Medical Second Opinion Market: Digitalization of Medical Consulting Services to be Prominent Trend

According to The Insight Partners new research study of "Medical Second Opinion Market to 2027 - COVID-19 Impact & Global Analysis and Forecasts by Disorders (Cancer, Orthopedic Disorders, Cardiac Disorders, Neurological Disorders, Nephrological Disorders, Hematologic Blood Disorders, COPD, Organ transplant, Others); Service Providers (Hospitals, Health Insurance Companies, Online Services), and Geography," the market is expected to reach US$ 10,739.48 Mn by 2027 from US$ 3,204.57 Mn in 2019; it is estimated to grow at a CAGR of 16.8% from 2020 to 2027.

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Market leaders operating in the market have undertaken various organic growth strategies in the medical second opinion market. The medical second opinion market majorly consists of the players such as Medisense Healthcare Solutions Pvt. Ltd., Second Opinion International, Elite Medical Services, Cigna, Helsana, WorldCare, Vidal Health Insurance TPA Pvt Ltd, Medix, 2nd.MD, and AXA among others.

Several organic approaches, such as product launches, and expansion in the medical second opinion market, have resulted in the positive growth of the market. Product launches help the company to strengthen its product offering and the customer base, which allows the company to hold a strong position in the market. Similarly, utilizing expansion activities, it is easy to venture into untapped economies and use the opportunities being offered.

Extensively increasing integration of medical services and digital platforms is leading to increasing popularity and acceptance of digital consultation. The digital consultation ensures patient convenience, improved patient experience, and effective cost management. Further, the deployment of digital platform enables patient to be consulted from remote locations with superior accessibility to medical expertise. Rising number of partnerships and collaborations among software developing companies and healthcare institutions is accelerating the digitalization of medical consulting services. For instance, in July 2019, University of Chicago Medicine launched remote second opinion services in collaboration with PinnacleCare, one of the key healthcare advisory companies. The system offers remote health consultation beyond geographic boundaries. Thus, the growing digitalization of medical second opinion services is estimated to offer lucrative opportunities to the market players.

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The global medical second opinion market is segmented on the basis of region into North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. North America held the largest market share in 2019. The factors fueling the market in this region include increasing prevalence of chronic disorders and growing adoption of medical second opinion to increase treatment accuracy.

Below is the list of the growth strategies done by the players operating in the medical second opinion market:

In Jan-2021 Teladoc Health, Inc. has announced partnership with DexCom, Inc. to empower innovative advanced technology and human expertise. Both companies have partnered to offer CGM-powered insights patient living with Type 2 Diabetes at free of cost. The CGM-powered insights will assist patients with complete health profile and will recommend tips to support their ongoing diabetes management.

In Jan-2020 USARAD Holdings Inc. has collaborated with Siemens Healthineers to develop AI-Rad Companion Chest CT software for lung nodule detection. The software will assist radiologists to detect pulmonary nodules. The software is CE marked and has received FDA's approval for its commercialization.

In Sept-2018 AXA Global Healthcare has announced that from 1st November, all new and existing Individual and SME customers with outpatient cover will have access to its innovative new virtual doctor service, Global Care on Demand.

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This release was published on openPR.