Medical Second Opinion Market Latest Innovation, Advance Technology And Top Companies Second Opinion International, Elite Medical Services, Helsana, WorldCare, 2nd.MD

The medical second opinion market is expected to reach US$ 10,739.48 million by 2027 from US$ 3,204.57 million in2019; it is estimated to grow at a CAGR of 16.8%from 2020 to 2027.

Medical second opinion is intended to provide valuable information about the patient’s current treatment options. The concept plays a significant role in dealing with the confusion created through the recommendation of various treatment alternatives for a singlecase. Besides, the opinion is also sought to gain additional information, which can be helpful to improve treatment outcomes of a disease. The medical second opinion can validate diagnosis; thus, it plays a major role in increasing the accuracy of the treatment.The global medical second opinion market is driven by factors such as superior treatment outcomes andincreasing preference for healthcare cost optimization. However, the lack of awareness and reluctance toward opting for medical second opinion in emergingnations hinder the market growth. Additionally, rising investments on telemedicine technologies are creating growth opportunities for the market players.

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Company Profiles

  • Medisense Healthcare Solutions Pvt. Ltd.
  • Second Opinion International
  • Elite Medical Services
  • Cigna
  • Helsana
  • WorldCare
  • Vidal Health Insurance TPA Pvt Ltd
  • Medix
  • 2nd.MD
  • AXA

Based on disorders, the medical second opinion market is segmented intocancer, diabetes, cardiac disorders, neurological disorders, nephrologicaldisorders, hematological disorders, COPD, orthopedic disorder, organtransplant, and other diseases.In 2019, the cancer segment accounted for thelargest share of the global medical second opinion market. The growth of themarket for this segment is attributed to the increasing prevalence of cancerand rising preference for second opinion for cancer diagnosis and treatment.

Patients across the globe are witnessing growing financial burdensimposed by healthcare services. Increasing healthcare-associated costs due tothe overall shortage of healthcare professionals and limited availability ofresources are generating need for healthcare cost optimization worldwide. Also,growing emphasis on the reduction of additional costs and increasing awarenessabout the possible exploitation from healthcare organizations, especially inlow- and middle-income countries, significantly drive the second medicalopinion market. The consumers can avail extensive information from medicalsecond opinions while making the necessary decisions about surgery or the maincase. In addition, medical second opinion providers review the recommendationsfor surgical procedures on the basis of additional medical diagnosis, analysisof existing medical records, and assessment of other therapeutic solutions asan alternative for surgery. These aspects of the second opinion can result inreduction of therapeutic cost. Further, second opinion on surgical decisionscan also result in reduction in possible surgical adversities, which can leadto additional healthcare-related costs.

For instance, according to a study published by the World HealthOrganization in 2019, ~25.0% patients around the world suffer fromcomplications in surgical procedures. Moreover, ~1 million people die duringsurgery or during follow-up of the same each year.

Increasing number of errors in medical billing is also one of theprominent factors responsible for the growth of the market. For instance,according to a study published by the Medical Billing Advocates of America in2019, an estimated 80.0% of medical bills contain at least one error. Further,problems in medical billing errors cost a total of ~US$ 210 billion each yearin the US. These possibilities and occurrences of financial errors areprojected to accelerate the growth of the medical second opinion market by 2027.

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Posted by on Monday July 13 2020, 4:59 AM EDT. All trademarks acknowledged. Filed under Biotechnology, Business Services, Diagnostics, Featured Press Release, Healthcare, Life Sciences, Medical Devices, Pharmaceuticals. Comments and Trackbacks closed. Follow responses: RSS 2.0

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