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IndustryARC
Global Medical Second Opinion Market (2014-2020)
By Disease (Cancer, Cardiac Disorders, Diabetes, Injuries and Others); By Service Providers (Hospitals, Online and Offline Medical Second Opinion Providers and Health Insurance Players) & By Geography
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TABLE OF CONTENTS 1. Global Medical Second Opinion Market Overview 2. Executive Summary 3. Global Medical Second Opinion Market Landscape 3.1. Market share Analysis 3.2. Comparative Analysis 3.2.1.
Product Benchmarking
3.2.2.
End-User Profiling
3.2.3.
Patent Analysis
3.2.4.
Top 5 Financial Analysis
4. Global Medical Second Opinion - Market Forces 4.1. Market Drivers 4.2. Market Constraints 4.3. Market Challenges 4.4. Attractiveness of the Industry 4.4.1.
Power of Suppliers
4.4.2.
Power of Customers
4.4.3.
Threat of New entrants
4.4.4.
Threat of Substitution
4.4.5.
Degree of Competition
5. Global Medical Second Opinion Market – Strategic Analysis 5.1. Value Chain Analysis 5.2. Pricing Analysis 5.3. Opportunity Analysis
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5.4. Product Life Cycle Analysis 5.5. Suppliers & Distributors 6. Global Medical Second Opinion Market – By Disorders 6.1. Introduction 6.2. Cancer 6.3. Diabetes 6.4. Cardiac disorders 6.5. Neurological disorders 6.6. Ocular disorders 6.7. Pulmonary disorders 6.8. Nephrological disorders 6.9. Allergies 6.10.
Injuries
6.11.
Others
7. Global Medical Second Opinion Market – By Service Providers 7.1. Introduction 7.2. Hospitals 7.3. Medical Second Opinion Providing Companies 7.4. Health Insurance Companies 7.5. Online Services 7.6. Others 8. Global Medical Second Opinion Market – By Geography 8.1. Introduction 8.2. Americas
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8.2.1.
U.S.
8.2.2.
Canada
8.2.3.
Brazil
8.2.4.
Argentina
8.2.5.
Others
8.2.6.
Europe
8.2.7.
U.K.
8.2.8.
Germany
8.2.9.
France
8.2.10. Spain 8.2.11. Italy 8.2.12. Others 8.3. APAC 8.3.1.
China
8.3.2.
Japan
8.3.3.
India
8.3.4.
Australia
8.3.5.
Others
8.4. RoW 8.4.1.
Middle East
8.4.2.
Africa
9. Market Entropy 9.1. New Product Launches 9.2. M&As, Collaborations, Partnerships & JVs
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10. Investment Opportunities 11. Company Profiles 11.1.
Advance Medical
11.2.
Mediguide America
11.3.
Johns Hopkins USA
11.4.
Best Doctors
11.5.
Cleveland Clinic
11.6.
Bupa Global
11.7.
WorldCare International Inc.
11.8.
Grand Rounds
11.9.
XMRI.com
11.10. HCA Hospitals 11.11. Penn Medicine 11.12. Cynergy Care 11.13. MediAngels.com 11.14. Medical Second Opinion Pvt. Ltd. 11.15. UC San Diego Health System 11.16. AXA PPP Healthcare
12. Appendix 12.1.
Abbreviations
12.2.
Sources
12.3.
Research Methodology
12.4.
Bibliography
12.5.
Compilation of Expert Insights
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12.6.
Disclaimer
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LIST OF TABLES Table 1 Global Medical Second Opinion Market – Pricing Analysis ($) Table 2 Global Medical Second Opinion Market Revenue, By Disease, 2014-2020 ($M) Table 3 Global Medical Second Opinion Market Revenue for Cancer, By Service Providers, 20142020 ($M) Table 4 Global Medical Second Opinion Market Revenue for Cancer, By, By Geography, 20142020 ($M) Table 5 Global Medical Second Opinion Market Revenue for Diabetes, By Service Providers, 20142020 ($M) Table 6 Global Medical Second Opinion Market Revenue for Diabetes, By, By Geography, 20142020 ($M) Table 7 Global Medical Second Opinion Market Revenue for Cardiac disorders, By Service Providers, 2014-2020 ($M) Table 8 Global Medical Second Opinion Market Revenue for Cardiac disorders, By, By Geography, 2014-2020 ($M) Table 9 Global Medical Second Opinion Market Revenue for Neurological disorders, By Service Providers, 2014-2020 ($M) Table 10 Global Medical Second Opinion Market Revenue for Neurological disorders, By, By Geography, 2014-2020 ($M) Table 11 Global Medical Second Opinion Market Revenue for Ocular disorders, By Service Providers, 2014-2020 ($M) Table 12 Global Medical Second Opinion Market Revenue for Ocular disorders, By, By Geography, 2014-2020 ($M) Table 13 Global Medical Second Opinion Market Revenue for Pulmonary disorders, By Service Providers, 2014-2020 ($M) Table 14 Global Medical Second Opinion Market Revenue for Pulmonary disorders, By, By Geography, 2014-2020 ($M) Table 15 Global Medical Second Opinion Market Revenue for Nephrological disorders, By Service Providers, 2014-2020 ($M) Table 16 Global Medical Second Opinion Market Revenue for Nephrological disorders, By, By Geography, 2014-2020 ($M)
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Table 17 Global Medical Second Opinion Market Revenue for Allergies, By Service Providers, 2014-2020 ($M) Table 18 Global Medical Second Opinion Market Revenue for Allergies, By, By Geography, 20142020 ($M) Table 19 Global Medical Second Opinion Market Revenue for Injuries, By Service Providers, 20142020 ($M) Table 20 Global Medical Second Opinion Market Revenue for Injuries, By, By Geography, 20142020 ($M) Table 21 Global Medical Second Opinion Market Revenue for Other disorders, By Service Providers, 2014-2020 ($M) Table 22 Global Medical Second Opinion Market Revenue for Other disorders, By, By Geography, 2014-2020 ($M) Table 23 Global Medical Second Opinion Market Revenue, By Service Providers, 2014-2020 ($M) Table 24 Global Medical Second Opinion Market Revenue from Hospitals, By Disease, 2014-2020 ($M) Table 25 Global Medical Second Opinion Market Revenue from Hospitals, By, By Geography, 2014-2020 ($M) Table 26 Global Medical Second Opinion Market Revenue from Medical Second Opinion Providing Companies, By Disease, 2014-2020 ($M) Table 27 Global Medical Second Opinion Market Revenue from Medical Second Opinion Providing Companies, By, By Geography, 2014-2020 ($M) Table 28 Global Medical Second Opinion Market Revenue from Health Insurance Companies, By Disease, 2014-2020 ($M) Table 29 Global Medical Second Opinion Market Revenue from Health Insurance Companies, By, By Geography, 2014-2020 ($M) Table 30 Global Medical Second Opinion Market Revenue from Online Services, By Disease, 20142020 ($M) Table 31 Global Medical Second Opinion Market Revenue from Online Services, By Geography, 2014-2020 ($M) Table 32 Global Medical Second Opinion Market Revenue from Other Service Providers, By Disease, 2014-2020 ($M)
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Table 33 Global Medical Second Opinion Market Revenue from Other Service Providers, By Geography, 2014-2020 ($M) Table 34 Global Medical Second Opinion Market Revenue, By Geography, 2014-2020 ($M) Table 35 Americas: Medical Second Opinion Market Revenue, By Country, 2014-2020 ($M) Table 36 Americas: Medical Second Opinion Market Revenue, By Disease, 2014-2020 ($M) Table 37 Americas: Medical Second Opinion Market Revenue, By Service Providers, 2014-2020 ($M) Table 38 Europe: Medical Second Opinion Market Revenue, By Country, 2014-2020 ($M) Table 39 Europe: Medical Second Opinion Market Revenue, By Disease, 2014-2020 ($M) Table 40 Europe: Medical Second Opinion Market Revenue, By Service Providers, 2014-2020 ($M) Table 41 APAC: Medical Second Opinion Market Revenue, By Country, 2014-2020 ($M) Table 42 APAC: Medical Second Opinion Market Revenue, By Disease, 2014-2020 ($M) Table 43 APAC: Medical Second Opinion Market Revenue, By Service Providers, 2014-2020 ($M) Table 44 RoW: Medical Second Opinion Market Revenue, By Country, 2014-2020 ($M) Table 45 RoW: Medical Second Opinion Market Revenue, By Disease, 2014-2020 ($M) Table 46 RoW: Medical Second Opinion Market Revenue, By Service Providers, 2014-2020 ($M)
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LIST OF FIGURES Figure1 Global Medical Second Opinion Market, By Geography, 2014 - 2020 ($M) Figure2 Segmentation of Global Medical Second Opinion Market Figure3 Global Medical Second Opinion Market Competitive Share Analysis, 2014(%) Figure4 Global Medical Second Opinion Market Share, By Disease, 2014 (%) Figure5 Global Medical Second Opinion Market Share, By Service Providers, 2014 (%) Figure6 Global Medical Second Opinion Market Share, By Geography, 2014 (%) Figure7 Americas Medical Second Opinion Market Share, By Country, 2014 (%) Figure8 Europe Medical Second Opinion Market Share, By Country, 2014 (%) Figure9 APAC Medical Second Opinion Market Share, By Country, 2014 (%) Figure10 RoW Medical Second Opinion Market Share, By Country, 2014 (%) Figure11 Global Medical Second Opinion Market Recent Developments, By Year, 2012-2015
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1. GLOBAL MEDICAL SECOND OPINION MARKET OVERVIEW 1.1 REPORT SCOPE The global market for medical second opinion has been segmented by the types of disorders, and the service providers. The major diseases or conditions the patient seeks medical second opinion are cancer, diabetes, heart and disorders, diseases pertaining to kidneys and liver, allergies and injuries resulting from accidents and so on. Medical second opinion services are mainly provided by hospitals, private medical second opinion providing companies, health insurance companies and online service providers. Each of these segmentations has been studied to give a comprehensive analysis of the global medical second opinion market. The overall market has also been presented from the perspective of different geographic locations into standard geographic regions and key economies for this market. Competitive landscape for each of the capture technologies and storage methods is highlighted and the market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. Market shares of the key players for 2014 are provided. The prominent players profiled in this report are Advance Medical, Johns Hopkins USA, Cleveland Clinic, WorldCare International Inc., AXA PPP Healthcare and others. The report contains the most detailed and in-depth segmentation and analysis of the global medical second opinion market during the period 2014 - 2020.
1.2 STAKEHOLDERS The following are the prominent stakeholders in the global medical second opinion market. Hospitals and clinics Doctors and Healthcare professionals Ministry of health Patients Health insurance players Laboratories and Diagnostic centres Online and offline medical second opinion service providers Medical colleges and universities Regulatory and Legislative bodies
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2. EXECUTIVE SUMMARY Medical second opinion refers to a patient’s act of requesting or seeking evaluation of his health condition by another physician or specialist to verify and confirm the diagnosis and treatment prescribed by the previous physician or to know an alternative treatment plan. It is primarily sought after when the first physician recommends a complex/painful surgery or painful and risky procedures. The other situations that propel the patient to seek a medical second opinion are when the patients is not sure of the diagnosis or is unsatisfied with the treatment plans offered by the primary physician or when it is required by the insurance plan or when the physician himself recommends to go for it. The overall global medical second opinion market is currently doing well and is on the rise, which is estimated to rise to $X billion by 2020, growing at a CAGR of XX%.
SAMPLE TABLE: GLOBAL MEDICAL SECOND OPINION MARKET, BY REGION, 2014-2020 ($M) Region
2014
2015
2016
Americas xx xx xx Europe xx xx xx APAC xx xx xx RoW xx xx xx Total xx xx xx Source: IndustryARC Analysis, Expert Insights
2017
2018
2019
2020
CAGR% (20152020)
xx xx xx xx xx
xx xx xx xx xx
xx xx xx xx xx
xx xx xx xx xx
xx% xx% xx% xx% xx%
The global market for Medical second opinions in 2014 is spread throughout the Americas, Europe, Asia-Pacific and Rest of the world. Americas occupy the largest market share of xx% in 2014. The global market is emerging at a steady pace with increase in the number of patients who are willing to take health insurance and seeking second opinions for better or alternative treatment or diagnosis. There have been laws emerging in the favor of patients in the U.S. such as Patient Protection and Affordable Care Act (PPACA) to enhance the quality and affordability of health insurance reforms and decrease the costs of healthcare services for individuals. The advances in telemedicine or mHealth help to close the gaps in healthcare by enabling the doctors to attend patient demands in a short span of time and eliminate the delays in treatment. The individuals are referring to the internet and mobile applications for second opinion before undergoing complex procedures, thereby opening a window of opportunity for medical second opinion services.
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SAMPLE FIGURE: GLOBAL ESTIMATED SHARE OF mHEALTH USERS IN SMARTPHONES, 2050 (%)
mHEALTH
Source: research2guidance
mHealth refers to the seeking of medical help and information from mobile devices such as smart phones and tablets through internet and specially developed healthcare mobile applications offered online. In a survey conducted in U.S., it was discovered that more than 50% of the smartphone users in the U.S. research from their phone for a second opinion before undergoing treatment for their respective medical condition. This trend has been growing over the years, owing to the increasing number of smartphones sold. The soaring number of healthcare apps contributes to this as well. It is estimated that in 2015, there will be a total of 1,400 million smartphone users all over the world out of which approximately 500 million users make use of healthcare apps, which enables the mHealth industry to grow.
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KEY MARKET INSIGHTS • Medical second opinion services provided online are gaining importance and the mHealth technology is growing at a rapid pace due to advances in technology, enabling the patients to obtain second opinions without much time lapse. • According to data collected and published in January, 2015 from MediAngels, almost 44% of the patients who have been prescribed to undergo a surgery avoided it by seeking a medical second opinion in India. • A rising trend has been observed in the medical insurance reforms where the healthcare
insurance companies themselves are propelling their clients to for a medical second opinion in order to save costs for any treatment or surgery which might not be necessary in the first place.
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12.3 RESEARCH METHODOLOGY The quantitative and qualitative data collected for the global medical second opinion market report is from a combination of secondary and primary sources. Research interviews were conducted with executives and/or mangers in the key product manufacturers and related organizations. These Key Opinion Leaders (KOLs) were then provided a questionnaire to gather quantitative and qualitative inputs on their operations, performance, strategies and views on the overall market, including key developments and trends. Data from interviews is consolidated, checked for consistency and accuracy, and the final market numbers are again validated by experts. The global medical second opinion market was split by diseases, service providers and geography based on different factors like primary and secondary sources, understanding of the number of companies operating in each segment and also KOL insights. We have used various secondary sources such as directories, articles, white papers, newsletters, annual reports and paid databases such as OneSource, Hoovers and Factiva to identify and collect information for extensive commercial study of the global medical second opinion market. The approach towards finding information regarding the market and forecasting has been quite extensive. The key players in the market and its value chain were identified through secondary research and their market opinions were also gathered in a similar way through telephonic interviews and questionnaires. Interviews with key opinion leaders such as managers and marketing personnel were used extensively in understanding the need and emergence of medical second opinion market. We also have extensive database of contacts which were used to conduct primary interviews and also to get their inputs using questionnaires.
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THE ARC ADVANTAGE An analytical model lies at the core of our process, ensuring logical consistency throughout our research. We complement the model with secondary data and interviews with industry experts to reflect the latest trends. With our final expert validation, we provide you with only the most accurate and actionable intelligence.
THE ARC PROCESS Analytical Method 1. Granular breakdown of drivers into factors 2. Validate all factors in terms of their present impact on the market 3. Assign weights to these factors in terms of their relevance and impact on the market 4. Build the Analytical Model ANALYTICAL MODEL
Base Method
1. Get a topdown estimate of the market 2. Follow it up with a bottom-up estimate of the market 3. Check forconsistency and new growth factors that are relevant over the next 10 Years
4. Build the Base model BASE MODEL
Consolidation Method 1. Granular breakdown of drivers into factors 2. Validate all factors in terms of their present impact on the market. 3. Assign weights to these factors in terms of their relevance and impact on the market. 4. Build the Consolidated Model
Delphi Verification 1. Verify the findings of the model with experts from across the value chain 2. Verify the findings with players across small and large enterprises 3. Tweak the model and add new factors 4. Finalize the ARC Model
CONSOLIDATED MODEL
ARC MODEL
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