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Growing Preference for Healthcare Cost Optimization Has Aided the Medical Second Opinion Market Growth

HYDERABAD, TELANGANA, INDIA, October 20, 2022 /EINPresswire.com/ -- Medical Second Opinion Market size is estimated to reach $9.7 billion by 2027. Furthermore, it is poised to grow at a CAGR of 16.1% over the forecast period of 2022-2027. The purpose of a medical second opinion is to provide useful information regarding a patient's current treatment options. The concept is important in addressing the misunderstanding that arises sometimes when multiple treatment options are recommended for a single medical treatment. Furthermore, the opinion is sought in order to obtain additional information that can be useful in improving the disease's treatment outcomes. A medical second opinion can help to confirm a diagnosis, which helps to improve the treatment's accuracy. Many people have been seeking a second opinion on their ailment and treatment options in recent years. Insurance companies, both private and public, are attempting to minimize surgery costs by recommending and even requiring a second opinion prior to operation. Also, people should seek medical advice about the benefits and risks of an organ transplant. Second medical opinion is an important additional viewpoint on the patient diagnosis and treatment which is done with the help of telemedicine application. During orthopedic surgery, patients are always going through a second opinion as it helps to provide all the information so that the patients can plan accordingly.

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Key Takeaways

Geographically, in 2021 North America held a dominant market share. It is owing to the presence of advanced healthcare infrastructure and a well-informed patient base. Strong government backing also boosts the region's market value. Several organizations in the region assist patients with second views, such as WorldCare International Inc., which connects members with doctors to examine treatment plans, confirm diagnoses, answer questions, and provide prompt second opinions.

The growing preference for healthcare cost optimization and the increasing number of cancer diseases are some of the factors driving the Medical Second Opinion Market. However, the high cost of a medical second opinion is one of the factors impeding the market growth.

A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Medical Second Opinion Market Report.

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Segmental Analysis:

Medical Second Opinion Market Segmentation Analysis- By Disorder Type: The Medical Second Opinion market based on disorder type can be further segmented into Organ Transplant, Cardiac Disorder, Hematologic Blood Disorders, Orthopedic Disorders, and Others. Organ transplants held a dominant market share in the year 2021. Patients encounter specific socioeconomic determinants of health hurdles to referral and acceptance for organ transplantation, and patients from marginalized groups have disproportionately lower rates of transplantation. During organ transplants, patients go through various doctor consultations in order to get the proper information that helps them to make the decision correctly. However, Cardiac disorder is estimated to be the fastest-growing, with a CAGR of 17.3% over the forecast period of 2022-2027.

Medical Second Opinion Market Segmentation Analysis- By End-Use Industry: The Medical Second Opinion market based on the end-use industry can be further segmented into, Hospitals, Online Medical Second Opinion, Health Insurance, and Others. Online held a dominant market share in the year 2021. An online second opinion gives patients a convenient, secure, and timely way to get answers to their questions about a diagnosis or treatment plan. An online second opinions program connects people to an expert physician who specializes in their specific health needs. Medical providers understand this and typically welcome opinions from other experts. However, Hospital is estimated to be the fastest-growing, with a CAGR of 17.4% over the forecast period of 2022-2027. It is owing to the quality of healthcare professionals in hospitals.

Medical Second Opinion Market Segmentation Analysis- By Geography: The Medical Second Opinion market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, North America held a dominant market share of 40% as compared to its other counterparts. It is owing to the presence of advanced healthcare infrastructure and a well-informed patient base. Strong government backing also boosts the region's market value. Several organizations in the region assist patients with second views, such as WorldCare International Inc., which connects members with doctors to examine treatment plans, confirm diagnoses, answer questions, and provide prompt second opinions.

Competitive Landscape:
The top 5 players in the medical second opinion industry are -
1. Medisense Healthcare Solutions Pvt. Ltd.
2. Second Opinion International
3. Elite Medical Services
4. Cigna
4. Helsana

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