Medical Second Opinion Market Demand with New Technologies by 2027 – Medix, 2nd.MD, World Care, Elite Medical Services, Second Opinion International

Increasing number of errors in medical billing is also one of the prominent factors responsible for the growth of the market. For instance, according to a study published by the Medical Billing Advocates of America in2019, an estimated 80.0% of medical bills contain at least one error. Further, problems in medical billing errors cost a total of ~US$ 210 billion each year in the US. These possibilities and occurrences of financial errors are projected to accelerate the growth of the medical second opinion market by 2027.

Based on disorders, the medical second opinion market is segmented into cancer, diabetes, cardiac disorders, neurological disorders, nephrological disorders, hematological disorders, COPD, orthopedic disorder, organ transplant, and other diseases. In 2019, the cancer segment accounted for the largest share of the global medical second opinion market. The growth of the market for this segment is attributed to the increasing prevalence of cancer and rising preference for second opinion for cancer diagnosis and treatment.

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The medical second opinion market is expected to reach US$ 10,739.48 million by 2027 from US$ 3,204.57 million in2019; it is estimated to grow at a CAGR of 16.8% from 2020 to 2027.

The concept plays a significant role in dealing with the confusion created through the recommendation of various treatment alternatives for a singlecase. Besides, the opinion is also sought to gain additional information, which can be helpful to improve treatment outcomes of a disease. The medical second opinion can validate diagnosis; thus, it plays a major role in increasing the accuracy of the treatment. The global medical second opinion market is driven by factors such as superior treatment outcomes and increasing preference for healthcare cost optimization.

The consumers can avail extensive information from medical second opinions while making the necessary decisions about surgery or the main case. In addition, medical second opinion providers review the recommendations for surgical procedures on the basis of additional medical diagnosis, analysis of existing medical records, and assessment of other therapeutic solutions as an alternative for surgery. These aspects of the second opinion can result in reduction of therapeutic cost. Further, second opinion on surgical decisions can also result in reduction in possible surgical adversities, which can lead to additional healthcare-related costs.

Product launches and approvals are the commonly adopted strategies by companies to expand their global foot prints and product portfolios; these strategies help them meet the growing consumer demand. Collaboration is one of the major strategies adopted by the medical second opinion market players to enlarge customer base worldwide, which also permits them to maintain their brand name globally.

Medical Second Opinion Market– By Geography

North America
US
Canada
Mexico
Europe
France
Germany
Italy
UK
Spain
Rest of Europe
Asia Pacific (APAC)
China
India
South Korea
Japan
Australia
Rest of Asia Pacific
Middle East and Africa(MEA)
South Africa
Saudi Arabia
UAE
Rest of Middle East and Africa
South and Central America
Brazil
Argentina
Rest of South America

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