$5190
$4152
The medical second opinion market size is projected to reach US$ 15.40 billion by 2031 from US$ 5.33 billion in 2023. The market is expected to register a CAGR of 14.2% during 2023–2031. The increasing digitalization of medical consulting services is likely to bring new trends in the medical second opinion market in the coming years.
Medical Second Opinion Market Analysis
The factors driving the medical second opinion market include the growing emphasis on better treatment outcomes and increasing preference for healthcare cost optimization. Additionally, increasing awareness about various respiratory disorders and increasing inclination towards medical second opinion in emerging economies is further expected to contribute to market growth. Moreover, increasing collaborations in telemedicine technologies is expected to create ample opportunities in the coming years.
Medical Second Opinion Market Overview
The market growth is ascribed to the growing emphasis on better treatment outcomes and increasing preference for healthcare cost optimization. North America is expected to dominate the medical second opinion market, and Asia Pacific is expected to register a significant growth rate owing to the increasing prevalence of chronic disorders and surging government initiatives. China accounts for the major market share. India is expected to register a significant growth rate during the forecast period. India has witnessed a significant rise in the number of cancer cases in recent years. According to Globocan 2020, the number of new cancer cases in the country was 1,324,413. The most common types of cancer reported in the country are breast cancer, lung cancer, leukemia, and non-Hodgkin lymphoma, among others. Thus, the growing prevalence of chronic diseases in India is likely to accelerate the demand for medical second opinions to avoid misinterpretation of clinical symptoms. The free-of-cost National Cancer Helpline number launch has proven to be a support system for cancer patients across the nation, according to a survey carried out by the Cancer Mukt Bharat Foundation (a Delhi-based NGO) on 1,769 cancer patients across the country who called the helpline number from March to May 2024. Further, the data from ETHealthworld in June 2024 revealed that ~67% of cancer patients availing treatment in private hospitals and ~33% being treated at government hospitals sought a second opinion to find if their treatment is on the correct course and to check the availability of the latest treatment options.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medical Second Opinion Market: Strategic Insights
Market Size Value in US$ 3,204.57 Million in 2019 Market Size Value by US$ 10,739.48 Million by 2027 Growth rate CAGR of 16.8% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medical Second Opinion Market: Strategic Insights
| Market Size Value in | US$ 3,204.57 Million in 2019 |
| Market Size Value by | US$ 10,739.48 Million by 2027 |
| Growth rate | CAGR of 16.8% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Medical Second Opinion Market Drivers and Opportunities
Increasing Preference for Healthcare Cost Optimization
Patients across the globe are witnessing growing 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, 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 extensive information from medical second opinions while making the necessary decisions about surgery or the main case. In addition, medical second opinion providers review the recommendations for surgical procedures based on additional medical diagnosis, analysis of existing medical records, and assessment of other therapeutic solutions as an alternative to surgery. These aspects of the second opinion can result in a reduction of therapeutic costs. A second opinion on surgical decisions can result in a reduction of possible surgical adversities, which can lead to a decrease in additional healthcare-related costs. For instance, according to a study published by Cureus in 2022, ~31% of patients worldwide suffer from complications in surgical procedures. Additionally, as per the Open Journal of Internal Medicine published in March 2023, ~4.2 million postoperative deaths occur every year, accounting for 7.7% of global mortality. Therefore, all the above-mentioned factors are expected to contribute to the market growth in the coming years.
Rising Collaborations in Telemedicine Technologies
Telemedicine technologies use modern communication platforms to conduct virtual interaction between patients and healthcare professionals. Telemedicine technology can be used in two distinct approaches: real-time interaction and store and forward approach. Telemedicine technologies allow the physician and patient to communicate despite geographical boundaries. Benefits provided by telemedicine technologies and an increase in investment are likely to provide lucrative opportunities for the medical second opinion market. For instance, in June 2024, IMG partnered with Teladoc Health to enhance the well-being of IMG customers by providing virtual access to healthcare professionals wherever they are traveling. It will also extend telehealth service capabilities for IMG customers with existing telehealth services and introduce telehealth services to additional IMG plans. In July 2023, AMD Global Telemedicine Inc. collaborated with Collain Healthcare to provide an electronic health records (EHR) solution and combined vital solutions that revolutionize healthcare delivery in senior living facilities, providing real-time information, reducing errors, and streamlining clinical workflows. Moreover, in February 2024, in India, IIT Kanpur partnered with the UP government to enhance telemedicine using AI. The MoU highlights several key areas of collaboration, including anchoring telemedicine hubs and enhancing the quality of telemedicine services, implementing AI-based solutions to address public health concerns. The increasing number of partnerships and collaborations in telemedicine technologies is expected to offer lucrative opportunities for market growth in the coming years.
Medical Second Opinion Market Report Segmentation Analysis
Key segments that contributed to the derivation of the medical second opinion market analysis are condition and service provider.
- 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. The cancer segment held the largest share of the market in 2023. The orthopedic disorders segment is expected to register the highest CAGR in the market during 2023–2031.
- By service provider, the medical second opinion market is segmented into hospitals, health insurance companies, and online services. The hospitals segment held the largest share of the market in 2023. The health insurance companies segment is expected to register the highest CAGR in the market during 2023–2031.
Medical Second Opinion Market Share Analysis by Geography
The geographic scope of the medical second opinion market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America held a significant share of the market in 2023. The growth of the market in this region is attributed to the increasing adoption of medical second opinion services and the growing digitalization of healthcare consulting services. In addition, the regional market is expected to grow owing to the development of healthcare systems and the rising emphasis on improving treatment outcomes. The US is expected to account for the largest market share owing to 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, ~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.
Medical Second Opinion Market Report Scope
Medical Second Opinion Market News and Recent Developments
The medical second opinion market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the medical second opinion market are listed below:
- Included Health launched its integrated care delivery platform to include the Specialty Care Clinic, a multicenter, virtual-first clinic that provides rapid access to medical specialists and comprehensive support for the most prevalent and costly specialty care needs. The Specialty Care Clinic is an evolution of Included Health's Expert Medical Opinion service, renowned for delivering accurate diagnoses and tailored treatment plans. (Source: Included Health, Inc., Company Website, April 2024)
- 2nd.MD has collaborated with UnitedHealthcare to provide a no-cost, member-focused expert medical opinion service to members. 2nd.MD virtually connects members who are facing a serious or expensive healthcare decision with a top expert in the field to review their case and provide a second opinion on their best options. With 2nd.MD, eligible members can connect with a specialist to gain in-depth education about their condition and explore treatment options. (Source: 2nd.MD, Company Website, November 2023)
Medical Second Opinion Market Report Coverage and Deliverables
The "Medical Second Opinion Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Medical second opinion market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Medical second opinion market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Medical second opinion market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the medical second opinion market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Disorder ; Service Providers ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The medical second opinion market was valued at US$ 5.33 billion in 2023.
The medical second opinion market is expected to be valued at US$ 15.40 bllion in 2031.
Based on condition, cancer segment dominated the market growth during 2023-2031. By service provider, hospitals segment dominated the market growth during 2023-2031.
Key factors that are driving the growth of the market are the growing emphasis on better treatment outcomes and an increasing preference for healthcare cost optimization.
The medical second opinion market majorly consists of the players such as 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
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.
The List of Companies - Medical Second Opinion Market
- 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Medical Second Opinion Market
Oct 2024
Infectious Disease Therapeutics Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Drug Class (Anti-viral, Anti Bacterial, Anti-Fungal, and Others), Indication (HIV, Hepatitis, Tuberculosis, Influenza, HPV, and Others), Route of Administration (Oral, Parenteral, Topical, and Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others), and Geography
Oct 2024
Clinic Casting and Splinting Products Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product [Casting (Casts, Tapes, Cutters, and Casting Accessories) and Splinting (Splints and Splinting Accessories)], Application (Acute Fractures or Sprains, Tendon and Ligament Injuries, and Others), Material (Plaster of Paris, Fiberglass, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
Oct 2024
Myopia Treatment Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (High Myopia, Degenerative Myopia, Progressive Myopia), Treatment [Low-Dose Atropine Eye Drops, Ortho-K, Contact Lenses, and Refractive Surgery (LASIK, PRK)], Age Group (Adult Myopia and Childhood Myopia), End User (Hospitals and Clinics, Specialty Clinics, and Refractive Surgery Centers), and Geography
Oct 2024
Epilepsy Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Progressive Myoclonic Epilepsy, Reflex Epilepsy, Generalized Epilepsy, and Other), Route of Administration (Oral, Parenteral, and Others), Treatment Type (First-Generation Drugs, Second-Generation Drugs, and Third-Generation Drugs), Age Group (Adults and Children), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others), and Geography
Oct 2024
Vaccine Adjuvants Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Adjuvant Class (Mineral Salt Adjuvant, Emulsion Adjuvant, Liposome Adjuvant, and Others), Type (Human Vaccine Adjuvant and Veterinary Vaccine Adjuvant), and Geography
Oct 2024
Human Vaccine Adjuvants Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Particulate Adjuvant, Emulsion Adjuvant, Combination Adjuvant, and Others), Application (Influenza, Hepatitis, Human papilloma virus (HPV), and Others), End User (Pharmaceutical and Biotechnology Companies, CMOs and CROs, and Others), and Geography
Oct 2024
Epilepsy Drugs Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Treatment (First-Generation Anti-Epileptics, Second Generation Anti-Epileptics, Third Generation Anti-Epileptics), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others), and Geography
Oct 2024
Specialty Hospitals Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Specialty Type (Pediatric Hospitals, Obstetrics-Gynecology Hospitals, ENT Hospitals, Oncology Hospitals, Rehabilitation Hospitals, Orthopedic Hospitals, Neurology Hospitals, Cardiology Hospitals, IVF Hospitals and Others), Service Type (Outpatient and Inpatient), Hospital Type (Public Hospitals and Private Hospitals), and Geography (North America, Europe, Asia Pacific, and Middle East & Africa)