysis was done in the full report
- The Medical Second Opinion market functions as a complimentary domain for primary care, while providing a platform for patient-physician interaction at a global scale. The patient visits the Physician to receive treatment for a specific ailment or disease. The physician provides diagnosis after analyzing the disease symptoms. Sometimes, the patient is not satisfied with the treatment process and hence opts for a second opinion from the healthcare expert. The decision to choose a “Medical Second Opinion” service provider is based on the recommendations provided by physician and health insurance providers. The physician can choose to recommend if there is a need for better diagnosis. The patient can also consult with health insurance providers to know about the insurance coverage for second opinion services. As the patient decides to take a second opinion, the service providers can coordinate with the EHR vendors to retrieve patient records such as prescriptions and disease history. This will help the doctor to provide an accurate diagnosis for better patient care.
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Excerpts on Market Growth Factors
- The Medical Second Opinion market has never been better and healthier with myriad of companies offering services. The market is flourishing and growing steadily.
- The market in the developed nations is in the growth phase, and currently hosts less number of players.
- Other drivers include increasing investments in mobile and e-healthcare systems and increasing inclusion of medical second opinion services in employee benefit plans.
- The future growth of the market is dependent upon the next technological shift.
- The U.S. dominates the second opinion market; the developed medical insurance sector in the U.S. favors the growth of second opinion service providers.
- The demand for the service in the Americas is expected to grow significantly as the incidence of chronic diseases increases and patients start to use medical second opinion services for validating the diagnosis and choosing the correct treatment plan.
- The informed patients are currently traveling to the U.S. to get a second opinion on their disorder, and in the coming years, with rising medical insurance market and growing adoption of technology among the stakeholders will drive the second opinion market in Mexico.
- The telemedicine industry has been growing at a rate of above 15% year on year, and is expected to grow at the same pace with increasing investments by hospitals, clinics and venture capitalists.
- Increasing employment rates and health coverage in emerging economies such as China, India, and Brazil provides impetus to the second opinion market growth.
- The present market holds the potential to grow significantly while adding a new dimension to healthcare.
- The Medical Second Opinion market in the U.S. is growing steadily and holds the potential to accelerate the growth.
- Rising medical insurance market and growing adoption of technology among the stakeholders will drive the second opinion market in Mexico.
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Key players of Medical Second Opinion Market:
- The major players documented in this report are Penn Medicine, Best Doctors Inc, HCA Hospitals, Cleveland Clinic, and Johns Hopkins.
- HCA Hospitals has collaborated with various medical service providers such as Blossoms Healthcare, London Bridge Hospital and Roodlane Medical to bring together diverse set of physicians to provide second opinion services for a host of medical problems.
Medical Second Opinion Market Report is segmented as indicated below
- Medical Second Opinion Market By Disorders:
- Cardiac Disorders
- Neurological Disorders
- Ocular Disorders
- Pulmonary Disorders
- Nephrological Disorders
- Medical Second Opinion Market By Service Providers
- Medical Second Opinion Providing Companies
- Health Insurance Companies
- Online Services
- Medical Second Opinion Market By Geography (Covers 12 + Countries)
- Medical Second Opinion Market By Entropy
- Helsana Group
- Partners Healthcare System Inc;
- Sirona Diagnostics
- 2nd MD
- Medical Second Opinion Pvt Ltd
- Grand Rounds Inc;
- Worldcare International Inc;
- Bupa Global
- Mediguide America
- Advance Medical
- Company 14
- Company 15+
What can you expect from the report?
The medical second opinion Market is Prepared with the Main Agenda to Cover the following 20 points:
- Market Size by Product Categories
- Market trends
- Manufacturer Landscape
- Distributor Landscape
- Pricing Analysis
- Top 10 End-user Analysis
- Product Benchmarking
- Product Developments
- Mergers & Acquisition Analysis
- Patent Analysis
- Demand Analysis (By Revenue & Volume)
- Country-level Analysis (15+)
- Competitor Analysis
- Market Shares Analysis
- Value Chain Analysis
- Supply Chain Analysis
- Strategic Analysis
- Current & Future Market Landscape Analysis
- Opportunity Analysis
- Revenue and Volume Analysis
Does IndustryARC publish country, geography or application based reports in Medical Second Opinion Market?
Yes, we do have separate reports as mentioned below:
- Americas Market for Medical Second Opinion (2018-2023)
- Europe Market for Medical Second Opinion(2018-2023)
- APAC Market for Medical Second Opinion(2018-2023)
- RoW Market for Medical Second Opinion(2018-2023)
- Hospitals Market for Medical Second Opinion(2018-2023)
- Medical Second Opinion Providing Companies Market for Medical Second Opinion (2018-2023)
- Health Insurance Companies Market for Medical Second Opinion(2018-2023)
- Online Services Market for Medical Second Opinion (2018-2023)
- Cancer Market for Medical Second Opinion (2018-2023)
- Diabetes Market for Medical Second Opinion (2018-2023)
- Cardiac Disorders Market for Medical Second Opinion (2018-2023)
- Neurological Disorders Market for Medical Second Opinion(2018-2023)
- Ocular Disorders Market for Medical Second Opinion (2018-2023)
- Pulmonary Disorders Market for Medical Second Opinion (2018-2023)
- Nephrological Disorders Market for Medical Second Opinion (2018-2023)
- Allergies Market for Medical Second Opinion (2018-2023)
- Injuries Market for Medical Second Opinion (2018-2023)
Does IndustryARC customize these reports and charge additionally for limited customization?
Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:
- Increase the level of data in application or end user industry.
- Increase the number of countries in geography chapter.
- Find out market shares for other smaller companies or companies which are of interest to you.
- Company profiles can be requested based on your interest.
- Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end-use segment.
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