Asia Pacific Medical Second Opinion Market Report (2021–2031) by Scope, Segmentation, Dynamics, and Competitive Analysis.

The Asia Pacific medical second opinion market size is expected to reach US$ 2,721.32 million by 2031 from US$ 903.81 million in 2023. The market is estimated to record a CAGR of 14.8% from 2023 to 2031.

Executive Summary and Asia Pacific Medical Second Opinion Market Analysis:

Asia Pacific is the fastest-growing region in the medical second opinion market. The Asia Pacific medical second opinion market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. China, India, and Japan are three significant contributors to the regional market growth. The market is driven by the rising geriatric population, increasing prevalence of chronic diseases, and growing government initiatives to support this. Additionally, the increasing use of telemedicine and artificial intelligence (AI) tools for offering second opinions to patients supports the market growth in the region.

Asia Pacific Medical Second Opinion Market Strategic Insights

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Asia Pacific Medical Second Opinion Market Segmentation Analysis

Key segments that contributed to the derivation of the Asia Pacific medical second opinion market analysis are condition and service provider.

• 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 the largest share of the market in 2023.
• 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 share of the market in 2023. 

Asia Pacific Medical Second Opinion Market Outlook

The increasing integration of medical services and digital platforms is causing increased popularity and acceptance of digital consultation. This digital platform allows patients to get a second medical opinion without any visit to the hospitals or clinics. The service can provide significant patient convenience, improved patient experience, and effective cost management. Deploying digital platforms enables patients to be consulted from any remote region with better accessibility to medical experts. The increase in collaborations and partnerships between software development companies and healthcare institutions is accelerating the digitalization of medical consulting services. In October 2021, Cigna Health Plan announced that it was significantly expanding access to covered virtual care services, including digital-first primary, dermatology, behavioral and urgent care. The growing digitalization of medical consulting services is expected to contribute to the growth of the medical second opinion market in the coming years.

Asia Pacific Medical Second Opinion Market Country Insights

Based on country, the Asia Pacific medical second opinion market comprises China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. China held the largest share in 2023.

According to the World Health Organization (WHO), ~4,568,754 new cancer cases and 3,002,899 deaths due to cancer were reported in China in April 2020. Every minute, approximately seven people are diagnosed with cancer, and four people die due to cancer in China. The most common types of cancer diagnosed are lung cancer, stomach cancer, breast cancer, thyroid cancer, and leukemia. According to a study published in The Lancet titled “China's Aging Population: Crisis or Opportunity?” in 2019, people in China aged 60 or older were ~254 million, and the number is expected to rise to 402 million, ~28% of the population, by 2040. As aging population is more prone to suffer from chronic diseases, diagnostic errors can lead to severe consequences. Therefore, Chinese patients can seek a second opinion from US medical organizations with the help of a service added to an online medical platform in the country that embraces smart technology and digital-first entrepreneurialism.

According to a study, “Determining How Far an Adult Rare Disease Patient Needs to Travel for a Definitive Diagnosis,” published in March 2020, to assess the accessibility of explicit diagnosis of rare diseases in Chinese adults showed that about 72.97% of patients were misdiagnosed. Misdiagnosis can lead the patient to undergo the wrong treatment, thus necessitating the need for a medical second opinion.

Furthermore, China has a vast population and a flourishing healthcare infrastructure, with rapid growth in communication. In China, most telemedicine consultations are implemented between hospitals. The country's telemedicine-based second opinion program improves the diagnoses and treatment of cancer-related diseases in county-level hospitals in central and western China. Moreover, there are companies in China that offer tele-counseling services. For instance, MediStar Health in Shanghai connects patients to foreign doctors to communicate through teleconferencing. Similarly, Voycare, a California-based medical tourism service provider, developed a medical second opinion online portal to enter China’s rapidly growing telemedicine industry. The online portal allows patients to upload their medical reports to obtain a second opinion from US healthcare professionals. Due to the COVID-19 pandemic, patients from China were not able to travel to the US for medical treatments. The portal was helpful for Chinese patients in confirming medical diagnosis and treatment.

Asia Pacific Medical Second Opinion Market Report Highlights

Asia Pacific Medical Second Opinion Market Company Profiles

Some of the key players operating in the market include 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. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

Asia Pacific Medical Second Opinion Market Research Methodology :

The following methodology has been followed for the collection and analysis of data presented in this report:

• Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations.
• Industry trade journals and other relevant publications.
• Government documents, statistical databases, and market reports.
• News articles, press releases, and webcasts specific to companies operating in the market.

Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

• Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research.
• Enhance the expertise and market understanding of the analysis team.
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise

Asia Pacific Medical Second Opinion Market Country and Regional Insights