Asia Pacific Medical Second Opinion Market Key Players and Forecast by 2027

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.

 

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

Asia Pacific Medical Second Opinion Report Scope