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. However, the absence of clear-cut guidelines on using medical second opinion globally is likely to impact market growth during the forecast period negatively.
Telemedicine technologies incorporate modern communication platforms intending to conduct virtual interaction between patients and healthcare professionals. The adoption of telemedicine technologies allows physician and patient communication over geographical boundaries. This significant benefit of telemedicine technologies and growing investments is likely to offer lucrative growth opportunities for the medical second opinion market during the forecast period. For instance, in March 2020, New Capital Partners invested in TeleHealth Solution (THS) to develop new telemedicine technologies. These new technologies will be prominently useful for nursing services, long-term care, and assisted living facilities. With the help of this investment, the company is planning to launch pre-consultations, second medical opinion, and appointment-booking platforms to provide ease of healthcare access for a large number of populations. Such an increasing number of investments in telemedicine technologies are projected to offer a lucrative opportunity for market growth by 2027. Also, the rising number of partnerships and collaborations among software developing companies and healthcare institutions is accelerating the digitalization of medical consulting services. Such growing digitalization of medical second opinion services market is estimated to offer a lucrative opportunity for the market's growth.
The European countries have been severely affected by the COVID-19 pandemic. The number of patients has increased; errors can happen due to the complexity of cases or the lack of deep expertise and practice in all cases. However, the presence of false-negative makes the diagnosis difficult, especially in the early stages of the disease. That is why getting a second opinion can be an essential step, especially if there is any uncertainty about the diagnosis and treatment plan in COVID-19. Hence, the rising demand for a medical second opinion in Europe is likely to impact market growth during the forecast period positively.
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EUROPE MEDICAL SECOND OPINION MARKET SEGMENTATION
By Disorder
- Cancer
- Orthopaedic Disorders
- Cardiac Disorders
- Neurological Disorders
- Nephrological Disorders
- Hematologic Blood Disorders
- COPD (Chronic Obstructive Pulmonary Disease)
- Organ Transplant
- Other Diseases
By Service Provider
- Hospitals
- Health Insurance Companies
- Online Services
By Country
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
Company Profiles
- Second Opinion International
- Elite Medical Services
- Helsana
- Cigna
- WorldCare
- Medix
- 2nd.MD (Innovation Specialists LLC)
- AXA
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Europe Medical Second Opinion Market– By Disorder
1.3.2 Europe Medical Second Opinion Market– By Service Provider
1.3.3 Europe Medical Second Opinion Market– By Country
2. Medical Second Opinion Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Medical Second Opinion Market – Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 Europe– PEST Analysis
4.3 Expert Opinion
5. Medical Second Opinion Market – Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Growing Emphasis on Superior Treatment Outcomes
5.1.2 Increasing Preference for Healthcare Cost Optimization
5.2 Key Market Restraints
5.2.1 Lack of Awareness and Reluctance toward Opting for Medical Second Opinion in Emerging Nations
5.3 Key Market Opportunities
5.3.1 Rising Investments on Telemedicine Technologies
5.4 Future Trends
5.4.1 Digitalization of Medical Consulting Services
5.5 Impact Analysis
6. Medical Second Opinion Market– Europe Analysis
6.1 Europe Medical Second Opinion Market Revenue Forecast and Analysis
7. Medical Second Opinion Analysis – By Disorders
7.1 Overview
7.2 Medical Second Opinion Market Share, by Disorder, 2019 and 2027 (%)
7.3 Cancer
7.3.1 Overview
7.3.2 Cancer: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
7.4 COPD (Chronic Obstructive Pulmonary Disease)
7.4.1 Overview
7.4.2 COPD: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
7.5 Cardiac Disorders
7.5.1 Overview
7.5.2 Cardiac Disorders: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
7.6 Neurological disorders
7.6.1 Overview
7.6.2 Neurological Disorders: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
7.7 Nephrological Disorders
7.7.1 Overview
7.7.2 Nephrological Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
7.8 Hematologic Blood Disorders
7.8.1 Overview
7.8.2 Haematological Blood Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
7.9 Orthopaedic Disorders
7.9.1 Overview
7.9.2 Orthopaedic Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
7.10 Organ Transplant
7.10.1 Overview
7.10.2 Organ Transplant: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
7.11 Other Disorders
7.11.1 Overview
7.11.2 Other Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
8. Medical Second Opinion Market Analysis – By Service Providers
8.1 Overview
8.2 Medical Second Opinion Market Share, by Service Provider, 2019 and 2027, (%)
8.3 Hospitals
8.3.1 Overview
8.3.2 Hospitals: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
8.4 Health Insurance Companies
8.4.1 Overview
8.4.2 Health Insurance Companies: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
8.5 Online Services
8.5.1 Overview
8.5.2 Online Services: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
9. Medical Second Opinion Market – Europe Analysis
9.1 Europe: Medical Second Opinion Market
9.1.1 Overview
9.1.2 Europe: Medical Second Opinion Market, by Country, 2019 & 2027 (%)
9.1.2.1 Germany: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.1.1 Germany: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.1.2 Germany Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
9.1.2.1.3 Germany Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
9.1.2.2 UK: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.2.1 UK: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.2.2 UK Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
9.1.2.2.3 UK Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
9.1.2.3 France: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.3.1 France: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.3.2 France Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
9.1.2.3.3 France Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
9.1.2.4 Spain: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.4.1 Spain: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.4.2 Spain Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
9.1.2.4.3 Spain Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
9.1.2.5 Italy: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.5.1 Italy: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
9.1.2.5.2 Italy Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
9.1.2.5.3 Italy Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
10. Impact of COVID-19 Pandemic on Europe Medical Second Opinion Market
10.1 Europe: Impact Assessment Of COVID-19 Pandemic
11. Medical Second Opinion Market –Industry Landscape
11.1 Overview
11.2 Inorganic Growth Strategies
11.2.1 Overview
11.3 Organic Growth Strategies
11.3.1 Overview
12. Company Profiles
12.1 Second Opinion International
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Elite Medical Services
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Cigna
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Helsana
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 WorldCare
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Medix
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 AXA
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. Germany Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
Table 2. Germany Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
Table 3. UK Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
Table 4. UK Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
Table 5. France Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
Table 6. France Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
Table 7. Spain Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
Table 8. Spain Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
Table 9. Italy Medical Second Opinion Market, by Disorders – Revenue and Forecast to 2027 (USD Million)
Table 10. Italy Medical Second Opinion Market, by Service Providers– Revenue and Forecast to 2027(USD Million)
Table 11. Recent Inorganic Growth Strategies In The Medical Second Opinion Market
Table 12. Recent Organic Growth Strategies In The Medical Second Opinion Market
Table 13. Glossary of Terms, Medical Second Opinion Market
LIST OF FIGURES
Figure 1. Medical Second Opinion Market Segmentation
Figure 2. Medical Second Opinion Market, By Country
Figure 3. Medical Second Opinion Market Overview
Figure 4. Cancer Held Largest Share of Medical Second Opinion Market in 2019
Figure 5. Germany to Show Remarkable Growth During Forecast Period
Figure 6. Europe PEST Analysis
Figure 7. Medical Second Opinion Market Impact Analysis of Driver And Restraints
Figure 8. Europe Medical Second Opinion Market– Revenue Forecast And Analysis – 2019- 2027
Figure 9. Medical Second Opinion Market Share, by Disorder, 2019 and 2027 (%)
Figure 10. Cancer: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
Figure 11. COPD: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
Figure 12. Cardiac Disorders: Medical Second Opinion Market– Revenue and Forecast to 2027 (US$ Million)
Figure 13. Neurological Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 14. Nephrological Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 15. Hematological Blood Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 16. Orthopedic Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 17. Organ Transplant: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 18. Other Disorders: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 19. Medical Second Opinion Market Share, by Service Provider, 2019 and 2027 (%)
Figure 20. Hospitals Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 21. Health Insurance Companies: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 22. Online Services: Medical Second Opinion Market – Revenue and Forecast to 2027 (US$ Million)
Figure 23. Europe: Medical Second Opinion Market, by Key Country – Revenue (2019) (USD Million)
Figure 24. Europe: Medical Second Opinion Market, by Country, 2019 & 2027 (%)
Figure 25. Germany: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
Figure 26. UK: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
Figure 27. France: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
Figure 28. Spain: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
Figure 29. Italy: Medical Second Opinion Market – Revenue and Forecast to 2027 (USD Million)
Figure 30. Impact of COVID-19 Pandemic in European Country Markets
- Second Opinion International
- Elite Medical Services
- Helsana
- Cigna
- WorldCare
- Medix
- 2nd.MD (Innovation Specialists LLC)
- AXA
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.
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