At 14.8% CAGR, the Asia Pacific Medical Second Opinion Market is Projected to be Worth US$ 2,721.32 Million by 2031, Says The Insights Partners

According to The Insights Partners research, the Asia Pacific medical second opinion market was valued at US$ 903.81 in 2023 and is expected to reach US$ 2,721.32 million by 2031, registering a CAGR of 14.8% from 2023 to 2031. Rising collaborations in telemedicine technologies and digitalization of medical consulting services are among the critical factors attributed to the Asia Pacific medical second opinion market expansion.

Telemedicine technologies use modern communication platforms to conduct virtual interaction between patients and healthcare professionals. Telemedicine technology can be used in two distinct approaches: real-time interaction and store and forward approach. Telemedicine technologies allow the physician and patient to communicate despite geographical boundaries. Benefits provided by telemedicine technologies and an increase in investment are likely to provide lucrative opportunities for the medical second opinion market. For instance, in June 2024, IMG partnered with Teladoc Health to enhance the well-being of IMG customers by providing virtual access to healthcare professionals wherever they are traveling. It will also extend telehealth service capabilities for IMG customers with existing telehealth services and introduce telehealth services to additional IMG plans. In July 2023, AMD Global Telemedicine Inc. collaborated with Collain Healthcare to provide an electronic health records (EHR) solution and combined vital solutions that revolutionize healthcare delivery in senior living facilities, providing real-time information, reducing errors, and streamlining clinical workflows. Moreover, in February 2024, in India, IIT Kanpur partnered with the UP government to enhance telemedicine using AI. The MoU highlights several key areas of collaboration, including anchoring telemedicine hubs and enhancing the quality of telemedicine services, implementing AI-based solutions to address public health concerns. The increasing number of partnerships and collaborations in telemedicine technologies is expected to offer lucrative opportunities for market growth in the coming years.

On the contrary, lack of awareness and reluctance toward adoption of medical second opinion in emerging nations hamper the growth of Asia Pacific medical second opinion market.

Based on condition, the Asia Pacific medical second opinion market is segmented into cancer, orthopedic disorders, cardiac disorders, neurological disorders, nephrological disorders, hematological blood disorders, COPD, organ transplant, and others. The cancer segment held 25.7% share of the Asia Pacific medical second opinion market in 2023, amassing US$ 232.10 million. It is projected to garner US$ 725.80 million by 2031 to expand at 15.3% CAGR during 2023–2031.

Based on service provider, the Asia Pacific medical second opinion market is segmented into hospitals, health insurance companies, and online services. The hospitals segment held 58.9% share of the Asia Pacific medical second opinion market in 2023, amassing US$ 531.91 million. It is projected to garner US$ 1,546.83 million by 2031 to expand at 14.3% CAGR during 2023–2031.

Based on country, the Asia Pacific medical second opinion market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. China held 29.9% share of Asia Pacific medical second opinion market in 2023, amassing US$ 270.46 million. It is projected to garner US$ 845.72 million by 2031 to expand at 15.3% CAGR during 2023–2031.

Key players operating in the medical second opinion market are Second Opinion International; Elite Medical Services; The Cigna Group; Helsana; WorldCare; Vidal Health Insurance TPA Pvt Ltd; 2nd.MD; Axa SA; Teladoc Health Inc; Included Health, Inc.; and Royal Doctors, among others.

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