Americas held the largest market share in the Medical Second Opinion Market:
Americas region holds the largest market share and growth in the medical second opinion Market and is anticipated to reach $2.22 billion by 2023 at a CAGR of 17.10%. However, APAC projects highest growth rate during the forecast period and is expected to reach $1.44 billion by 2023 at a CAGR of 20.9%. Americas Medical Second Opinion Market is mainly driven by the healthcare reforms such as the Affordable Healthcare Act, the favorable business environment for start-ups to grow, etc. The key service providers in the region include hospitals and health insurance companies.
Selected Value Chain Analysis was done in the full report:
The Medical Second Opinion market functions as a complimentary domain for primary care, while providing a platform for patient-physician interaction at a global scale. The patient visits the Physician to receive treatment for a specific ailment or disease.
The physician provides diagnosis after analyzing the disease symptoms. Sometimes, the patient is not satisfied with the treatment process and hence opts for a second opinion from a healthcare expert.
The decision to choose a “Medical Second Opinion” service provider is based on the recommendations provided by physician and health insurance providers. The physician can choose to recommend if there is a need for better diagnosis. The patient can also consult with health insurance providers to know about the insurance coverage for second opinion services.
As the patient decides to take a second opinion, the service providers can coordinate with the EHR vendors to retrieve patient records such as prescriptions and disease history.
This will help the doctor to provide an accurate diagnosis for better patient care.
Excerpts on Market Growth Factors:
The Medical Second Opinion market has never been better and healthier with a myriad of companies offering services. The market is flourishing and growing steadily.
The market in the developed nations is in the growth phase, and currently hosts less number of players.
Other drivers include increasing investments in mobile and e-healthcare systems and increasing inclusion of medical second opinion services in employee benefit plans.
The future growth of the market is dependent upon the next technological shift.
U.S. dominates the second opinion market; the developed medical insurance sector in the U.S. favors the growth of second opinion service providers.
The demand for the service in the Americas is expected to grow significantly as the incidence of chronic diseases increases and patients start to use medical second opinion services for validating the diagnosis and choosing the correct treatment plan.
The informed patients are currently traveling to the U.S. to get a second opinion on their disorder, and in the coming years, with rising medical insurance market and growing adoption of technology among the stakeholders will drive the second opinion market in Mexico.
The telemedicine industry has been growing at a rate of above 15% year on year and is expected to grow at the same pace with increasing investments by hospitals, clinics, and venture capitalists.
Increasing employment rates and health coverage in emerging economies such as China, India, and Brazil provides impetus to the second opinion market growth.
The present market holds the potential to grow significantly while adding a new dimension to healthcare.
The Medical Second Opinion market in the U.S. is growing steadily and holds the potential to accelerate the growth.
Rising medical insurance market and growing adoption of technology among the stakeholders will drive the second opinion market in Mexico.
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