Latin America Medical Second Opinion Market

Latin America Medical Second Opinion Market Size (2024 to 2029)

The size of the Latin American medical second opinion market is estimated to grow at a steady growth rate throughout the forecast period.

The growing emphasis on achieving better treatment is driving the growth of the Latin American medical second opinion market. The medical second opinion services affect the financial, health, and legal costs associated with the treatments. Factors such as a high rate of disease, a large population, and better healthcare demand will affect the market. Public and private insurance companies try to control surgery costs by inducing and even requiring a second opinion before surgery. A second medical opinion can prevent many unnecessary surgeries that would have resulted in thousands of preventable deaths. These unnecessary treatment options generate billions of dollars for the government, which can be avoided. For example, according to a study published by the World Health Organization, approximately 25.5% of patients worldwide suffer from complications following surgical procedures, which has led to over 1 million death each year during or after surgery. According to a study in 2019, unsafe healthcare caused an estimated 2.65 million deaths in low-middle income countries.

There is a growing preference for optimizing healthcare costs and the increased need to work efficiently, which will drive the growth of the Latin American medical second opinion market during the studied period. In addition, increasing investments in telemedicine technologies create growth opportunities for market players. Many patients take a second opinion through these online services to see any doctor worldwide from their home, and these are cost-effective. In addition, many treatment procedures have shown a high prognosis rate with lesser side effects, owing to a medical second opinion.

There is an excellent reluctance towards second medical opinion in underdeveloped or rural countries and other regions. This could be a big challenge for the studied market in the years to come. As a result, many patients are unruly patients who often face conflicting opinions with different doctors. This problem is also compounded by the lack of clear guidelines on the use of second opinions. Additionally, there is a lack of awareness and strict insurance policies in emerging countries, which is expected to hamper the market's growth in the years to come.

This research report on the Latin American medical second opinion market has been segmented and sub-segmented into the following categories.

• By Disease: Cancer, Cardiac Disorders, Diabetes, Injuries.
• By Supply Provider: Hospitals, Health Insurance Players, Online and Offline Medical Second Opinion Providers, Private clinics.
• By Country: Brazil, Argentina, Mexico, Chile & the Rest of Latin America.

In 2019, Brazil held a dominant share in terms of revenue with an overall share of the Latin America medical second opinion market. The Brazil market has seen tremendous growth with the highest trajectory in the past several years, owing to the presence of a large patient base, improving healthcare infrastructure, and strong government support and initiatives to reduce treatment costs in the region. For example, the incidence of cesarean deliveries in Latin America is one of the highest globally and tends to increase in the future. It is estimated that in most Latin American countries, the rate of cesarean sections is above the desired maximum of 15% recommended by the World Health Organization (WHO). The rate is higher in private hospitals than in public hospitals and is directly related to the country's GDP. For example, in Chile, the rates for cesarean sections are twice as common among women with private health insurance than among those using the public health system.

In Brazil, routine data from the Live Birth Information System showed that in 2012, 43% of all deliveries were by Caesarean section. The high rate of cesarean sections is unrelated to the resolution of high-risk pregnancies, as it is higher in low-risk pregnancies. This calls for a second opinion in many cases and is expected to drive the market in the years to come. In critical cases, consideration of current treatment alternatives and the advice of another trusted healthcare practitioner to avoid potential adverse effects becomes essential.

Developing nations such as Peru, Columbia, Argentina, and Mexico are expected to have slow market growth compared to other Latin American countries. This is due to an increased need to improve diagnosis and treatment planning, reduce financial costs, and improve healthcare insurances in these countries.

KEY MARKET PLAYERS

Companies playing a prominent role in the Latin American medical second opinion market profiled in the report are Amradnet, London Pain Clinic, Johns Hopkins USA, Cynergy Care, Bright Grey Royal London Group, Helsana Group, Mendocino County Mental Health, Hyjiya Digital Wellness FZCO, and Penn Medicine.