Patients across the globe are witnessing large financial burdens imposed by healthcare services. Increasing healthcare-associated costs due to the overall shortage of healthcare professionals and limited availability of resources are generating the need for healthcare cost optimization worldwide. Also, the growing emphasis on the reduction of additional costs and increasing awareness about the possible exploitation from healthcare organizations, especially in low- and middle-income countries, significantly drive the second medical opinion market. Consumers can avail of extensive information from medical second opinions while making the necessary decisions about surgery or the main case.
The increasing number of errors in medical billing is also one of the prominent factors responsible for the growth of the market. For instance, according to a study published by the Medical Billing Advocates of America in 2019, an estimated 80.0% of medical bills contain at least one error. Further, problems in medical billing errors cost a total of ~US$ 210 billion each year in the US. These possibilities and occurrences of financial errors are projected to accelerate the growth of the medical second opinion market by 2029.
With the impact of the COVID-19 pandemic, healthcare service providers are launching online platforms for patients to access second opinion services. This is expected to drive market growth over the forecast period. For instance, In August 2020, Motic Digital Pathology launched its telepathology program, which allows pathologists to connect with labs and patients around the world.
The cloud-based platform supports most slide formats on the market, allowing for multi-site management, international pathology, and other collaborative projects. As the consultant, a specialist can collaborate remotely with referring hospitals using the MoticFlow platform. They can leave annotations on specific parts of the slide, invite experts for a second opinion or forward the case to another consultant.
Most people experience at least one diagnostic error in their lifetime, and sometimes these errors lead to devastating consequences. 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.
Post-mortem 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. 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% have their cases correctly diagnosed initially, the rest of the diagnoses all differed in some aspect. In 21% of patient cases, the second opinion indicated a “distinctly different” diagnosis from the first diagnosis, and in 67% of cases, the diagnoses were partly correct but “better defined/refined” by a second opinion.
A medical second opinion can avoid many unnecessary surgeries that are claimed to have led to thousands of avoidable deaths. These unnecessary treatment options lead to the burden of billions on the government, which can be avoided by a medical second opinion.
The COVID-19 pandemic has driven greater demand for virtual access to leading medical experts. In the last year of the COVID-19 pandemic, 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 opinions became preferred choices as patients can 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 care and attack the healthcare challenges of the world. Expert medical opinion and virtual consultation open the door for care around the globe, and 20% of the patients with that we interact are outside the U.S. With the COVID-19 pandemic, technologists and manufacturers have a huge opportunity to spend the healthcare industry with enhanced quality and affordable services that are easily accessible to everyone. For instance, in March 2020, Teladoc, one of the leading companies offering virtual care, received about 15,000 virtual visit requests in a single day. The high volume of patients requesting virtual visits and the rising influence of self-quarantine and social distancing are among the major factors driving the telemedicine market growth.
The North American medical second opinion market is expected to expand at a sluggish CAGR of 14% during the forecast period (2022-2029). The market growth is primarily driven by several factors, such as the increased need for improved diagnosis, reduction in financial cost, and favorable government initiatives. In the medical second opinion market, companies, healthcare insurance providers, and hospitals all are emerging at a steady pace with competitive second opinion services. The market players are focusing on the development of advanced technology-based platforms to survive the intensifying competition.
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. A second opinion on surgical decisions can also result in a reduction in possible surgical adversities, which can lead to additional healthcare-related costs. In addition, with the impact of the COVID-19 pandemic, healthcare service providers are launching online platforms for patients to access second opinion services. This is expected to drive the market growth of North American medical second opinion over the forecast period.
Rise of demand for a second opinion in cancer cases
The cancer segment is estimated to grow at the highest CAGR of 16.5% during the forecast period (2022-2029). The cancer segment accounted for the largest market share of 26.30% of the North American medical second opinion market in 2020. As cancer is a serious diagnosis, to make sure that patients are getting the best treatment for their diagnoses, many patients seek a second opinion
What is the Projected CAGR value of the North America Medical Second Opinion Market?
North America Medical Second Opinion Market is expected to grow at a CAGR of 15.1% during the forecasting period 2022-2029.
Which region controlled the global market during 2022-2029?
North America region Controls the North America Medical Second Opinion Market during 2022-2029
Which is the fastest growing region in the North America Medical Second Opinion Market?
Among all regions, Asia Pacific is the fastest growing market share during the forecast period
Get your free sample proposal with a single click!