According to the research from Data Bridge Market Research, the aforementioned market is to reach an estimated value of US$10,002.27 billion and grow at a compound annual growth rate of 10.76 per cent in the forecast period.
This growth is in much part thanks to a growing emphasis on superior treatment outcomes, says the report. It also cites other factors fuelling the market’s growth as being:
- a rising preference for healthcare cost optimisation
- a rise in awareness of the service among people
- a rising need for improved diagnosis and treatment planning, reducing the financial cost and ease of interaction
- a rising prevalence of diseases due to change in lifestyle
- a rising number of hospitals all over the globe
- an increasing population in developing countries
Data Bridge Market Research also notes that increasing investments in telemedicine technologies, the rising modernisation and technological advancement in the healthcare sector, and the rising research and development activities in the market will further create new opportunities for medical second opinion market in the forecasted period.
Challenges for the second medical opinion market
However, the report also warns that a reluctance toward opting for medical second opinion in emerging nations is the vital factor, among others, which will obstruct the market growth.
Elsewhere, Data Bridge Market Research identifies the major players in the second medical opinion market as being: Medisense Healthcare Solutions Pvt. Ltd., Second Opinion International, Cigna, EMS | Elite Medical Services., WorldCare, Medix Staffing Solutions Inc., 2nd.MD, AXA, Medo Asia Sdn Bhd., Medisense, London Pain Clinic, Mondial Assistance, GrandOpinion, Penn Medicine, The Johns Hopkins University, Keio University., Toranomon Hospital and Cleveland Clinic.
For further insights, access the report here. In our November 2020 issue, Hospitals & Healthcare explored the rising popularity of second medical opinion services.