North America Medical Second Opinion Market is expected to reach US$ 4,476.22 million by 2027

PRESS RELEASE BY The Insight Partners 06 Oct 2021

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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 “North America Medical Second Opinion Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Disorders, Service Providers and Country.” The North America medical second opinion market is expected to reach US$ 4,476.22 Mn by 2027 from US$ 1,480.14 Mn in 2020; it is estimated to grow at a CAGR of 17.1% from 2020 to 2027. The report highlights trends prevailing in the North America medical second opinion market and the factors driving market along with those that act as hindrances.

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 diseases. Based on service provider, the North America medical second opinion market is segmented into hospitals, health insurance companies, and online services. Geographically, the North America medical second opinion market is sub-segmented into U.S, Canada and Mexico.

Second Opinion International, Cigna, WorldCare, Medix, 2nd.MD (Innovation Specialists LLC) and AXA are among the leading companies operating in the North America medical second opinion market.

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