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Global Medical Second Opinion Market – Industry Trends and Forecast to 2030

Healthcare

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Global Medical Second Opinion Market – Industry Trends and Forecast to 2030

  • Healthcare
  • Upcoming Report
  • May 2023
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Medical Second Opinion Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 5,218.00 USD Million
Diagram Market Size (Forecast Year) USD 12,252.27 USD Million
Diagram CAGR %

Major Markets Players

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Global Medical Second Opinion Market, By Product (Physical Second Opinions, Online Second Opinions), Services (Medical Condition Management, Post-Acute Care Nursing, Medical Peer Review Services), Source of Service (In-house, Outsourced), Disorder Type (Organ Transplant, Cardiac Disorders, Hematologic Blood Disorders, Orthopedic Disorders, Nephrological Disorders, Neurological Disorders, Rheumatologic Disorders, Ocular Disorders, Skin Disorders, Kidney and Urological Diseases, Obstetrics and Gynecological Disorders, Cancers, Others), Service Provider (Hospitals, Health Insurance Companies, Private Clinics) – Industry Trends and Forecast to 2030.

 Medical Second Opinion Market

Medical Second Opinion Market Analysis and Size

A second medical opinion is a significant extra point of view on a patient's diagnosis and treatment, accomplished through a telemedicine application. The notion is crucial in addressing the confusion that might occur when many treatment choices for a single medical treatment are proposed. Furthermore, the opinion is sought to obtain additional information that can help improve the disease's treatment outcomes. A medical second opinion can help to confirm a diagnosis, which improves the accuracy of treatment.

Data Bridge Market Research analyses that the medical second opinion market, which was USD 5,218.00 million in 2022, is expected to reach USD 12,252.27 million by 2030, at a CAGR of 11.26% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Medical Second Opinion Market Scope and Segmentation  

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015 - 2020)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Product (Physical Second Opinions, Online Second Opinions), Services (Medical Condition Management, Post-Acute Care Nursing, Medical Peer Review Services), Source of Service (In-house, Outsourced), Disorder Type (Organ Transplant, Cardiac Disorders, Hematologic Blood Disorders, Orthopedic Disorders, Nephrological Disorders, Neurological Disorders, Rheumatologic Disorders, Ocular Disorders, Skin Disorders, Kidney and Urological Diseases, Obstetrics and Gynecological Disorders, Cancers, Others), Service Provider (Hospitals, Health Insurance Companies, Private Clinics)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Medisense Healthcare Solutions Pvt. Ltd. (India), Second Opinion International (Israel), Cigna (U.S.), EMS | Elite Medical Services (Egypt), WorldCare (U.S.), 2nd.MD (U.S.), AXA (France), Medical Opinion Asia (Malaysia), Medisense.health (India), London Pain Clinic (U.K.), Mondial Assistance (France), GrandOpinion (U.S.), Penn Medicine (U.S.)

Market Opportunities

  • COVID-19 pandemic acted as a market opportunity

Market Definition

A medical second opinion is an additional consultation sought by the patient following the first diagnosis. If the patient is dissatisfied with the diagnosis or if further validation and confirmation is required in the case of some critical surgical operations, the patient might seek a medical second opinion. Chronic conditions such as neurological disorders, ophthalmic disorders, and nephrological problems are typically considered for this treatment.

Medical Second Opinion Market Dynamics

Drivers

  • Growing awareness about second opinions will drive the market growth

People obtain medical counsel on the advantages and disadvantages of organ transplantation. A second medical opinion is a significant extra point of view on a patient's diagnosis and treatment, accomplished through a telemedicine application. During orthopedic surgery, patients are always given a second opinion to ensure they have all the information they need to plan ahead of time. Therefore, growing awareness about the concept offers a greater degree of thinking to decide upon the final course of action in complicated medical situations.

  • Growing focus on minimizing costs and gaining expert advice

A medical second opinion can help to confirm a diagnosis, which improves the accuracy of treatment. In recent years, many patients have sought a second opinion on their illness and treatment alternatives. Private and public insurance companies strive to reduce surgical expenses by recommending and requiring a second opinion before surgery. Therefore, second opinion in healthcare is proving to be a turnaround for both the healthcare giver and receiver.

Opportunities

  • Pandemic acted as a market opportunity

The ongoing COVID-19 pandemic has fueled the medical second opinion sector substantially. The COVID 19 epidemic has raised demand for second opinions from physicians and health insurance companies. Physicians advise patients to seek a second opinion if there is a chance of improving disease detection and diagnosis. A second opinion is also recommended by health insurance companies to learn about insurance coverage for specific medical procedures.

Restraints/Challenges

  • Strong resistance to medical second opinions

Taking secong opinions from a doctor or a physician in underdeveloped economies is highly discouraged and disregarded. It is treated and looked upon as a question upon the capacities and capabilities of the caregiver. Therefore, in economies such as Africa, taking a secong medical opinion is frowned upon and is sometimes, often treated as a taboo.

  • Differences of opinion result in chaos

Every physician/caregiver/doctor has a different approach to a given medical situation. Differences of opinion and methods may result in creating chaos and confusion in the patient's mind. In many cases, contradictory modes of treatment can be employed. This affects the overall command of treatment. Therefore, the lack of clear-cut standards, especially in developing and underdeveloped economies, harms the overall industry.  

This medical second opinion market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the medical second opinion market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

  • In 2022, Apollo Hospitals partnered with the Cleveland Clinic's 'The Clinic by Cleveland Clinic' to provide international second opinion services to their patients. Anyone interested in receiving a second opinion from a professional on the other side of the world should contact an Apollo consultant.
  • In January 2021, Accolade paid $460 million for a second opinion platform. When faced with a severe health choice, such as whether to have surgery, the purpose is to offer employees access to a second opinion.
  • In 2020, ConsumerMedical acquired a virtual second opinion innovator in August. This acquisition streamlines the delivery of critical, expert medical advice, providing participants facing severe and complex illnesses with a more convenient, technologically enabled, and virtual experience.

Global Medical Second Opinion Market Scope

The medical second opinion market is segmented on the basis of product, services, source of service, disorder type, and service provider. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

  • Physical Second Opinions
  • Online Second Opinions

Services

  • Medical Condition Management
  • Post-Acute Care Nursing
  • Medical Peer Review Services

Source of Service

  • In-house
  • Outsourced

Disorder Type

  • Organ Transplant
  • Cardiac Disorders
  • Hematologic Blood Disorders
  • Orthopedic Disorders
  • Nephrological Disorders
  • Neurological Disorders
  • Rheumatologic Disorders
  • Ocular Disorders
  • Skin Disorders
  • Kidney and Urological Diseases
  • Obstetrics and Gynecological Disorders
  • Cancers
  • Others

Service Provider

  • Hospitals
  • Health Insurance Companies
  • Private Clinics

Medical Second Opinion Market Regional Analysis/Insights

The medical second opinion market is analyzed and market size insights and trends are provided by country, product, services, source of service, disorder type, and service provider as referenced above.

The countries covered in the medical second opinion market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America leads the medical second opinion market. It is because of advanced healthcare infrastructure and a well-informed patient population. Strong government support also increases the region's market value. Several organizations in the region, such as WorldCare International Inc., connect members with doctors to examine treatment plans, confirm diagnoses, answer questions, and provide prompt second opinions.

However, Asia-Pacific is expected to be the fastest-growing region due to a growing number of well-informed people and a growing demand for better diagnosis and treatment. The availability of lower costs, ease of contact, increasing treatment outcomes, and the enormous burden of chronic diseases due to changing lifestyles boost the region's market position even further.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The medical second opinion market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for medical second opinion market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the medical second opinion market. The data is available for historic period 2011-2021.

Competitive Landscape and Medical Second Opinion Market Share Analysis

The medical second opinion market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to medical second opinion market.

Some of the major players operating in the medical second opinion market are:

  • Medisense Healthcare Solutions Pvt. Ltd. (India)
  • Second Opinion International (Israel)
  • Cigna (U.S.)
  • EMS | Elite Medical Services (Egypt)
  • WorldCare (U.S.)
  • 2nd.MD (U.S.)
  • AXA (France)
  • Medical Opinion Asia (Malaysia)
  • Medisense.health (India)
  • London Pain Clinic (U.K.)
  • Mondial Assistance (France)
  • GrandOpinion (U.S.)
  • Penn Medicine (U.S.) 


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The Medical Second Opinion Market is projected to grow at a CAGR of 11.26% during the forecast period by 2030.
The future market value of the Medical Second Opinion Market is expected to reach USD 12,252.27 million by 2030.
The major players in the Medical Second Opinion Market are Medisense Healthcare Solutions Pvt. Ltd. (India), Second Opinion International (Israel), Cigna (U.S.), EMS | Elite Medical Services (Egypt), WorldCare (U.S.), 2nd.MD (U.S.), AXA (France), Medical Opinion Asia (Malaysia), etc.
The Medical Second Opinion Market is segmented on the basis of product, services, source of service, disorder type, and service provider.
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