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Asia Pacific Medical Second Opinion Market

2021

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)

Publication Month: Oct 2021 | Report Code: TIPRE00025235 | No. of Pages: 113 | Category: Healthcare IT | Status: Published

Market Insights

Asia Pacific Medical Second Opinion Market Market to Grow at a CAGR of 17.4% to reach US$ 2,374.50 million from 2020 to 2027

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The Asia Pacific medical second opinion market is expected to reach US$ 2,374.50 million by 2027 from US$ 770.83 million in 2020; it is estimated to grow at a CAGR of 17.4% from 2020 to 2027.


The market's growth is attributed to the rise in investments in telemedicine technologies and the digitalization of medical consulting services across the globe. However, the lack of awareness and reluctance toward opting for a medical second opinion in emerging nations is likely to impact market growth during the forecast period negatively.

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 market 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.

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ASIA PACIFIC MEDICAL SECOND OPINION MARKET SEGMENTATION

By Disorder

  • Cancer
  • Orthopaedic Disorders
  • Cardiac Disorders
  • Neurological Disorders
  • Nephrological Disorders
  • Hematologic Blood Disorders
  • COPD (Chronic Obstructive Pulmonary Disease)
  • Organ Transplant
  • Other Diseases

By Service Provider

  • Hospitals
  • Health Insurance Companies
  • Online Services

By Country

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific

Company Profiles

  • Medisense Healthcare Solutions Pvt. Ltd
  • Second Opinion International
  • Cigna
  • WorldCare
  • Vidal Health Insurance TPA Pvt Ltd
  • Medix
  • AXA

1. Introduction

1.1 Scope of the Study

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

1.3.1 Asia Pacific Medical Second Opinion Market– By Disorder

1.3.2 Asia Pacific Medical Second Opinion Market– By Service Provider

1.3.3 Asia Pacific Medical Second Opinion Market– By Country

2. Medical Second Opinion Market – Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. Asia Pacific Medical Second Opinion Market – Market Landscape

4.1 Overview

4.2 PEST Analysis

4.2.1 Asia Pacific– PEST Analysis

4.3 Expert Opinion

5. Medical Second Opinion Market – Key Market Dynamics

5.1 Key Market Drivers

5.1.1 Growing Emphasis on Superior Treatment Outcomes

5.1.2 Increasing Preference for Healthcare Cost Optimization

5.2 Key Market Restraints

5.2.1 Lack of Awareness and Reluctance toward Opting for Medical Second Opinion in Emerging Nations

5.3 Key Market Opportunities

5.3.1 Rising Investments on Telemedicine Technologies

5.4 Future Trends

5.4.1 Digitalization of Medical Consulting Services

5.5 Impact Analysis

6. Medical Second Opinion Market– Asia Pacific Analysis

6.1 Asia Pacific Medical Second Opinion Market Revenue Forecast and Analysis

7. Medical Second Opinion Analysis – By Disorders

7.1 Overview

7.2 Medical Second Opinion Market Share, by Disorder, 2019 and 2027 (%)

7.3 Cancer

7.3.1 Overview

7.3.2 Cancer: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)

7.4 COPD (Chronic Obstructive Pulmonary Disease)

7.4.1 Overview

7.4.2 COPD: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)

7.5 Cardiac Disorders

7.5.1 Overview

7.5.2 Cardiac Disorders: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)

7.6 Neurological disorders

7.6.1 Overview

7.6.2 Neurological Disorders: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)

7.7 Nephrological Disorders

7.7.1 Overview

7.7.2 Nephrological Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

7.8 Hematologic Blood Disorders

7.8.1 Overview

7.8.2 Haematological Blood Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

7.9 Orthopaedic Disorders

7.9.1 Overview

7.9.2 Orthopaedic Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

7.10 Organ Transplant

7.10.1 Overview

7.10.2 Organ Transplant: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

7.11 Other Disorders

7.11.1 Overview

7.11.2 Other Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

8. Medical Second Opinion Market Analysis – By Service Providers

8.1 Overview

8.2 Medical Second Opinion Market Share, by Service Provider, 2019 and 2027, (%)

8.3 Hospitals

8.3.1 Overview

8.3.2 Hospitals: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

8.4 Health Insurance Companies

8.4.1 Overview

8.4.2 Health Insurance Companies: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

8.5 Online Services

8.5.1 Overview

8.5.2 Online Services: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

9. Medical Second Opinion Market – Asia Pacific Analysis

9.1 Asia Pacific: Medical Second Opinion Market

9.1.1 Overview

9.1.2 Asia Pacific: Medical Second Opinion Market, by Country, 2019 & 2027 (%)

9.1.2.1 China: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.1.1 China: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.1.2 China Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)

9.1.2.1.3 China Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)

9.1.2.2 Japan: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.2.1 Japan: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.2.2 Japan Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)

9.1.2.2.3 Japan Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)

9.1.2.3 India: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.3.1 India: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.3.2 India Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)

9.1.2.3.3 India Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)

9.1.2.4 South Korea: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.4.1 South Korea: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.4.2 South Korea Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)

9.1.2.4.3 South Korea Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)

9.1.2.5 Australia: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.5.1 Australia: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.5.2 Australia Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)

9.1.2.5.3 Australia Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)

10. Impact of COVID-19 Pandemic on Asia Pacific Medical Second Opinion Market

10.1 Asia Pacific: Impact Assessment of COVID-19 Pandemic

11. Medical Second Opinion Market –Industry Landscape

11.1 Overview

11.2 Inorganic Growth Strategies

11.2.1 Overview

11.3 Organic Growth Strategies

11.3.1 Overview

12. Company Profiles

12.1 Medisense Healthcare Solutions Pvt. Ltd.

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

12.2 Second Opinion International

12.2.1 Key Facts

12.2.2 Business Description

12.2.3 Products and Services

12.2.4 Financial Overview

12.2.5 SWOT Analysis

12.2.6 Key Developments

12.3 Cigna

12.3.1 Key Facts

12.3.2 Business Description

12.3.3 Products and Services

12.3.4 Financial Overview

12.3.5 SWOT Analysis

12.3.6 Key Developments

12.4 WorldCare

12.4.1 Key Facts

12.4.2 Business Description

12.4.3 Products and Services

12.4.4 Financial Overview

12.4.5 SWOT Analysis

12.4.6 Key Developments

12.5 Vidal Health Insurance TPA Pvt Ltd

12.5.1 Key Facts

12.5.2 Business Description

12.5.3 Products and Services

12.5.4 Financial Overview

12.5.5 SWOT Analysis

12.5.6 Key Developments

12.6 Medix

12.6.1 Key Facts

12.6.2 Business Description

12.6.3 Products and Services

12.6.4 Financial Overview

12.6.5 SWOT Analysis

12.6.6 Key Developments

12.7 AXA

12.7.1 Key Facts

12.7.2 Business Description

12.7.3 Products and Services

12.7.4 Financial Overview

12.7.5 SWOT Analysis

12.7.6 Key Developments

13. Appendix

13.1 About The Insight Partners

13.2 Glossary of Terms

LIST OF TABLES

Table 1. China Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)

Table 2. China Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)

Table 3. Japan Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)

Table 4. Japan Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)

Table 5. India Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)

Table 6. India Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)

Table 7. South Korea Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)

Table 8. South Korea Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027 (USD Million)

Table 9. Australia Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)

Table 10. Australia Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)

Table 11. Recent Inorganic Growth Strategies In The Medical Second Opinion Market

Table 12. Recent Organic Growth Strategies In The Medical Second Opinion Market

Table 13. Glossary of Terms, Medical Second Opinion Market

LIST OF FIGURES

Figure 1. Medical Second Opinion Market Segmentation

Figure 2. Medical Second Opinion Market, By Country

Figure 3. Medical Second Opinion Market Overview

Figure 4. Cancer Held Largest Share of Medical Second Opinion Market in 2019

Figure 5. Medical Second Opinion Market in China to Show Remarkable Growth During Forecast Period

Figure 6. Asia Pacific PEST Analysis

Figure 7. Medical Second Opinion Market Impact Analysis of Driver And Restraints

Figure 8. Asia Pacific Medical Second Opinion Market– Revenue Forecast And Analysis – 2019- 2027

Figure 9. Medical Second Opinion Market Share, by Disorder, 2019 and 2027 (%)

Figure 10. Cancer: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)

Figure 11. COPD: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)

Figure 12. Cardiac Disorders: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)

Figure 13. Neurological Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

Figure 14. Nephrological Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

Figure 15. Hematological Blood Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

Figure 16. Orthopedic Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

Figure 17. Organ Transplant: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

Figure 18. Other Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

Figure 19. Medical Second Opinion Market Share, by Service Provider, 2019 and 2027 (%)

Figure 20. Hospitals Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

Figure 21. Health Insurance Companies: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

Figure 22. Online Services: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)

Figure 23. Asia Pacific: Medical Second Opinion Market, by Key Country – Revenue (2019) (USD Million)

Figure 24. Asia Pacific: Medical Second Opinion Market, by Country, 2019 & 2027 (%)

Figure 25. China: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

Figure 26. Japan: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

Figure 27. India: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

Figure 28. South Korea: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

Figure 29. Australia: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

Figure 30. Impact of COVID-19 Pandemic in Asia Pacific Country Markets

  1. Medisense Healthcare Solutions Pvt. Ltd
  2. Second Opinion International
  3. Cigna
  4. WorldCare
  5. Vidal Health Insurance TPA Pvt Ltd
  6. Medix
  7. AXA

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific medical second opinion market.

- Highlights key business priorities in order to assist companies to realign their business strategies.

- The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific medical second opinion market, thereby allowing players across the value chain to develop effective long-term strategies.

- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

- Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it.

- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.

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