South and Central America Medical Second Opinion Market Growth Drivers and Forecast by 2027

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 growth of the market is attributed to some key driving factors such as growing emphasis on superior treatment outcomes & increasing preference for healthcare cost optimization. However, lack of awareness and reluctance toward opting for medical second opinion in emerging nations is likely to show negative impact on South and Central America Medical Second Opinion market growth during the forecast period.

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.

 

SOUTH AND CENTRAL AMERICA 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

• Brazil
• Argentina

Company Profiles

• Second Opinion International
• Cigna
• WorldCare
• Medix
• AXA

South and Central America Medical Second Opinion Report Scope