Medical Second Opinion Market to Grow at a Robust Pace During 2021-2026
October 28, 2021
Stratview Research has recently published a report on Medical Second Opinion Market segmented by Trends, Dynamics, and Market Analysis. The objective of the market experts at Stratview Research is to conduct a thorough analysis of the ‘Medical Second Opinion’ and put a detailed knowledge about the industry and business attractiveness, revenue, market size, segmentation, growth and restraining factors so that the user gets in depth information about the industry and the business from a past, current and a future perspective and can potentially invest capital for further growth.
Additionally, the report covers a variety of established and emerging start-ups and organisations operating in the industry. As a result, the report provides a comparative analysis by presenting the user with various aspects of the markets discussed in the report.
Covid-19 Analysis -
Nationwide lockdowns have impacted, and halted productions, supply of raw materials sourcing disruption has affected the balance in the supply of finished products. This report aims to cover all the aspects of how the pandemic has affected the business in the Medical Second Opinion market and how has the subsequent lockdowns inflamed the industry scenario and what are the areas that needs urgent action and re-planning.
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Segment-wise analysis
The report encompasses in-depth segmentations like regional segmentation, segmentation by product types, application-wise segmentation, geographical segmentation and thereby gives the user an overview of the effectiveness of the segmentation by various classes.
By service providers, the medical second opinion market has been segmented into hospitals, health insurance companies, and online services. Under these, the hospitals segment garnered the highest market share in 2020 and is likely to register the fastest CAGR in the following years. This is mainly attributed to the feasibility they offer to the patients, technological advancements, rise in incidence and prevalence of asthma and COPD, and growing geriatric population, thus promulgates the segment growth.
By region, the North American market accounted for the largest share in 2020 and is projected to grow at a healthy CAGR during the assessment period. This is mainly attributed to advanced healthcare infrastructure, increasing awareness among people in the region, growing prevalence of diseases due to change in lifestyle, and increasing favourable government initiatives, further augments the regional growth. Rising treatment planning amongst people is also expected to contribute the regional market growth.
Market Insights
The Global Medical Second Opinion Market is projected to grow from USD 3.56 billion in 2020 to USD 10.24 billion by 2026 at a CAGR of over 19.3% during the forecast period. Growing preference for healthcare cost optimization is the key factor augmenting the demand for medical second opinion services. In addition, growing awareness among people, reducing financial costs, increasing the need for improved diagnosis and treatment planning further bolster the market growth. Also, growing superior treatment outcomes, increasing number of hospitals worldwide, ease of interaction, rising population in the emerging countries, and growing prevalence of diseases due to change in lifestyle further propels the industry growth.
Key Players in the Medical Second Opinion Market
The following are the key players in the Medical Second Opinion market.
- Medisense Healthcare Solutions Pvt. Ltd. (India),
- Second Opinion International (The U.S),
- Elite Medical Services (Elite Medical Services),
- Cigna (The U.S),
- Helsana (Switzerland),
- WorldCare (The U.S),
- Vidal Health Insurance TPA Pvt Ltd (India),
- Medix (The U.S),
- AXA (France), and
- 2nd.MD (The U.S).
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