At 12.3% CAGR, the South & Central America Medical Second Opinion Market is Projected to be Worth US$ 447.43 Million by 2031, Says The Insights Partners

According to The Insights Partners research, the South & Central America medical second opinion market was valued at US$ 176.74 in 2023 and is expected to reach US$ 447.43 million by 2031, registering a CAGR of 12.3% from 2023 to 2031. Increasing preference for healthcare cost optimization and rising collaborations in telemedicine technologies are among the critical factors attributed to the South & Central America medical second opinion market expansion.

Patients across the globe are witnessing growing financial burdens imposed by healthcare services. Increasing healthcare-associated costs due to the overall shortage of healthcare professionals and limited availability of resources are generating the 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. Consumers can avail extensive information from medical second opinions while making the necessary decisions about surgery or the main case. In addition, medical second opinion 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 to surgery. These aspects of the second opinion can result in a reduction of therapeutic costs. A second opinion on surgical decisions can result in a reduction of possible surgical adversities, which can lead to a decrease in additional healthcare-related costs. For instance, according to a study published by Cureus in 2022, ~31% of patients worldwide suffer from complications in surgical procedures. Additionally, as per the Open Journal of Internal Medicine published in March 2023, ~4.2 million postoperative deaths occur every year, accounting for 7.7% of global mortality. Therefore, all the above discussed factors are expected contribute the market growth in coming years.

On the contrary, lack of awareness and reluctance toward adoption of medical second opinion in emerging nations hampers the growth of South & Central America medical second opinion market.

Based on condition, the South & Central America 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 25.8% share of the South & Central America medical second opinion market in 2023, amassing US$ 45.54 million. It is projected to garner US$ 119.73 million by 2031 to expand at 12.8% CAGR during 2023–2031.

Based on service provider, the South & Central America medical second opinion market is segmented into hospitals, health insurance companies and online services. The hospitals segment held 59.0% share of the South & Central America medical second opinion market in 2023, amassing US$ 104.22 million. It is projected to garner US$ 254.84 million by 2031 to expand at 11.8% CAGR during 2023–2031.

Based on country, the South & Central America medical second opinion market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 44.9% share of South & Central America medical second opinion market in 2023, amassing US$ 79.29 million. It is projected to garner US$ 205.37 million by 2031 to expand at 12.6% 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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