Medical Second Opinion Market
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, 2022-2029.
Medical Second Opinion Market size was valued at USD 4,328.30 million in 2022 and is estimated to reach at a compound annual growth rate (CAGR) of 13.70% over the forecast period 2022 to 2029. A medical second opinion is a decision-support tool for ratifying or modifying a suggested treatment by another physician. A medical second opinion may critically influence the diagnosis, treatment, and prognosis. The patient can benefit from treatment optimization and avoid unnecessary risks. Physicians can benefit from less exposure to legal claims, and healthcare organizations can benefit from increased treatment, quality assurance, and cost-saving from unnecessary surgery and treatments. Nevertheless, the injudicious use of this tool can provoke unnecessary medical costs.
Medical Second Opinion Market Scope
|
Metrics |
Details |
CAGR |
13.70% |
Segments Covered |
By Disorder, By Service Type, and By Region |
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, and Other key insights. |
Regions Analyzed |
North America, Latin America, Europe, Middle East, Africa, Asia Pacific, and the Rest of the world. |
Major Companies Covered |
WorldCare Inc., Cynergy Care, Mediguide International LLC, AXA PPP Healthcare, Cleveland Clinic, Helsana Group, Teladoc Health, GrandOpinion, Lybrate, Partners Healthcare, and Grand Rounds Inc, and among other major companies covered in the full report |
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Global Medical Second Opinion Market-Market Dynamics
The medical second opinion market growth is driven by several factors, such as the increased need for improved diagnosis, reduced financial cost, and favorable government initiatives.
The increasing need for improved diagnosis drives the growth of the global medical second opinion market.
Most people experience at least one diagnostic error in their lifetime, and sometimes these errors lead to devastating consequences. 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 over decades shows that diagnostic errors contribute to approximately 10% of patient deaths. Medical record reviews suggest that diagnostic errors account for 6% to 17% of hospital adverse events. Moreover, diagnostic errors are the leading type of paid medical malpractice claims and are almost twice as likely to have resulted in the patient’s death compared to other claims.
According to Mayo Clinic, more than 20% of patients who sought a second opinion had initially been misdiagnosed by their primary care providers. Only 12% had their cases correctly diagnosed initially; the rest of the diagnoses differed in some aspect. In 21% of patient cases, the second opinion indicated a “distinctly different” diagnosis from the first diagnosis. In 67% of cases, the diagnoses were partly correct but “better defined/refined” by a second opinion. Treatment choices that patients usually go for are determined largely by local medical opinions concerning the value of surgery or its alternative. Health outcomes are threatened when doctors prescribe a treatment like a certain surgery for chronic back pain. There is no evidence proving positive long-term outcomes, and a less expensive treatment option, like physical therapy, is available. A medical second opinion can avoid many unnecessary surgeries that are claimed to have led to thousands of avoidable deaths. These unnecessary treatment options led to billions on the government, which can be avoided in my medical second opinion.
The lack of awareness will hamper the global medical second opinion market growth.
However, the lack of awareness and hesitance toward opting for a second medical opinion in developing nations is the major factor hampering the market growth.
Industry analysis.
The global medical second opinion market report will provide an in-depth analysis of the market based on various industry factors such as porter`s five forces, innovations, new product launches, pricing analysis, Etc.
COVID-19 Impact Analysis
The global medical second opinion market was positively impacted by COVID-19 and drove growth as the pandemic continues. North American medical second opinion market produced the highest share of the global market during the pandemic and is expected to record a significant growth rate over the forecast period. Major drivers for the market growth in the North American region are the increasing population and major service providers such as health insurance companies and hospitals.
Segment Analysis
Neurological disorders are expected to grow at the fastest CAGR during the forecast period (2022-2029).
Among these, neurological disorders are expected to have a dominant market share over the period forecast (2022-2029). Attention deficit hyperactivity disorder, Parkinson's disorder, depression, bipolar disorders, and many more neurological disorders are tough to diagnose and lead to many misdiagnoses. According to Parkinson's Foundation, around 25-30% of Parkinson's disorder is misdiagnosed, which is a very high number. Similarly, around 69% of bipolar patients receive misdiagnosis initially. Even well-trained internists and general neurologists can have trouble diagnosing Parkinson's disease, especially if they've had little experience with it. Parkinson's Foundation suggests that people diagnosed with Parkinson's consider getting a second opinion from a neurologist specializing in movement disorders and who has extensive experience with Parkinson's. Similarly, in depression, a second opinion from a psychiatrist is always suggested.
Geographical Analysis
The North American region oppresses the global medical second opinion market.
North America commanded the medical second opinion market in 2021 and is estimated to hold the largest market size over the forecast period (2022-2029), owing to a highly aware population, advanced healthcare infrastructure, and favorable government initiatives. Many organizations work in the region to assist patients with the second opinion, such as WorldCare International Inc., which connects members 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 differ.
The important service providers in the region comprise health insurance companies and hospitals, and the object of driving the market's growth is an upsurge in the geriatric population in the North American region. For instance, the Alzheimer's Association estimated that 6.5 million Americans age 65 and older would live with Alzheimer's in 2022; by 2050, 12.7 million will be there. Also, Alzheimer's is the seventh-leading cause of death in the United States in 2020 and 2021. As the U.S. population ages, the number of people living with neurodegenerative diseases continues to grow; per Parkinson's Foundation, 60,000 Americans are diagnosed with P.D. each year. In addition, by the end of 2022, Alzheimer's and other dementias will cost the nation $321 billion, and by 2050, these costs could reach nearly $1 trillion. Furthermore, the enhancement of more healthcare services and the importance of online consultancy owing to fast digitization have also donated considerably to the revenue.
Competitive Landscape
Companies, healthcare insurance providers, and hospitals are emerging rapidly with competitive second opinion services in the global market. These healthcare providers are booming due to the wide variety of patients taking medical insurance and seeking a second evaluation for a better remedy. Some of the major key players in the market are WorldCare Inc., Cynergy Care, Mediguide International LLC, AXA PPP Healthcare, Cleveland Clinic, Helsana Group, Teladoc Health, GrandOpinion, Lybrate, Partners Healthcare, and Grand Rounds Inc. All the healthcare providers are working towards meeting patient demand quickly and efficiently, thus helping the global market. For instance, on January 10, 2020, Alliance Healthcare partnered with Inova Care to explore regional opportunities. Also, on 19 JANUARY 2022, AXA Health teamed up with Peppy to offer personalized, expert support to employees of AXA Health’s large corporate clients.
Mediguide International LLC
Overview:
MediGuide was established in 1999 in Delaware with now renamed as MediGuide International, LLC. MediGuide International, LLC has spread its business across 5 continents through Offices in 7 countries, with clients from more than 50 countries managing their member’s medical second opinion cases in more than 152 countries and has an active membership base of millions of members.
Product Portfolio:
Mediguide International LLC’s services portfolio for medical second opinion has MediGuide MSO.
The global medical second opinion market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.
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