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Asia Pacific Medical Second Opinion Market Analysis Report – Segmented By Type, Supply Providers & Country (India, China, Japan, South Korea, Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore and Rest of APAC) – Industry Size, Share, Trends & Growth Forecast (2023 to 2028)

Published: March, 2023
ID: 6417
Pages: 145
Formats: report pdf report excel report power bi report ppt

APAC Medical Second Opinion Market Size (2023 to 2028)

The medical second opinion market in the Asia-Pacific region is expected to grow at a CAGR of 20.36% from 2023 to 2028. As a result, the market value is predicted to grow from USD 1131.38 million in 2023 to USD 2857.72 million by 2028.

The second medical opinion plays a vital role in increasing the processing accuracy of the patient to provide valuable information about current treatment options. It works to connect members with specialists to confirm diagnoses, review treatment plans, provide a timely second opinion, and answer questions from patients regarding their treatments and several other medical procedures. Furthermore, it helps deal with the confusion created by recommending several treatment alternatives for the same case by medical professionals and implementing supportive policies and programs. Due to these benefits provided by a second opinion for medical purposes, people of Asia-Pacific are highly adopting these methods, leading to drive in the medical second opinion market.

The number of people suffering from chronic diseases is growing significantly in Asia. The growth of the medical second opinion market in this region is mainly attributed to the broad range of benefits provided by second medical opinions, such as its wide application in cancer, neurological disorders, heart disorders, respiratory disorders, and eye disorders, to name a few, for the treatment of chronic conditions among these categories, including diabetes, which is further leading to people gaining more awareness for their medical conditions and treatment options. According to World Health Organization (WHO), chronic diseases are causing 70% of all deaths worldwide. In addition, demand for cost-effective treatment is propelling the market growth in this region.

In most cases, the excessive consumption of alcohol and tobacco, which are increasing risk factors such as obesity and unhealthy diet, has led to an increased frequency of cancers. With the growing number of cancer patients seeking second opinions for a better and more cost-effective therapy, the market for a medical second opinion in APAC is expected to expand. In addition, cancer treatments often cause a financial burden upon the patient, leading to the growing preference for healthcare cost optimization, favoring the market growth. An estimated 1.3 people lived with cancer in India in 2020.

Moreover, the increasing adoption of telemedicine is expected to boost market growth. Patients can quickly access medical second-opinion providers using telemedicine technologies and get the required assistance. In addition, growth in financial health implications, digitization of medical consulting services worldwide, increasing public awareness, increasing superior treatment outcomes, increase in need for better diagnosis and treatment planning, growing R&D activities, better detection and diagnosis of the disease through the second opinion, and increase in population in developing countries leading to increase in several hospitals worldwide along with the legal fees are further promoting the medical second opinion market in the Asia-Pacific region.

However, despite the massive improvement in healthcare services, some underdeveloped countries of Asia-Pacific are still reluctant towards a second medical opinion due to the rapid increment of hospitalization and consultation costs along with health services improvements, which is anticipated to be a big challenge for the market players, which is also expected to degrade the market's growth rate. Moreover, less awareness of medical second opinions further inhibits market growth.

This research report on the APAC medical second opinion market has been segmented and sub-segmented into the following categories:

By Disease: 

  • Cancer
  • Cardiac Disorders
  • Diabetes
  • Injuries

By Supply Provider: 

  • Hospitals
  • Health Insurance Players
  • Online and Offline Medical Second Opinion Providers
  • Private clinics

By Country: 

  • India
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Thailand
  • Malaysia
  • Vietnam
  • Philippines
  • Indonesia
  • Singapore
  • Rest of APAC

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. Increasing awareness among people, advanced healthcare infrastructure, rising need for better diagnosis and treatment, technological advancements and modernization in the healthcare industry, and an increased disease prevalence due to lifestyle change are favoring the medical second opinion market. The base of expanding patients in India, Japan, Singapore, and China because of large-scale investments in telemedicine technologies, an increase in treatment planning among individuals, and increased processing outcomes would further create lucrative opportunities for the regional industry to grow over the forecast period.

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 regional diagnosis 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.

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