Market Overview:
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.
Market Size Growth Rate:
According to the research report published by the DataM Intelligence, the North America medical second opinion market size was valued at USD XX billion in 2021, it is projected to reach at USD XX billion by 2029, with growth at a CAGR of XX% over the forecast period 2022-2029.
Expert medical opinion and virtual consultation opens the door for care around the globe, and 20% of the patients interacted are outside the U.S. Several companies are involved in expanding their capabilities to cater to the large volume of virtual visits, thus stimulating market demand. Some of the market players such as Teladoc and MDLive have expanded their capabilities to handle a large volume of calls which will further drive the market growth in forecast period.
Market Drivers:
The medical second opinion market growth is driven by several factors, such as the increased demand for improved diagnosis, reduction in the financial cost and favorable government initiatives. Second opinion on surgical decisions can also result in reduction in possible surgical adversities, which can lead to additional healthcare-related costs. In addition, with the impact from COVID-19 pandemic, the healthcare service providers are launching online platforms for patients to access second opinion services. This is expected to drive the market growth over the forecast period.
Market Restraints:
However, lack of awareness towards opting for medical second opinion in developing countries is one of the major factor hindering the growth of the market. Doctors are less likely to inform old and poorly educated patients about the possibility of seeking a second opinion, and this may contribute to healthcare inequalities. Second opinion can also lead to confusion and uncertainty for the patient and may lead to the wrong course of action.
Market Opportunities
Advancements in healthcare infrastructure and rising investments on telemedicine technologies are creating large number of growth opportunities for the market players. A second opinion represents a novel advancement in modern healthcare services. As healthcare delivery shifts to a patient-controlled model of care, expert Second Opinion is poised to lead that transition, preventing diagnostic errors, saving cost and avoiding wrong treatments which can have lethal consequences.
COVID-19 Impact Analysis
The COVID-19 pandemic has surged the demand for virtual access to leading medical experts. In 2020, more elective procedures were being put on hold. After that an incredible spike in the second quarter of 2020 as virtual consultations and virtual second opinion became preferred choice as patients are able to get access to the best medical advice. There is the potential to unlock the clinical expertise and use virtual health and remote monitoring to rethink are and attack healthcare challenges of the world.
Recent Developments in the Industry:
- In April 2020, SecondOpinionExpert, Inc. (SOE), a leading healthcare technology company, announced that the United States Patent and Trademark Office issued U.S. Patent 10,403,395 entitled Method and Apparatus for Generating Objective Medical Second Medical Opinion. SecondOpinionExpert’s online technology increases the quality and efficiency of healthcare delivery, improves healthcare access and empowers patients to make better informed medical decisions.
- On July 16th 2020, Singapore medical start-up Oncoshot partnered with digital healthcare provider MyDoc, to give cancer patients access to second opinion advice from leading oncologists.
- In March 2020, ACT Genome, a cancer molecular information service company based in Taiwan, partnered with Oncoshot to offer comprehensive molecular information for Oncoshot’s clinical trial platform in Southeast Asia.
Market Segmentation:
As per the research analysis, the medical second opinion market is segmented by disorder into cancer, diabetes, cardiac disorders, neurological disorders, ocular disorders, others. By service provider, the market is further segmented into hospitals, medical second opinion providing companies, health insurance companies, others
- On the basis of disorder, the cancer segment is estimated to grow at highest CAGR of 16.5% during the forecast period (2022-2029) . The cancer segment is accounted for the largest market share of 26.30% of the North America medical second opinion market in 2020. As 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.
- Based on service provider, hospitals segment accounted for the largest market share of around 44% in 2020 and expected to grow at a CAGR of 15.6% during the forecast period (2022-2029). There are several hospitals in the developing countries such as USA who are providing the medical second opinion service to their patients. With the rise of foreign investment and Increasing FDI in the hospital segment with good government policies will drive the growth of the medical second opinion market in the forecast period.
Geographical Classification:
The North America medical second opinion market is segmented into major countries including US, Canada, and Mexico.
US Medical Second Opinion Market:
In North America region, the United states holds the dominant share of about 72% in 2020, followed by Canada. The United States is the most lucrative market for medical second opinion. 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.
Competitive Analysis:
The North America medical second opinion market is highly competitive with the presence of major players and small emerging players. In the medical second opinion market, companies, healthcare insurance providers and hospitals all are emerging at a steady pace with competitive second opinion services. Key players compete on the basis of aggressive pricing, features, convenient use, technology upgrades, and marketing strategies. The market players are adopting various key strategies such collaborations, partnerships, acquisition, product launch to expand their presence.
Major Companies:
Some of the major key players in the market are WorldCare Inc., Mediguide International LLC, AXA Healthcare, Cleveland Clinic, Helsana Group, Teladoc Health, GrandOpinion, Lybrate, Partners Healthcare, and Grand Rounds Inc.
Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
2) Any query with regards to the scope offered will be addressed within 24- 48 hours.
3) An excel sheet with market numbers will be provided separately.
The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of the North America medical second opinion market segmentation by disorder, service provider, and country highlighting the key commercial assets and players.
- By Disorder: Cancer, Diabetes, Cardiac disorders, Neurological disorders, Ocular disorders, Others
- By Service Provider: Hospitals, Medical Second Opinion Providing Companies, Health Insurance Companies, Others
- By Country: US, Canada, Mexico
- Identify commercial opportunities in the North America medical second opinion market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as, porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and pricing analysis.
- Excel data sheet with thousands of data points of North America medical second opinion market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
- The report will provide access to approximately 50+ market data tables, 40+ figures, and close to 180 pages.
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