Medical Second Opinion Market Size Share value Trends Volume Forecasting 2023-2030
Medical Second Opinion Market is segmented By Disorder (Cancer, Diabetes, Cardiac disorders, Neurological disorders, Ocular disorders, Others), By Service Provider (Hospitals, Medical Second Opinion Providing Companies, Health Insurance Companies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.
Medical Second Opinion Market Overview
The Global Medical Second Opinion Market size reached USD 4,344.8 million in 2022 and is projected to witness lucrative growth by reaching up to USD 12,701.8 million by 2030. The medical second opinion market is expected to exhibit a CAGR of 14.8% during the forecast period 2023-2030. Healthcare in the market is experiencing positive trends, with the emergence of medical second opinion that helps the population be active in personal health management, especially during the COVID-19 pandemic times.
In February 2021, Charter Communications, Inc. launched an investment plan of USD 5 billion to offer high-speed broadband connections to lower-density rural communities for online consultation of a medical second opinion, work and remote learning, among other services.
After receiving the initial diagnosis, the patient seeks a second opinion from a physician. If all surgeries take place at one institution, the patients will benefit from beneficial therapy. If the patient is dissatisfied with the diagnosis or requires extra confirmation before undergoing significant surgery, they could request for a second medical opinion.
Due to the high costs of medical procedures in terms of money, health, and legal issues, second opinions have become increasingly popular. According to several studies, roughly 68% of patients seek a second opinion to receive a different diagnosis or prognosis and 65% receive certainty about the diagnosis or available treatments. Thus, the above factor drives the global medical second opinion market.
Medical Second Opinion Market Scope and Summary
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Metrics |
Details |
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CAGR |
14.8% |
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Size Available for Years |
2021-2030 |
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Forecast Period |
2023-2030 |
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Data Availability |
Value (USD ) |
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Segments Covered |
Disorder, Service Type and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
North America |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Orthopedic Surgery key Insights. |
Medical Second Opinion Market Dynamics and Trends
Safeguarding Patients from Misdiagnosis.
Getting a second medical opinion can be a very effective approach to prevent patients from being misdiagnosed. For instance, on February 2022, Mayo Clinic will be treating plenty of patients who are seeking second opinions, and for good cause, according to a prominent referral center.
Around 88% of patients who went to the Mayo Clinic for a second medical opinion left with a new diagnosis, according to research done by the Mayo Clinic. The diagnosis for only 12% of cases was correct. Patients who receive treatment for the incorrect diagnosis may go down a medical rabbit hole that involves expensive, ineffective medications, reoccurring symptoms and the persistent suspicion that something is wrong. Diagnostic errors can, in the worst situations, be deadly.
The Market's Expansion is Being Hampered by the High Cost of Medical Second Opinions.
Hospitals and consultation costs are rising quickly along with the development in healthcare services. While seeing a different doctor for a checkup is a good idea, some people might be uncomfortable doing so because the consultation is so expensive. According to Cleveland Clinic, second opinions are often not covered by insurance, and for patients outside the U.S., a virtual second opinion costs D 2,500 (USD).
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Medical Second Opinion Market Segment Analysis
The global medical second opinion market is segmented based on disorder, service type, and region.
The Cancer Segment is Expected to Hold a Dominant Position in the Market Over the Forecast Period.
The Cancer segment accounted for the biggest market stake accounting for approximately 30.5% of the medical second opinion market in 2022, the worldwide prevalence of cancer and the rising number of cancer patients seeking second opinions will be a key growth driversforo the segment. For instance, the World Health Organisation reports that cancer will account for around 10 million fatalities in 2020, or nearly one in every six deaths, making it the top cause of death globally.
By avoiding risk factors and using currently available evidence-based prevention measures, between 30% and 50% of cancers can now be avoided. Additionally, most cancer patients prefer to have a second opinion because they think doctors can offer additional information and alternative treatment options. The practice of getting a second opinion involves a patient asking a few additional expert doctors to confirm their diagnosis and validate their course of therapy in addition to them.
Source: DataM Intelligence Analysis (2023)
Medical Second Opinion Market Geographical Penetration
North America Holds a Dominant Position in the Global Medical Second Opinion Market.
Owing to the increasing research and developments on severe pregnancy complications diagnostics in this region North America is estimated to hold about 39.3% of the total medical second opinion market share throughout the forecast period. The region's market worth is additionally increased by strong government support. Several organizations in the area support patients by connecting them with doctors to review treatment plans, confirm diagnoses, respond to inquiries, and provide rapid second opinions.
One such organization is WorldCare International Inc., the governments of Canada and the U.S. are renowned for their foresight in this area, passing supportive laws, and programmes and offering reimbursements through health insurance.
The National Academy of Medicine estimates 8% that every year, of U.S. patients seeking outpatient care experience diagnostic errors. According to decades' worth of post-mortem assessment-based studies, diagnostic mistakes cause 15% or so of patient mortality. Medical records claim that 10% to 15% of fatal events in hospitals are solely attributable to diagnostic errors.
Source: DataM Intelligence Analysis (2023)
Medical Second Opinion Companies and Competitive Landscape
The major global players in the market include Mediguide International LLC, WorldCare Inc, Cynergy Care, AXA PPP Healthcare, Cleveland Clinic, Helsana Group, Teladoc Health, GrandOpinion, Lybrate, Mass General Brigham and others.
COVID-19 Impact on Medical Second Opinion Market
Russia-Ukraine Conflict Analysis
The Russia-Ukraine is estimated to have a minimal impact on the global medical second opinion market owing to the low prevalence and absence of key market players in this region. However, the impact of the import and export of raw materials, test products and devices is anticipated to have little influence over the global Medical Second Opinion market in the forecast period.
Artificial Intelligence Impact Analysis
Artificial intelligence is anticipated to impact positively to the global medical second opinion market owing to the instances like dental caries, margin discrepancies, calculus, periapical radiolucency, crowns, fillings, root canals, bridges and implants are all intended to be identified and highlighted by Second Opinion. This will improve dental experts' understanding of their patients' mouths and speed up treatment plans.
Key Developments
- On January 13, 2023, the Clinic by Cleveland Clinic, a project for virtual treatment created by the healthcare system and telehealth company Amwell, partnered with Transcarent, a digital health company. Members of Transcarent will be qualified to have their diagnosis or treatment plan reviewed and to receive a second, personalized opinion.
- On January 19, 2021, medical opinion platform 2nd.MD will be acquired by Lybrate, a firm that assists patients in understanding their health benefits, for D 460 million. When workers must make important health decisions, like whether to have surgery, the goal is to offer them access to a second opinion.
- On August 26, 2020, consumer medical, a provider of second opinions and clinical decision support, recently announced the acquisition of InfiniteMD, a provider of virtual specialist medical views. InfiniteMD, a Boston-based company, was established in 2015 to assist patients in learning more about their illnesses through virtual visits.
Why Purchase the Report?
- To visualize the global medical second opinion market segmentation based on disorder, service type, end-user, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of medical second opinion market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Medical Second Opinion Market Report Would Provide Approximately 53 Tables, 54 Figures and 195 Pages.
Target Audience 2023
- Manufacturers / Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
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Frequently Asked Questions
What is the Projected CAGR value of the Medical Second Opinion Market?
Medical Second Opinion Market is expected to grow at a CAGR of 13.70% during the forecasting period 2022-2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Medical Second Opinion Market during 2022-2029
Which is the fastest growing region in the Medical Second Opinion Market?
Among all regions, Asia Pacific is the fastest growing market share during the forecast period