North America Medical Second Opinion Market Forecast to 2027 - COVID-19 Impact and Analysis - COVID-19 Impact and Analysis - by Disorders (Cancer, Orthopedic Disorders, Cardiac Disorders, Neurological Disorders, Nephrological Disorders, Hematologic Blood Disorders, COPD, Organ Transplant, and Other Disorders) and Service Providers (Hospitals, Health Insurance Companies, and Online Services)

Code: TIPRE00025159 | Pages: 100 | Industry: Healthcare IT | Date: Oct 2021
Covid

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 North America medical second opinion market is expected to reach US$ 4,476.22 million by 2027 from US$ 1,480.14 million in 2020; it is estimated to grow at a CAGR of 17.1% from 2020 to 2027. The market's growth is attributed to growing emphasis on superior treatment outcomes and increasing preference for healthcare cost optimization. However, the absence of clear-cut guidelines on using medical second opinion globally is likely to impact market growth during the forecast period negatively.

Increasing emphasis on achieving better treatment outcomes drives the second medical opinion market. There is a high possibility of the adverse effects of many treatment procedures, which might also lead to mortality. Hence, it becomes essential to revise the current treatment alternatives in crucial cases and get advice from another reliable healthcare professional to avoid possible ill effects. According to a study published by the John Hopkins University in 2018, around 250,000 deaths are caused due to medical errors in the US each year. Such a large extent of medical errors is anticipated to encourage consumers to opt for a medical second opinion. According to the World Health Organization data, in 2018, an estimated 9.6 million patients across the globe lost their lives due to the occurrence of cancer. In addition, the growing exposure to risk factors such as consumption of tobacco, excessive alcoholism, unhealthy diet, and obesity is further projected to elevate the prevalence of cancer. Thus, 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. 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 reducing additional costs and increasing awareness about the possible exploitation from healthcare organizations, especially in low- and middle-income countries, significantly drive the medical second medical opinion market.

The COVID-19 pandemic has severely affected the countries in the North American region. The second opinion for COVID-19 becomes a must in the region as the virus outbreak is continuously growing. Most countries in the region face complete lockdown; in this challenging time, the patient should be aware of the treatment options. For instance, Mount Sinai Health System is harnessing the power of artificial intelligence to help analyze lung scans in patients situated in the US for COVID-19. The high sensitivity of their AI model can provide a second opinion to physicians in cases where CT is either negative (in the early course of infection) or shows nonspecific findings, which can be common. Moreover, the government in the region asked for a second opinion on the usage of hydroxychloroquine as the effective treatment for COVID-19. Thus, it is likely that the outbreak of COVID-19 will support the growth of the medical second opinion market.

 

Key Market Segments

Based on disorders, the North America 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 North America medical second opinion market is segmented into hospitals, health insurance companies, and online services. The hospital 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

Some of the primary and secondary sources associated with this report on the North America medical second opinion market are Canada Foundation of Innovation (CFI), Ministry of Health and Family Welfare (MoHFW) and Pharmaceutical Research and Manufacturers of America (PhRMA).

 

Reasons to buy the report

  • Determine prospective investment areas based on a detailed trend analysis of the North America medical second opinion market over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different addictions therapeutics segments in the top spending countries and identify the opportunities offered by each of them.
  • Strengthen your knowledge of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels driving the North America medical second opinion market market, providing a clear picture of future opportunities that will help Analyze, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs undertaken by the different countries within the North America medical second opinion market market.

 

 

NORTH AMERICA 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

  • US
  • Canada
  • Mexico

 

Company Profiles

  • Second Opinion International
  • Cigna
  • WorldCare
  • Medix
  • 2nd.MD (Innovation Specialists LLC)
  • AXA

 

 

1.           Introduction

1.1         Scope of the Study

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

1.3.1        North America Medical Second Opinion Market– By Disorder

1.3.2        North America Medical Second Opinion Market– By Service Provider

1.3.3        North America 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.           North America Medical Second Opinion Market – Market Landscape

4.1         Overview

4.2         PEST Analysis

4.2.1        North America – 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– North America Analysis

6.1         North America Medical Second Opinion Market Revenue Forecast and Analysis

7.           Medical Second Opinion Market – 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 – North America Analysis

9.1         North America: Medical Second Opinion Market

9.1.1        Overview

9.1.2        North America: Medical Second Opinion Market, by Country, 2019& 2027 (%)

9.1.2.1          US: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.1.1          US: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.1.2          US: Medical Second Opinion Market, by Disorder, 2018–2027 (USD Million)

9.1.2.1.3          US: Medical Second Opinion Market, by Service Provider, 2018–2027 (USD Million)

9.1.2.2          Canada: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.2.1          Canada: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.2.2          Canada: Medical Second Opinion Market, by Disorder, 2018–2027 (USD Million)

9.1.2.2.3          Canada: Medical Second Opinion Market, by Service Provider 2018–2027 (USD Million)

9.1.2.3          Mexico: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.3.1          Mexico: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

9.1.2.3.2          Mexico: Medical Second Opinion Market, by Disorder, 2018–2027 (USD Million)

9.1.2.3.3          Mexico: Medical Second Opinion Market, by Service Provider, 2018–2027 (USD Million)

10.        Impact of COVID-19 Pandemic on North America Medical Second Opinion Market

10.1      North America: 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      Second Opinion International

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      Cigna

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      WorldCare

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      Medix

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      2nd.MD (Innovation Specialists LLC)

12.5.1     Key Facts

12.5.2     Business Description

12.5.3     Financial Overview

12.5.4     SWOT Analysis

12.5.5     Key Developments

12.6      AXA

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

13.        Appendix

13.1      About The Insight Partners

13.2      Glossary of Terms

 

LIST OF TABLES

Table 1.             US Medical Second Opinion Market, by Disorder – Revenue and Forecast to 2027 (USD Million)

Table 2.             US Medical Second Opinion Market, by Service Provider – Revenue and Forecast to 2027 (USD Million)

Table 3.             Canada Medical Second Opinion Market, by Disorder – Revenue and Forecast to 2027 (USD Million)

Table 4.             Canada Medical Second Opinion Market, by Service Provider – Revenue and Forecast to 2027 (USD Million)

Table 5.             Mexico Medical Second Opinion Market, by Disorder – Revenue and Forecast to 2027 (USD Million)

Table 6.             Mexico Medical Second Opinion Market, by Service Provider – Revenue and Forecast to 2027 (USD Million)

Table 7.             Recent Inorganic Growth Strategies in the Medical Second Opinion Market

Table 8.             Recent Organic Growth Strategies in the Medical Second Opinion Market

Table 9.             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.           U.S to Show Remarkable Growth During Forecast Period

Figure 6.           North America PEST Analysis

Figure 7.           Medical Second Opinion Market Impact Analysis of Driver And Restraints

Figure 8.           North America 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.        North America: Medical Second Opinion Market, by Key Country – Revenue (2019) (USD Million)

Figure 24.        North America: Medical Second Opinion Market, by Country, 2019 & 2027 (%)

Figure 25.        US: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

Figure 26.        Canada: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

Figure 27.        Mexico: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)

Figure 28.        Impact of COVID-19 Pandemic in North American Country Markets

 

  1. Second Opinion International
  2. Cigna
  3. WorldCare
  4. Medix
  5. 2nd.MD (Innovation Specialists LLC)
  6. AXA
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America medical second opinion market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the North America medical second opinion market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.

 

 

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