Asia Pacific Medical Second Opinion Market Market is expected to reach US$ 2,374.50 million by 2027

Published Date: 07 Oct 2021

Report : Asia Pacific Medical Second Opinion Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Disorders (Cancer, Orthopedic Disorders, Cardiac Disorders, Neurological Disorders, Nephrological Disorders, Hematologic Blood Disorders, COPD, Organ Transplant, and Others) and Service Providers (Hospitals, Health Insurance Companies, and Online Services)

The orthopedic diaorder segment by disorders is estimated to lead the market growth during the forecast period

According to The Insight Partners market research study of “Asia Pacific Medical Second Opinion Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Disorders, Service Providers and Country.” The Asia Pacific medical second opinion market is expected to reach US$ 2,374.50 Mn by 2027 from US$ 770.83 Mn in 2020; it is estimated to grow at a CAGR of 17.4% from 2020 to 2027. The report highlights trends prevailing in the Asia Pacific medical second opinion market and the factors driving market along with those that act as hindrances.

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 diseases. Based on service provider, the Asia Pacific medical second opinion market is segmented into hospitals, health insurance companies, and online services. Geographically, the Asia Pacific medical second opinion market is sub-segmented into India, Australia, South Korea, China, Japan and Rest of Asia Pacific.

Medisense Healthcare Solutions Pvt. Ltd, Second Opinion International, Cigna, WorldCare, Medix, Vidal Health Insurance TPA Pvt Ltd and AXA are among the leading companies operating in the Asia Pacific medical second opinion market.

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