Medical Second Opinion Market Surges to USD 15.40 Billion by 2031, Propelled by 14.2% CAGR - The Insight Partners
The North America medical second opinion market is expected to reach US$ 4,476.22 million by 2027 from US$ 1,480.14 million in 2020; it is estimated to grow at a CAGR of 17.1% from 2020 to 2027. The market's growth is attributed to growing emphasis on superior treatment outcomes and increasing preference for healthcare cost optimization. However, the absence of clear-cut guidelines on using medical second opinion globally is likely to impact market growth during the forecast period negatively.
NEW YORK, Dec. 9, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, global Medical Second Opinion Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031 is witnessing significant growth owing to the growing emphasis on better treatment outcomes and the increasing preference for healthcare cost optimization.
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Growing emphasis on better treatment outcomes expected to determine the market growth in the coming years. The report runs an in-depth analysis of market trends, key players, and future opportunities.
The report from The Insight Partners lists several stakeholders--including healthcare providers--along with valuable insights on how to successfully navigate this evolving market landscape and unlock new opportunities.
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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
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Overview of Report Findings
1. Market Growth: The medical second opinion market is expected to reach US$
15.40 billion by 2031 from US$ 5.33 billion in 2023; it is anticipated to
register a CAGR of 14.2% during the forecast period. The major factors
driving the growth of the medical second opinion market are the growing
emphasis on better treatment outcomes and the increasing preference for
healthcare cost optimization. However, the lack of awareness and
reluctance toward adopting medical second opinion in emerging nations are
expected to hamper the market in the coming years.
2. Growing Emphasis on Better Treatment Outcomes: The medical second opinion
is intended to provide valuable information about a patient's current
treatment options. It plays a major role in resolving the confusion
created by the recommendation of several treatment alternatives for a
single case. Besides, opinion is sought to gain additional information,
which can be beneficial to improve treatment outcomes. The medical second
opinion can validate the diagnosis; thus, it is a major factor in
increasing the accuracy of the treatment. The increasing emphasis on
improving treatment outcomes leads to the growth of the medical second
opinion market. There is a high possibility of the occurrence of adverse
effects of many treatment procedures, which might lead to mortality.
Consequently, in crucial cases, it is essential to revise the current
treatment options and get advice from a reliable healthcare professional
to avoid potential ill-effects. Per the World Health Organization (WHO),
unsafe medical care causes more than 3 million deaths each year globally.
Such a large number of mortalities is expected to encourage patients to
opt for a medical second opinion. As per the Journal of Patient Safety,
in 2024, ~400,000 deaths are caused due to medical errors in the US each
year. As per the study published by Annals of Surgical Oncology, cancer
patients have a greater emphasis on getting a medical second opinion to
increase the accuracy of cancer diagnosis and therapeutics. According to
the World Health Organization data, approximately 9.7 million patients
across the globe lost their lives due to cancer in 2022. Furthermore, the
increasing exposure to risk factors such as tobacco consumption, alcohol
consumption, changing food habits, and obesity are causing a rise in the
prevalence of cancer. Thus, the increasing prevalence of cancer and other
chronic diseases looking for a second opinion for better patients comes,
is driving the medical second opinion market growth.
3. 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 medical second 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. These factors contribute to the market growth.
4. Geographical Insights: In 2023, North America led the market with a
substantial revenue share, followed by Europe and APAC. Further, Asia
Pacific is expected to register the highest CAGR during the forecast
period.
Report Attributes
Details
Market Size in 2023
USD 5.33 billion
Market Size by 2031
USD 15.40 Billion
CAGR
CAGR of 14.2% From 2023 to 2031
Base Year 2023
Forecast Period
2024-2031
Historical Data
2021-2022
Key Regional Coverage North America (US, Canada, Mexico), Europe -[UK, Germany, France, Russia,
Italy, Rest of Europe]
Asia-Pacific - [China, India, Japan, Australia, Rest of Asia-Pacific]
South and Central America [Brazil, Argentina, Rest of South and Central America]
Middle East and Africa [South Africa, Saudi Arabia, UAE and Rest of Middle East
and Africa]
Market Segmentation
-- Based on condition, the medical second opinion market is segmented into
cancer, orthopedic disorders, cardiac disorders, neurological disorders,
nephrological disorders, hematological blood disorders, chronic
obstructive pulmonary disorders, organ transplants, and others. The
cancer segment held the largest share in the medical second opinion
market in 2023.
-- Based on service provider, the medical second opinion market is
segmented into hospitals, health insurance companies, and online
services. The hospitals segment held the largest share in the medical
second opinion market in 2023.
-- The medical second opinion market is segmented into five major regions:
North America, Europe, Asia Pacific, Middle East & Africa, and South &
Central America.
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Competitive Strategy and Development
-- Key Players: The report profoundly explores the recent significant
developments by the leading vendors and innovation profiles in the
medical second opinion market, including Second Opinion International,
Elite Medical Services, The Cigna Group, Helsana, WorldCare, Vidal
Health Insurance TPA Pvt Ltd., 2(nd).MD, Axa SA, Teladoc Health Inc,
Included Health, Inc., and Royal Doctors.
-- Trending Topics: medical second opinion, medical second opinion
platform, medical second opinion software
Global Headlines on Medical Second Opinion Market
-- Cancer patients prefer to take second opinion, finds study
-- An AI-based second opinion service could improve patient care
-- Virtual second opinions are popular, but wariness persists on AI
diagnosis tools
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Segments Covered
By Condition
-- Cancer
-- Orthopedic Disorders
-- Cardiac Disorders
-- Neurological Disorders
-- Nephrological Disorders
-- Hematologic Blood Disorders
-- Chronic Obstructive Pulmonary Disorders
-- Organ transplant
By Service Providers
-- Hospitals
-- Health Insurance Companies
-- Online Services
Regional analysis -
-- The North America medical second opinion market is expected to reach US$
4,476.22 million by 2027 from US$ 1,480.14 million in 2020; it is
estimated to grow at a CAGR of 17.1% from 2020 to 2027.
-- The Asia Pacific medical second opinion market is expected to reach US$
2,374.50 million by 2027 from US$ 770.83 million in 2020; it is
estimated to grow at a CAGR of 17.4% from 2020 to 2027. The market's
growth is attributed to the rise in investments in telemedicine
technologies and the digitalization of medical consulting services
across the globe.
-- The Europe medical second opinion market is expected to reach US$
3,252.99 million by 2027 from US$ 1,116.44 million in 2020; it is
estimated to grow at a CAGR of 16.5% from 2020 to 2027. The market's
growth is attributed to growing emphasis on superior treatment outcomes
and increasing preference for healthcare cost optimization.
-- The Middle East and Africa medical second opinion market is expected to
reach US$ 291.04 Mn by 2027 from US$ 121.60 Mn in 2020; it is estimated
to grow at a CAGR of 13.3% from 2020 to 2027. The growth of the market
is attributed to some key driving factors such as rising investments on
telemedicine technologies and digitalization of medical consulting
services across globe.
Conclusion
The increasing integration of medical services and digital platforms is causing increased popularity and acceptance of digital consultation. This digital platform allows patients to get a second medical opinion without visiting hospitals or clinics. The service can provide significant patient convenience, improved patient experience, and effective cost management. Deploying digital platforms enables patients from any remote region to have better accessibility to medical experts. The increase in collaborations and partnerships between software development companies and healthcare institutions is accelerating the digitalization of medical consulting services. For instance, in October 2021, NorthShore University HealthSystem partnered with TytoCare to help providers diagnose and treat patients using telehealth. NorthShore serves residents across the Chicago metropolitan area and operates six hospitals. In October 2021, Cigna Health Plan announced that it was significantly expanding access to covered virtual care services, including digital-first primary, dermatology, and behavioral and urgent care. The growing digitalization of medical consulting services is expected to contribute to the growth of the medical second opinion market in the coming years.
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