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.
Metrics |
Details |
CAGR |
14.8% |
Size Available for Years |
2021-2030 |
Forecast Period |
2023-2030 |
Data Availability |
Value (USD ) |
Segments Covered |
Disorder, Service Type and Region |
Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
Fastest Growing Region |
Asia-Pacific |
Largest Region |
North America |
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. |
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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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)
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)
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.
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.
Why Purchase the Report?
The Global Medical Second Opinion Market Report Would Provide Approximately 53 Tables, 54 Figures and 195 Pages.
Target Audience 2023
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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