Market Overview
The global medical second opinion market size was worth US$ 3.45 billion in 2018 and is forecasted to reach US$ 9.5 billion by 2027, at a CAGR of 13.6% during the forecast period (2020-2027).
A medical second opinion is a decision-support tool for ratification or modification of a suggested treatment, by another physician. A medical second opinion may have a critical influence on the diagnosis, treatment, and prognosis. The patient can benefit from treatment optimization and avoid unnecessary risks.
The physician can benefit from less exposure to legal claims, and healthcare organizations can benefit from increased treatment, quality assurance and costs saving from unnecessary surgery and treatments. Nevertheless, injudicious use of this tool can provoke unnecessary medical costs. In recent years, many patients prefer to seek a second opinion on their disease and available treatments.
Private and public insurance companies are trying to control surgery costs by urging and even demanding a second opinion before surgery. Although medical second opinions are common in medical practice, relatively little is known on this subject.
Market Dynamics
Drivers
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Increasing instances of medical errors
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Increasing preference for healthcare cost optimization
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Development of Online Second Opinion Platforms
Restraints
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Lack of awareness and reluctance toward opting for medical second opinion in emerging nations
Market Segmentation
The cancer market is estimated to grow at a CAGR of 15.5% during the forecast period (2020-2027) to reach a market value of USD 2,860.3 million by 2027.
Cancer segment is estimated to account for a share of approximately 26.30% of the global medical second opinion market by 2018 and is anticipated to grow to 30.11% by 2027.
Cancer is a serious diagnosis. In order to make sure that patients are getting the best treatment for their diagnoses, many patients seek a second opinion. Getting a second opinion does not always mean that the patient doesn’t trust his or her his regular medical provider. This factor will drive the market across globe. Based on data from 2013-2015, approximately 38.4% of men and women will be diagnosed with cancer at some point during their lifetimes. In which large amount of patients are seeking for the second opinion for there treatment.
In addition to providing a better understanding of the diagnosis, a second opinion can also shed new light on treatment options and give patients confidence in how to proceed to treat the disease. For instance, at the Breast Cancer Program at the Johns Hopkins Kimmel Cancer Center in Baltimore, a second opinion requires only that patients and their doctor send pathology slides, key medical records and signed paperwork requesting the opinion. This makes the process simple and allow patients to take medical second opinion for there additional treatment.
According to the National Cancer Institute, 57% of new cancer cases in 2012 occurred in less developed regions of the world that include Central America and parts of Africa and Asia; 65% of cancer deaths also occurred in these regions.The factor indicates that there is a wide scope of medical second opinion in the developing countries, which further drive the market in the forecast period.
Geographical Analysis
The North America market is estimated to grow at a CAGR of 14.5% during the forecast period (2020-2027) to reach a market value of USD 3,691.7 million by 2027.
In this region, the United states holds the dominant share of about 71.1% in 2019, followed by Canada with 18.8% market share in 2019.
North America is the most lucrative market for medical second opinion across the world. The growth in the region is due to the well- established healthcare infrastructure, favorable government initiatives, and rapid adoption of second opinion service in the healthcare ecosystem.
There are many organizations working in the region to assist patients with second opinion such as WorldCare International Inc. that connects patients with teams of specialists who work together to confirm diagnoses, review treatment plans, answer questions and deliver timely independent second opinions.
The government also initiates favorable policies and programs in the region and provides reimbursements through medical insurance in countries like U.S. Medicare covers a second opinion in some cases for surgery that isn’t an emergency. Medicare also helps pay for a third opinion if the first and second opinions are different.
For instance, according to a report by the National Academy of Medicine, it is estimated that 5% of U.S. adults who seek outpatient care each year experience a diagnostic error. Postmortem examination research spanning over decades shows that diagnostic errors contribute to approximately 10% of patient deaths, and medical record reviews suggest that diagnostic errors account for 6% to 17% of adverse events in hospitals.
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DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year, we have secured more than 100 unique customers from established organizations all over the world.
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