Medical Second Opinion Market is expected to reach US$ 15.40 Billion by 2031

Orthopedic Disorders Segment to Lead Medical Second Opinion Market Based on Condition During 2023–2031

According to our new research study on "Medical Second Opinion Market Forecast to 2031 – Global Analysis – by Condition and Service Providers," the market was valued at US$ 5.33 billion in 2023 and is projected to reach US$ 15.40 billion by 2031; it is expected to register a CAGR of 14.2% from 2023 to 2031. Major factors driving the market growth include the growing emphasis on better treatment outcomes and increasing preference for healthcare cost optimization.  

A medical second opinion is the process through which a patient seeks another professional assessment or evaluation of a diagnosed case, a treatment, or a medical condition by a different provider. This helps patients confirm a diagnosis, seek alternative treatment options, and be reassured about the decisions they make with respect to their health. Getting a second opinion is especially true for serious conditions, complex medical cases, and the uncertainty of a patient in relation to the first recommendation they received. This is apt to empower patients by giving them more information as well as perspectives on their health status.

Medical Second Opinion Market, by Region, 2023(%)

Source: The Insight Partners Analysis

Medical Second Opinion Market Analysis Based on Segmental Evaluation:

Based on product, the medical second opinion market is categorized into cancer, orthopedic disorders, cardiac disorders, neurological disorders, nephrological disorders, hematologic blood disorders, COPD, organ transplant, and others. In 2023, the cancer segment held a significant medical second opinion market share. The second opinion in cancer plays a vital role in deciding the accuracy of the treatment. The market growth for the cancer segment is prominently attributed to the growing preference for a second opinion in the case of cancer. For instance, according to Annals of Surgical Oncology, cancer patients have a higher emphasis on getting a medical second opinion to increase the accuracy of cancer diagnosis and therapeutics. Further, according to the Carrum Health Report, an estimated 16% of cancer patients preferred to consider a second opinion, and the second opinion in the case of cancer was more efficient compared to the previous one.

The scope of the medical second opinion market report includes an assessment of the market performance in North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In terms of revenue, North America dominated the medical second opinion market share in 2023. The increasing adoption of medical second opinion services and the growing digitalization of healthcare consulting services are projected to accelerate the growth of the medical second opinion market in North America. In addition, the regional market is expected to grow owing to the development of healthcare systems and the rising emphasis on improving treatment outcomes.  

In North America, the US holds a significant share of the medical second opinions market. The growth of the market in the country is primarily driven by the increasing prevalence of cancer. Cancer is the second leading cause of death in the country. According to the American Cancer Society, in 2022, more than 1.9 million new cases of cancer were diagnosed in the nation, causing about 609,360 deaths. Further, ~2.0 million people are expected to be diagnosed with cancer in the US in 2024. The increasing number of misdiagnosed cancer cases and its adverse effects are propelling the demand for medical second opinions.

According to research from Johns Hopkins University., ~4,000 surgical errors are caused every year in the US. Further, according to a study, "Top 10 Medical Errors That Lead to Death," ~7,000 to 9,000 patients die due to medication errors each year in the US. According to the article "Burden of serious harms from diagnostic error in the USA," published in July 2023, about 795,000 Americans suffer due to misdiagnosis of serious diseases each year. Such a high number of medical errors is anticipated to surge the country's need for medical second opinion.  

In 2017, UnitedHealthcare collaborated with 2nd.MD to provide members with a no-cost, member-focused expert medical opinion service. 2nd.MD virtually connects to a medical opinion service field specialist to review cases and provide a second opinion. In addition, several organizations assist patients by linking them to doctors for reviewing treatment plans, confirming diagnoses, responding to inquiries, and providing rapid second opinions. For instance, WorldCare International Inc. offers the gold standard of medical second opinions for critical illnesses to covered members worldwide. The service covers more than 100 categories of critical illness, including cancer, cardiovascular diseases, neurological disorders, musculoskeletal disorders, and hematology conditions.

The rising prevalence of chronic conditions, such as cardiac, neurological, and orthopedic diseases, as well as cancer and diabetes, is expected to fuel the adoption of medical second opinion services. For instance, according to the data published by the Government of Canada, about 1 out of 100 Canadians had epilepsy in 2021. Such occurrences of chronic diseases propel the adoption of medical second opinion to manage the cost and improve treatment outcomes.

The emergence of major players in Canada is driving the medical second opinion market. These players are responsible for increasing access to healthcare professionals and promulgating the benefits of medical second opinion in the country. For instance, in June 2023, Gotodoctor.ca (a leading provider of virtual healthcare services in Canada) partnered with MORE Health (a leader in digital health solutions) to provide expert medical second opinions in the country to members, employers, and insurance providers. In addition, in December 2023, MDView (a comprehensive medical second opinion platform) partnered with Modern Teleradiology, LLC and their board-certified and subspeciality radiologists to expand and provide radiology medical second opinion and video consultations at the MDView platform. Initially launched in June 2023, MDView's expansion now offers radiology second opinions in Canada, Florida, and other states.

Medisense Healthcare Solutions Pvt. Ltd.; Second Opinion International; Elite Medical Services; The Cigna Group; Helsana; WorldCare; Vidal Health Insurance TPA Pvt Ltd; Medix; 2nd.MD; Axa SA; Teladoc Health Inc; DoctorSpring Pvt. Ltd; USARAD Holdings Inc (SecondOpinions.com); Cleveland Clinic; Included Health, Inc.; Mass General Brigham Incorporated. (Partners Healthcare); Stanford Health Care; and Royal Doctors are among the leading companies profiled in the medical second opinion market report.

Based on condition, the medical second opinion market is categorized into cancer, orthopedic disorders, cardiac disorders, neurological disorders, nephrological disorders, hematologic blood disorders, COPD, organ transplant, and others. By service providers, the market is segmented into hospitals, health insurance companies, and online services. Geographically, the market is categorized into North America (US, Canada and Mexico), Europe (France, Germany, UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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