Medical Second Opinion Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Disorder (Cancer, Orthopedic Disorders, Cardiac Disorders, Neurological Disorders, Nephrological Disorders, Hematologic Blood Disorders, COPD, Organ Transplants, and Other Diseases); Service Providers (Hospitals, Health Insurance Companies, and Online Services); and Geography
Publication Month: May 2021 | Report Code: TIPRE00011728 | No. of Pages: 158 | Category: Healthcare IT | Status: Published
The medical second opinion market is expected to reach US$ 10,739.48 million by 2027 from US$ 3,204.57 million in 2019; it is estimated to grow at a CAGR of 16.8% from 2020 to 2027.
Medical second opinion is intended to provide valuable information about the patient’s current treatment options. The concept plays a significant role in dealing with the confusion created through the recommendation of various treatment alternatives for a single case. Besides, the opinion is also sought to gain additional information, which can be helpful to improve treatment outcomes of a disease. The medical second opinion can validate diagnosis; thus, it plays a major role in increasing the accuracy of the treatment. The global medical second opinion market is driven by factors such as superior treatment outcomes and increasing preference for healthcare cost optimization. However, the lack of awareness and reluctance toward opting for medical second opinion in emerging nations hinder the market growth. Additionally, rising investments on telemedicine technologies are creating growth opportunities for the market players.
Lucrative Regional Markets for Medical Second Opinion
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Market Insights
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 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. The 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 on the basis of additional medical diagnosis, analysis of existing medical records, and assessment of other therapeutic solutions as an alternative for surgery. These aspects of the second opinion can result in reduction of therapeutic cost. Further, second opinion on surgical decisions can also result in reduction in possible surgical adversities, which can lead to additional healthcare-related costs.
For instance, according to a study published by the World Health Organization in 2019, ~25.0% patients around the world suffer from complications in surgical procedures. Moreover, ~1 million people die during surgery or during follow-up of the same each year.
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 2027.
Disorder-Based Insights
Based on disorders, the medical second opinion market is segmented into cancer, diabetes, cardiac disorders, neurological disorders, nephrological disorders, hematological disorders, COPD, orthopedic disorder, organ transplant, and other diseases. In 2019, the cancer segment accounted for the largest share of the global medical second opinion market. The growth of the market for this segment is attributed to the increasing prevalence of cancer and rising preference for second opinion for cancer diagnosis and treatment.
Global Medical Second Opinion Market, by Disorders – 2018 and 2027
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Service Providers-Based Insights
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 of the market in 2019; however, the market for online services is expected to grow at the highest CAGR during the forecast period.
Strategic Insights
Product launches and approvals are the commonly adopted strategies by companies to expand their global footprints and product portfolios; these strategies help them meet the growing consumer demand. Collaboration is one of the major strategies adopted by the medical second opinion market players to enlarge customer base worldwide, which also permits them to maintain their brand name globally.
Global Medical Second Opinion Market– By Disorder
- Cancer
- Orthopedic
- Cardiac disorders
- Neurological disorders
- Nephrological disorders
- Hematologic blood disorders
- COPD
- Organ transplant
- Others
Global Medical Second Opinion Market – By Service Provider
- Hospitals
- Health Insurance Companies
- Online Services
Medical Second Opinion Market – By Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of Asia Pacific
Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
South and Central America
- Brazil
- Argentina
- Rest of South America
Company Profiles
- Medisense Healthcare Solutions Pvt. Ltd.
- Second Opinion International
- Elite Medical Services
- Cigna
- Helsana
- WorldCare
- Vidal Health Insurance TPA Pvt Ltd
- Medix
- 2nd.MD
- AXA
- Teladoc Health, Inc
- DoctorSpring Pvt. Ltd
- USARAD Holdings Inc (SecondOpinions.com)
- Cleveland Clinic
- Grand Rounds, Inc.
- Mass General Brigham Incorporated. (Partners Healthcare)
- Stanford Health Care
Frequently Asked Questions
The List of Companies - Medical Second Opinion Market
- Medisense Healthcare Solutions Pvt. Ltd.
- Second Opinion International
- Elite Medical Services
- Cigna
- Helsana
- WorldCare
- Vidal Health Insurance TPA Pvt Ltd
- Medix
- 2nd.MD
- AXA
- Teladoc Health, Inc
- DoctorSpring Pvt. Ltd
- USARAD Holdings Inc (SecondOpinions.com)
- Cleveland Clinic
- Grand Rounds, Inc.
- Mass General Brigham Incorporated. (Partners Healthcare)
- Stanford Health Care
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the medical second opinion market.
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- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
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