
South & Central America Medical Second Opinion Market Report (2021–2031) by Scope, Segmentation, Dynamics, and Competitive Analysis.
No. of Pages: 108 | Report Code: TIPRE00025160 | Category: Life Sciences
No. of Pages: 108 | Report Code: TIPRE00025160 | Category: Life Sciences
The South & Central America medical second opinion market size is expected to reach US$ 447.43 million by 2031 from US$ 176.74 million in 2023. The market is estimated to record a CAGR of 12.3% from 2023 to 2031.
South & Central America region consists of Brazil, Argentina, and the Rest of SCAM. The increasing incidences of chronic diseases, the rising geriatric population, and the growing number of medical second opinion service providers for diagnosing and treatment are expected to witness rapid growth in the medical second opinion market.
South & Central America Medical Second Opinion Market Strategic Insights
South & Central America Medical Second Opinion Market Segmentation Analysis
Key segments that contributed to the derivation of the South & Central America medical second opinion market analysis are condition and service provider.
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. The increasing number of partnerships and collaborations in telemedicine technologies is expected to offer lucrative opportunities for market growth in the coming years.
Based on country, the South & Central America medical second opinion market comprises Brazil, Argentina, and the Rest of South & Central America. Brazil held the largest share in 2023.
Chronic diseases are quite prevalent among the elderly in Brazil. The World Health Organization (WHO) and the Brazilian Institute of Geography and Statistics reported that the geriatric population in Brazil (aged ≥ 60 years) is expected to reach ~55 million by 2040. As per the study, "Trends in mortality from Alzheimer's disease in Brazil, 2000–2019," published in 2023, Alzheimer's disease has become a major health concern among aged people, resulting in higher mortality rates. More than 211,600 deaths were registered due to Alzheimer's during 2009–2019 in Brazil, making it the seventh leading cause of death. Furthermore, 73% of the deaths were among people aged 80 and above, and 27% were in the 60–79 age group. As neurological disorders are difficult to diagnose and can lead to a large number of misdiagnoses, there is a surging need for medical second opinions in the country.
Several medical second opinion service providers are establishing their bases in the country, which is likely to favor the market growth. Intuit Benefits is offering medical second opinion services if the patient is uncertain about a medical diagnosis or the treatment protocol.
South & Central America Medical Second Opinion Market Report Highlights
Report Attribute
Details
Market size in 2023
US$ 176.74 Million
Market Size by 2031
US$ 447.43 Million
Global CAGR (2023 - 2031)
12.3%
Historical Data
2021-2022
Forecast period
2024-2031
Segments Covered
By Condition
By Service Provider
Regions and Countries Covered
South and Central America
Market leaders and key company profiles
South & Central America Medical Second Opinion Market Company Profiles
Some of the key players operating in the market 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.
The following methodology has been followed for the collection and analysis of data presented in this report:
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:
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.
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:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
The South & Central America Medical Second Opinion Market is valued at US$ 176.74 Million in 2023, it is projected to reach US$ 447.43 Million by 2031.
As per our report South & Central America Medical Second Opinion Market, the market size is valued at US$ 176.74 Million in 2023, projecting it to reach US$ 447.43 Million by 2031. This translates to a CAGR of approximately 12.3% during the forecast period.
The South & Central America Medical Second Opinion Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South & Central America Medical Second Opinion Market report:
The South & Central America Medical Second Opinion Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America Medical Second Opinion Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Medical Second Opinion Market value chain can benefit from the information contained in a comprehensive market report.