The Medical Second Opinion Market size is estimated to reach $7.12 Billion by 2025, growing at a CAGR of 19.1% during the forecast period 2020-2025. Medical Second Opinion Service is the additional consultation taken by the patient after the primary diagnosis. The patient can opt for a medical second opinion if the patient feels dissatisfied with the diagnosis or if there is a need for further validation in case of some serious surgical procedures. Medical Second Opinion Service is the additional consultation taken by the patient after the primary diagnosis the demand for a medical second opinion is high in chronic ailments such as Ocular disorders; Neurological disorders, pulmonary disorders and Nephrological disorders which are driving the medical second opinion market during the forecast period 2020-2025.
Medical Second Opinion Market Segment Analysis - By Disorder Type
Based on Disorder Type, Medical second opinion Market is segmented into Cardiac disorder, Organ Transplant, Neurological disorder, COPD, Ocular disorder, Skin disorder, Kidney and urological disorder, Nephrological disorder, and others. Neurological disorder segment holds the largest share in terms of revenue in 2019. This is owing to rising focus on healthcare cost optimization and increasing number of neurological disorders. COPD is set to be the fastest-growing CAGR 19.7% during the forecast period 2020-2025. This is owing to the increase in incidence and prevalence of asthma and COPD patients, technological advancements, and growing geriatric population.
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Medical Second Opinion Market Segment Analysis - By Service Provider Type
Based on Service type, Medical second opinion Market is segmented into Hospitals, Health Insurance Companies, Online and offline second opinion service providers, Private clinics and others. Hospitals segment held the major share in 2019. This is owing to the feasibility they provide to the patients and increase in incidence and prevalence of asthma and COPD, technological advancements, and growing geriatric population. Online and offline second opinion service providers market is set to be the fastest-growing CAGR during the forecast period 2020-2025. This is owing to the increasing Hospitals and Online provider services and higher efficiency and added Service provider functionalities which are contributing to the growth of this segment.
Medical Second Opinion Market Segment Analysis - By Geography
Based on Geography the Medical Second Opinion Market is segmented into North America, , Europe, Asia-Pacific, and Rest of the World. North America had a dominant share in terms of revenue with overall share of XX% in 2019. This is owing to highly aware population, advanced healthcare infrastructure, and favorable government initiatives. However Europe is set to be the fastest-growing CAGR during the forecast period 2020-2025. This is owing to increased need for improved diagnosis and treatment planning, reducing the financial cost, and ease of interaction in European countries.
Medical Second Opinion Market Drivers
Financial, health, and legal costs associated with the treatments
The main important drivers of Medical second opinion Market are the increasing trend in second opinion medical services, mainly owing to the financial, health, and legal costs associated with the treatments. Increasing preference for healthcare cost optimization and the rise in awareness among people are set to drive the growth of the medical second opinion market during the forecast period 2020-2025.
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Medical Second Opinion Market Challenges
One of the biggest challenges that the industries are facing today, is that of the flitting patient – who moves from one doctor to another, obtaining a variety of opinions, often conflicting. Without anyone doctor in overall charge of the therapy, they are set to choose to accept whatever advice that is given to them. The problem is also compounded by the absence of clear-cut guidelines on the use of second opinion in India as well as globally.
Medical Second Opinion Market Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Second Opinion Market. Key companies of this market are World Care International Inc, Cynergy Care, John Hopkins, Amradnet, Teldox Health Inc, Mediguide America, Elite Medical Services, Doctor Spring and Medix, among others.
Developments/Product Launch:
In October 2017 , The Co-operators partners with World Care International, Inc. to launch mental health medical second opinion research program designed to optimize individual healthcare decisions
Key Takeaways
Geographically the North America Medical Second opinion Market accounted for the highest revenue share in 2019. This is owing to and is rising focus on healthcare cost optimization.
Factors such as increasing prevalence of chronic diseases and rising focus on healthcare cost optimization are driving the demand for Medical Second Opinion Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Medical Second Opinion Market.
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