South and Central America Medical Second Opinion Market is expected to reach US$ 344.74 Million by 2027

PRESS RELEASE BY The Insight Partners 06 Oct 2021

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

According to The Insight Partners market research study of “South and Central America Medical Second Opinion Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Disorders, Service Providers and Country.” The South and Central America medical second opinion market is expected to reach US$ 344.74 Mn in 2027 from US$ 129.92 Mn in 2020; it is estimated to grow at a CAGR of 15.0% from 2020-2027. The report highlights trends prevailing in the South and Central 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 growth of the second medical opinion market. There is high possibility of the occurrence of adverse effects of many treatment procedures, which might as well lead to mortality. Hence, in crucial cases, it becomes very essential to revise the current treatment alternatives and get advice from another reliable healthcare professional to avoid possible ill-effects. According to a survey published by the Institute of Supplementary Health Studies of the Federal University of Minas Gerais (IESS-UFMG), almost 55,000 people die each year in Brazil, the equivalent of six per hour, due to medical errors.  Such large extent of medical errors is anticipated to encourage consumers to opt for 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 for second opinion, would be one of the prominent factors to drive the growth of 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 need for healthcare cost optimization worldwide. Also, 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 second medical opinion market.

The coronavirus pandemic has become the largest challenge to South and Central America region. The countries in this region usually face challenges for the availability of medical services. However, the outbreak of COVID-19, has resulted in an increased demand for the second opinion provided by physicians and health insurance providers. The physicians in the region recommend the patients to consider a second opinion if there is a scope for better detection and diagnosis of the disease. The health insurance providers also recommend a second opinion to know about the insurance coverage for various medical services. Hence, the ongoing COVID-19 pandemic has significantly driven the medical second opinion industry.

Based on disorders, the South and Central 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. Based on service provider, the South and Central America medical second opinion market is segmented into hospitals, health insurance companies, and online services. Geographically, the South and Central America medical second opinion market is sub-segmented into Brazil and Argentina.

Second Opinion International, Cigna, WorldCare, Medix, and AXA are among the leading companies operating in the South and Central America medical second opinion market.

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