Asia Pacific Medical Second Opinion Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Disorders (Cancer, Orthopedic Disorders, Cardiac Disorders, Neurological Disorders, Nephrological Disorders, Hematologic Blood Disorders, COPD, Organ Transplant, and Others) and Service Providers (Hospitals, Health Insurance Companies, and Online Services)
Market Introduction
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 single case. 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.
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Market Overview and Dynamics
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 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.
Key Market Segments
Based on disorders, the Asia Pacific medical second opinion market is segmented into cancer, diabetes, cardiac disorders, neurological disorders, nephrological disorders, hematological disorders, COPD, orthopedic disorder, organ transplant, and other disorders. The cancer segment held the largest share of the market in 2019. However, the orthopedic disorders segment is estimated to register the highest CAGR in the market during the forecast period.
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 the largest market share in 2019; however, the online services segment is estimated to register the highest CAGR in the market during the forecast period.
Major Sources and Companies Listed
The primary and secondary sources associated with this report on the Asia Pacific medical second opinion market include the India Brand Equity Foundation (IBEF), Ministry of Health and Family Welfare (MoHFW), and National Institute of Health (NIH).
Reasons to buy the report
- Determine prospective investment areas based on a detailed trend analysis of the Asia Pacific medical second opinion market over the next years.
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- Channelize resources by focusing on the ongoing programs undertaken by the different countries within the Asia Pacific medical second opinion market 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
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Asia Pacific Medical Second Opinion Market– By Disorder
1.3.2 Asia Pacific Medical Second Opinion Market– By Service Provider
1.3.3 Asia Pacific Medical Second Opinion Market– By Country
2. Medical Second Opinion Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Medical Second Opinion Market – Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 Asia Pacific– PEST Analysis
4.3 Expert Opinion
5. Medical Second Opinion Market – Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Growing Emphasis on Superior Treatment Outcomes
5.1.2 Increasing Preference for Healthcare Cost Optimization
5.2 Key Market Restraints
5.2.1 Lack of Awareness and Reluctance toward Opting for Medical Second Opinion in Emerging Nations
5.3 Key Market Opportunities
5.3.1 Rising Investments on Telemedicine Technologies
5.4 Future Trends
5.4.1 Digitalization of Medical Consulting Services
5.5 Impact Analysis
6. Medical Second Opinion Market– Asia Pacific Analysis
6.1 Asia Pacific Medical Second Opinion Market Revenue Forecast and Analysis
7. Medical Second Opinion Analysis – By Disorders
7.1 Overview
7.2 Medical Second Opinion Market Share, by Disorder, 2019 and 2027 (%)
7.3 Cancer
7.3.1 Overview
7.3.2 Cancer: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
7.4 COPD (Chronic Obstructive Pulmonary Disease)
7.4.1 Overview
7.4.2 COPD: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
7.5 Cardiac Disorders
7.5.1 Overview
7.5.2 Cardiac Disorders: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
7.6 Neurological disorders
7.6.1 Overview
7.6.2 Neurological Disorders: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
7.7 Nephrological Disorders
7.7.1 Overview
7.7.2 Nephrological Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
7.8 Hematologic Blood Disorders
7.8.1 Overview
7.8.2 Haematological Blood Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
7.9 Orthopaedic Disorders
7.9.1 Overview
7.9.2 Orthopaedic Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
7.10 Organ Transplant
7.10.1 Overview
7.10.2 Organ Transplant: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
7.11 Other Disorders
7.11.1 Overview
7.11.2 Other Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
8. Medical Second Opinion Market Analysis – By Service Providers
8.1 Overview
8.2 Medical Second Opinion Market Share, by Service Provider, 2019 and 2027, (%)
8.3 Hospitals
8.3.1 Overview
8.3.2 Hospitals: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
8.4 Health Insurance Companies
8.4.1 Overview
8.4.2 Health Insurance Companies: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
8.5 Online Services
8.5.1 Overview
8.5.2 Online Services: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
9. Medical Second Opinion Market – Asia Pacific Analysis
9.1 Asia Pacific: Medical Second Opinion Market
9.1.1 Overview
9.1.2 Asia Pacific: Medical Second Opinion Market, by Country, 2019 & 2027 (%)
9.1.2.1 China: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.1.1 China: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.1.2 China Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
9.1.2.1.3 China Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
9.1.2.2 Japan: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.2.1 Japan: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.2.2 Japan Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
9.1.2.2.3 Japan Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
9.1.2.3 India: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.3.1 India: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.3.2 India Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
9.1.2.3.3 India Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
9.1.2.4 South Korea: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.4.1 South Korea: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.4.2 South Korea Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
9.1.2.4.3 South Korea Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
9.1.2.5 Australia: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.5.1 Australia: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.5.2 Australia Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
9.1.2.5.3 Australia Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
10. Impact of COVID-19 Pandemic on Asia Pacific Medical Second Opinion Market
10.1 Asia Pacific: Impact Assessment of COVID-19 Pandemic
11. Medical Second Opinion Market –Industry Landscape
11.1 Overview
11.2 Inorganic Growth Strategies
11.2.1 Overview
11.3 Organic Growth Strategies
11.3.1 Overview
12. Company Profiles
12.1 Medisense Healthcare Solutions Pvt. Ltd.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Second Opinion International
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Cigna
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 WorldCare
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Vidal Health Insurance TPA Pvt Ltd
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Medix
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 AXA
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. China Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
Table 2. China Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
Table 3. Japan Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
Table 4. Japan Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
Table 5. India Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
Table 6. India Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
Table 7. South Korea Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
Table 8. South Korea Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027 (USD Million)
Table 9. Australia Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
Table 10. Australia Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
Table 11. Recent Inorganic Growth Strategies In The Medical Second Opinion Market
Table 12. Recent Organic Growth Strategies In The Medical Second Opinion Market
Table 13. Glossary of Terms, Medical Second Opinion Market
LIST OF FIGURES
Figure 1. Medical Second Opinion Market Segmentation
Figure 2. Medical Second Opinion Market, By Country
Figure 3. Medical Second Opinion Market Overview
Figure 4. Cancer Held Largest Share of Medical Second Opinion Market in 2019
Figure 5. Medical Second Opinion Market in China to Show Remarkable Growth During Forecast Period
Figure 6. Asia Pacific PEST Analysis
Figure 7. Medical Second Opinion Market Impact Analysis of Driver And Restraints
Figure 8. Asia Pacific Medical Second Opinion Market– Revenue Forecast And Analysis – 2019- 2027
Figure 9. Medical Second Opinion Market Share, by Disorder, 2019 and 2027 (%)
Figure 10. Cancer: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
Figure 11. COPD: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
Figure 12. Cardiac Disorders: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
Figure 13. Neurological Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 14. Nephrological Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 15. Hematological Blood Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 16. Orthopedic Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 17. Organ Transplant: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 18. Other Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 19. Medical Second Opinion Market Share, by Service Provider, 2019 and 2027 (%)
Figure 20. Hospitals Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 21. Health Insurance Companies: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 22. Online Services: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 23. Asia Pacific: Medical Second Opinion Market, by Key Country – Revenue (2019) (USD Million)
Figure 24. Asia Pacific: Medical Second Opinion Market, by Country, 2019 & 2027 (%)
Figure 25. China: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
Figure 26. Japan: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
Figure 27. India: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
Figure 28. South Korea: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
Figure 29. Australia: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
Figure 30. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
- Medisense Healthcare Solutions Pvt. Ltd
- Second Opinion International
- Cigna
- WorldCare
- Vidal Health Insurance TPA Pvt Ltd
- Medix
- AXA
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