The Medical Second Opinion Market size is estimated to reach $9.7 billion by 2027. Furthermore, it is poised to grow at a CAGR of 16.1% over the forecast period of 2022-2027. The purpose of a medical second opinion is to provide useful information regarding a patient's current treatment options. The concept is important in addressing the misunderstanding that arises sometimes when multiple treatment options are recommended for a single medical treatment. Furthermore, the opinion is sought in order to obtain additional information that can be useful in improving the disease's treatment outcomes. A medical second opinion can help to confirm a diagnosis, which helps to improve the treatment's accuracy. Many people have been seeking a second opinion on their ailment and treatment options in recent years. Insurance companies, both private and public, are attempting to minimize surgery costs by recommending and even requiring a second opinion prior to operation. Also, people should seek medical advice about the benefits and risks of an organ transplant. Second medical opinion is an important additional viewpoint on the patient diagnosis and treatment which is done with the help of telemedicine application. During orthopedic surgery, patients are always going through a second opinion as it helps to provide all the information so that the patients can plan accordingly. Furthermore, despite the availability of accurate medical testing and scanning tools, medical errors are very uncommon these days. Following a preliminary medical examination, verification of symptoms, computed diagnostics such as an MRI, and/or completion of certain lab tests, a patient must see a doctor for consultation, precise diagnosis, and treatment recommendations.
The growing preference for healthcare cost optimization and the growing number of cancer cases are some of the factors driving the Medical Second Opinion Industry forward in the projected period of 2022-2027.
Medical Second Opinion Market Report Coverage
The report: “Medical Second Opinion Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Medical Second Opinion Market.
Key Takeaways
- Geographically, in 2021 North America held a dominant market share. It is owing to the presence of advanced healthcare infrastructure and a well-informed patient base. Strong government backing also boosts the region's market value. Several organizations in the region assist patients with second views, such as WorldCare International Inc., which connects members with doctors to examine treatment plans, confirm diagnoses, answer questions, and provide prompt second opinions.
- The growing preference for healthcare cost optimization and the increasing number of cancer diseases are some of the factors driving the Medical Second Opinion Market. However, the high cost of a medical second opinion is one of the factors impeding the market growth.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Medical Second Opinion Market Report.
Medical Second Opinion Market- Geography (%) for 2021.
Medical Second Opinion Market Segmentation Analysis- By Disorder Type
The Medical Second Opinion market based on disorder type can be further segmented into Organ Transplant, Cardiac Disorder, Hematologic Blood Disorders, Orthopedic Disorders, and Others. Organ transplants held a dominant market share in the year 2021. The organ transplant is the preferred treatment for end-stage organ illness, the vast majority of individuals with end-stage organ disease are never placed on a transplant waiting list. In the United States, approximately 100,000 people die each year owing to a lack of access to the transplant waiting list and a scarcity of organs. Patients encounter specific socioeconomic determinants of health hurdles to referral and acceptance for organ transplantation, and patients from marginalized groups have disproportionately lower rates of transplantation. During organ transplants, patients go through various doctor consultations in order to get the proper information that helps them to make the decision correctly.
However, Cardiac disorder is estimated to be the fastest-growing, with a CAGR of 17.3% over the forecast period of 2022-2027. Every patient with cardiac problems can benefit from a second opinion. It's an important way for the patients and their families to ask questions about the condition and explore the treatment options. A cardiac second opinion can help those who have received a new heart disease diagnosis. This valuable service allows knowing the diagnosis is correct and provides information about the treatment choices. Those seeking a second opinion are looking to make the best decisions for their health. Patients sometimes want to hear other perspectives on what the next stages in their therapy should be so they can make the best decision possible. Owing to these factors, cardiac disorders patients prefer a second opinion and thus the adoption of medical second opinion rises.
Medical Second Opinion Market Segmentation Analysis- By End-Use Industry
The Medical Second Opinion market based on the end-use industry can be further segmented into, Hospitals, Online Medical Second Opinion, Health Insurance, and Others. Online held a dominant market share in the year 2021. An online second opinion gives patients a convenient, secure, and timely way to get answers to their questions about a diagnosis or treatment plan. An online second opinions program connects people to an expert physician who specializes in their specific health needs. People receive a secure, private online consultation without leaving home. In healthcare, second opinions are predominant, especially for complex or unusual disorder. Medical providers understand this and typically welcome opinions from other experts.
However, Hospital is estimated to be the fastest-growing, with a CAGR of 17.4% over the forecast period of 2022-2027. It is owing to the quality of healthcare professionals in hospitals. Furthermore, peoples are more dependent on hospitals, as they believe in professional healthcare experts. Apollo Hospitals has recently announced the start of international second opinion services for its customers in 2020. The initiative helped helps to ensure patients get the best healthcare.
Medical Second Opinion Market Segmentation Analysis- By Geography
The Medical Second Opinion market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, North America held a dominant market share of 40% as compared to its other counterparts. It is owing to the presence of advanced healthcare infrastructure and a well-informed patient base. Strong government backing also boosts the region's market value. Several organizations in the region assist patients with second views, such as WorldCare International Inc., which connects members with doctors to examine treatment plans, confirm diagnoses, answer questions, and provide prompt second opinions. The governments of Canada and the United States are well-known for their foresight in this area, enacting supportive laws as well as programs and providing reimbursements through medical insurance. According to the National Academy of Medicine, diagnostic mistake affects about 6% of the US population seeking outpatient care each year. Diagnostic errors are responsible for roughly 11% of patient fatalities, according to decades of post-mortem assessment-based studies. Diagnostic errors are said to be entirely responsible for 8% to 19% of fatal events in hospitals, according to medical records.
However, Asia-Pacific is poised to be the fastest-growing region over the forecast period of 2022-2027 owing to the growing number of well-informed people and the growing demand for better diagnosis and treatment in this region. The region's market position is further strengthened by the availability of lower costs and ease of contact, as well as increasing treatment outcomes and the large burden of chronic diseases as a result of changing lifestyles. Furthermore, large-scale investments in telemedicine technologies, rapid technological advancements and modernization in the healthcare business, and increased R&D activities will provide profitable prospects for the regional industry in the next years.
Medical Second Opinion Market Drivers
The Growing Preference for Healthcare Cost Optimization Has Aided the Market Growth.
Healthcare services are putting increasing financial strains on patients all across the world. Increasing healthcare-related expenses, owing to a global lack of healthcare professionals and restricted resource availability, are driving the demand for healthcare cost optimization around the world. In addition, the second medical opinion market is fueled by a growing emphasis on reducing additional costs and increased awareness about possible exploitation from healthcare organizations, particularly in low- and middle-income nations. Medical second opinions can provide customers with a wealth of information when making important decisions about surgery or the primary case. Furthermore, medical second opinion specialists analyze surgical procedure recommendations based on new medical diagnoses, examination of existing medical data, and evaluation of different therapeutic alternatives to surgery. These characteristics of the second opinion can result in a decrease in the cost of treatment. Furthermore, getting a second opinion on surgical decisions might reduce the risk of surgical complications, which can contribute to higher healthcare expenses. According to the World Health Organization, approximately 25% of patients suffered from complications in surgical procedures in 2019. Owing to such factors, the use of the second opinion rises among patients.
The Increasing Number of Cancer Cases Gives Rise to the Demand for Medical Second Opinion Market.
People are more interested in getting a medical second opinion for better cancer detection and therapies, according to the Annals of Surgical Oncology. According to the World Health Organization, cancer claimed approximately 10.6 million lives globally in 2019. Furthermore, the occurrence of cancer has increased owing to an increase in risk factors such as excessive alcohol and tobacco intake, obesity, and an unhealthy diet. In summary, the high prevalence of cancer, combined with the rising number of cancer patients seeking second opinions, is a major growth driver in the global market in the future years. Cancer patients are mostly preferring to a second opinion as they believe that doctors could provide more information and different treatment option. The second opinion is the practice of a patient seeking an alternate evaluation of their diagnosis and course of treatment and a few other specialist doctors to confirm the diagnosis and validate their treatment.
Medical Second Opinion Market Challenges
The High Cost of Medical Second Opinion is impeding the market growth.
With the improvement in healthcare services, hospitals and consultation fees are increasing rapidly as well. While getting checked by another doctor is the right thing, one might also be hesitant about opting for it owing to the expensive nature of the consultation. Second medical opinion is offered by a team of doctors (sometimes) depending upon the complexities of the case, the price increases, varying from Rs 2,500 to Rs 10,000 in India. Owing to its high cost, only 31% opted to receive a second opinion before/during the hospitalization. Further, a second opinion on surgical decisions can also result in a reduction in possible surgical adversities, which can lead to additional healthcare-related costs. Nevertheless, the costs of obtaining a second medical opinion can frequently appear to be prohibitive. Owing to the high cost, people are not able to prefer the second opinion which in turn hampers the market growth.
Medical Second Opinion Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Medical Second Opinion Market. The top 10- Medical Second Opinion Market companies are-
- Medisense Healthcare Solutions Pvt. Ltd.
- Second Opinion International
- Elite Medical Services
- Cigna
- Helsana
- WorldCare
- Vidal Health Insurance TPA Pvt Ltd
- Medix
- 2nd.MD
- AXA
Recent Developments
- In January 2022, Apollo Hospitals collaborated with US-based ‘The Clinic by Cleveland Clinic’, to bring international second opinion services to their patients. Anyone interested in getting a second opinion from a professional on the other side of the world can contact an Apollo consultant and express interest in the service.
- In January 2021, Accolade acquired a second opinion platform for $460 million. The goal is to provide employees with access to a second opinion when they are faced with a major health decision, such as whether or not to have surgery.
- In August 2020, ConsumerMedical acquires a virtual second opinion innovator. This acquisition streamlines the delivery of critical, expert medical guidance which gives participants facing serious and complex illnesses a more convenient, tech-enabled, and virtual experience.
Relevant Titles
Cancer Immunotherapy Market- Forecast (2022-2027)
Report Code- HCR 0197
Neurology Ultrasonic Aspirators Market- Forecast (2022-2027)
Report Code- HCR 32380
For more Lifesciences and Healthcare Market reports, please click here
