The size of the Asia Pacific Medical Second Opinion Market is estimated to grow at a healthy CAGR from 2021 to 2026.
Due to the financial, health, and legal costs of treatments, the increasing trend in second opinion medical services is one of the most key drivers of the Medical Second Opinion Market in the Asia Pacific. Furthermore, the growing need for healthcare cost optimization and increased public awareness are expected to propel the medical second opinion market forward during the projected period. In addition, the surge in investments in telemedicine technologies and the digitization of medical consulting services across the Asia Pacific is attributable to the market's growth.
Patients in the Asia-Pacific are experiencing an increase in the financial pressures imposed by healthcare services. In addition, the demand for healthcare cost optimization is driven by rising healthcare-related expenditures due to a general shortage of healthcare professionals and limited resource availability. The APAC medical second opinion market is further expected to be caused by a growing emphasis on reducing additional costs and increased awareness about possible exploitation from healthcare organizations, particularly in low- and middle-income nations.
Y-O-Y growth in the incidence of medical billing errors is predicted to favor the medical second opinion market during the forecast period. Furthermore, other than the drivers mentioned above, several other factors such as the rising need for better diagnosis, lower financial costs, and favorable government efforts are expected to support the medical second opinion market in the APAC region.
However, in emerging countries, a lack of awareness and apprehension about seeking a medical second opinion is projected to have a negative impact on market growth throughout the forecast period. One of the other limitations of the medical second opinion market is a lack of complete medical expertise on therapy and diagnosis for patients and inexperience with restricted perspectives.
This research report on the APAC medical second opinion market has been segmented and sub-segmented into the following categories:
By Disease:
By Supply Provider:
By Country:
Geographically, the APAC region is the fastest-growing regional market globally. In nations like India, China, and Japan, the government implements beneficial policies and programs in the region and offers reimbursements through medical insurance. In some situations, Medicare pays for a second opinion for non-emergency surgery. If the first and second opinions aren't the same, Medicare can pay for a third opinion.
Due to the increasing economies throughout the region, Asia Pacific is one of the fastest-growing regions. In the event of chronic conditions like diabetes and cancer, medical second opinions are common. Diabetes was the direct cause of 1.6 million deaths in 2016, according to the World Health Organization (WHO). During the projection period, the medical second opinion market can be driven by better diagnosis in the region through second opinions.
During the forecast period, the Indian medical second opinion market is expected to grow at a brisk pace owing to rise due to rising demand for second opinions due to the pandemic, financial, health, and legal costs associated with treatment, and the increased need to enhance diagnostic and treatment plans.
KEY MARKET PLAYERS:
Companies playing a noteworthy role in the Asia Pacific medical second opinion market profiled in the report are Amradnet, London Pain Clinic, Johns Hopkins USA, Cynergy Care, Bright Grey Royal London Group, Helsana Group, Mendocino County Mental Health, Hyjiya Digital Wellness FZCO, Penn Medicine.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Disease
5.1.1 Cancer
5.1.2 Cardiac Disorders
5.1.3 Diabetes
5.1.4 Injuries
5.1.5 Y-o-Y Growth Analysis, By Disease
5.1.6 Market Attractiveness Analysis, By Disease
5.1.7 Market Share Analysis, By Disease
5.2 Supply provider
5.2.1 Hospitals
5.2.2 Health Insurance Players
5.2.3 Online and Offline Medical Second Opinion Providers
5.2.4 Private clinics
5.2.5 Y-o-Y Growth Analysis, By Supply provider
5.2.6 Market Attractiveness Analysis, By Supply provider
5.2.7 Market Share Analysis, By Supply provider
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Product
6.1.3.3 By Type
6.1.3.4 By Application
6.1.3.5 By Indication
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Product
6.1.4.3 By Type
6.1.4.4 By Application
6.1.4.5 By Indication
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Product
6.1.5.3 By Type
6.1.5.4 By Application
6.1.5.5 By Indication
6.2 China
6.3 India
6.4 Japan
6.5 South Korea
6.6 Australia
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 AXA PPP Healthcare
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Amradnet
8.3 London Pain Clinic
8.4 Johns Hopkins USA
8.5 Cynergy Care
8.6 Bright Grey, Royal London Group
8.7 Helsana Group
8.8 Mendocino County Mental Health
8.9 Hyjiya Digital Wellness FZCO
8.10 Penn Medicine
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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