Medical Second Opinion Market Share

Global Medical Second Opinion Market Overview

Medical Second Opinion Market Size was valued at USD 4.3 Billion in 2022. The medical second opinion market industry is projected to grow from USD 4.91 Billion in 2023 to USD 14.31 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.30% during the forecast period (2024 - 2032). 

The primary market driver driving the market for medical second opinions is the rising trend in second opinions for medical services. Patients increasingly visit multiple doctors to learn about their conditions' various treatment options as diagnostic testing becomes more common. 

A further benefit of increased awareness is that more people are willing to see multiple doctors before undergoing major procedures or treatments. This element is fueling the expansion of the market for second opinions in medicine. 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Medical Second Opinion Market Trends

• Growing Desire for Healthcare Cost Optimization Has Facilitated Market Growth

Patients worldwide are experiencing increased financial hardships as a result of healthcare services. The demand for healthcare cost optimization is growing due to rising healthcare-related costs and limited resource availability due to a scarcity of healthcare experts globally. In addition, the market for second medical opinions is being stimulated by an increased focus on containing additional expenses and a greater consciousness of potential fraud by healthcare organizations, particularly in low- and middle-income countries. 

Medical second views can give patients a lot of knowledge when deciding on major surgical or primary case decisions. Additionally, medical second opinion specialists assess surgical procedure recommendations in light of fresh medical diagnoses, a review of the body of medical knowledge, and an assessment of various therapeutic alternatives to surgery. 

The expense of treatment may be reduced due to these qualities of the second opinion. Additionally, receiving a second opinion before having surgery may lower the chance of surgical complications, which can result in greater medical costs. 

As global oncology rates continue to rise, more patients are actively seeking medical second opinions to improve their diagnosis, treatment, and overall care. Recent data from the World Health Organization (WHO) shows that nearly 20 million new cancer cases were reported globally in 2022, with approximately 9.7 million deaths attributed to oncology-related diseases that year. This alarming statistic reflects the growing burden of cancer worldwide, which is further exacerbated by an increase in risk factors such as smoking, obesity, excessive alcohol consumption, and poor dietary habits​.

In light of these challenges, oncology patients are increasingly turning to second opinions to ensure they receive the best possible treatment options. Seeking a second opinion involves consulting additional specialists to confirm a diagnosis, validate treatment plans, and explore alternative therapies. This process is especially vital in oncology care, where the stakes are high, and decisions can dramatically affect outcomes. 

The increasing recognition of the value of second opinion services, especially within cancer care, is driving a surge in demand for these services. Technological advancements, such as telemedicine and virtual consultations, have also made it easier for patients to access specialized oncology care, making second opinions more accessible than ever before. This trend is poised to accelerate in the coming years, ensuring that patients are empowered to make informed decisions about their health and treatment plans​.

Medical Second Opinion Market Segment Insights

Medical Second Opinion Application Insights

The medical second opinion market segmentation, based on application includes Cancer, Diabetes, Cardiac Disorders, Neurological Disorders, Respiratory Disorders and Ocular Disorders. The cancer segment dominated the market The high incidence of cancer worldwide and the rise in cancer patients seeking second opinions will be major growth drivers for the market. 

Additionally, the majority of cancer patients want to seek a second opinion because they believe medical professionals can provide more information and other treatment alternatives.

Medical Second Opinion Source of Service Insights

 The medical second opinion market segmentation, based on source of service, includes In-House and Outsourced. The outsourced category generated the most income. The term "Outsourced" in the medical second opinion market refers to second opinion services received from external providers or organizations other than the patient's present healthcare facility. 

These professionals, who may work alone or in collaboration with hospitals, insurance companies, or other healthcare institutions, offer second views to patients. Additionally, internet portals for second opinions offer patients a practical and accessible option to get second opinions from medical professionals.

Figure 1: Medical Second Opinion Market, by Source of Service, 2022 & 2032 (USD Billion) 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Medical Second Opinion Services Insights

The medical second opinion market segmentation, based on services includes Medical Condition Management, Post-Acute Care Nursing and Medical Peer Review Services. The medical peer review services segment dominated the market. In-depth examinations of the patient's medical records, including test outcomes, imaging scans, lab findings, and a history of prior treatments, are frequently included in second opinion services. Before offering their expert judgment, the medical peer review services thoroughly examine these documents to get a thorough picture of the patient's situation.

Medical Second Opinion Type Insights

The medical second opinion market segmentation, based on type includes Hospitals Physicians/Specialties, Online Physicians Portal, Medical Second Opinion Companies and Health Insurance Companies. The online physicians segment dominated the market due to people's growing understanding of the value of using internet services. 

The expansion of digital platforms is giving online platforms a huge boost. Online consulting is anticipated to have tremendous development, with its growth rate projected to be significantly higher during the pandemic. The main driver of this market's expansion is a rise in public awareness of the advantages of online consulting.

Medical Second Opinion Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American medical second opinion market area will dominate this market because of the healthcare reforms like the Affordable Care Healthcare Act and the favorable business environment for startups to flourish. Hospitals and health insurance firms rank among the region's major service providers.

Growing numbers of older adults reside in this area, which is what is fueling the market's expansion. Additionally, the rapid digitization and emphasis on online consulting due to the construction of more healthcare institutions have substantially contributed to the revenue.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: MEDICAL SECOND OPINION MARKET SHARE BY REGION 2022 (USD Billion) 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe medical second opinion market accounts for the second-largest market share. One important aspect supporting the expansion of the European market is the expanding aging population with health insurance. Additionally, the rising adoption of technology has accelerated the digitization of consulting, aiding industry expansion. Additionally, the market benefits from the expanding government initiatives that encourage people to purchase health insurance. Further, the German medical second opinion market held the largest market share, and the UK medical second opinion market was the fastest growing market in the European region

The Asia-Pacific Medical second opinion Market is expected to grow at the fastest CAGR from 2024 to 2032 due to the rising demand for better diagnosis and treatment in this area and the increased number of informed individuals. The availability of lower costs and ease of contact, as well as improving treatment outcomes and the significant burden of chronic diseases as a result of changing lifestyles, all support the region's market position. Moreover, China’s medical second opinion market held the largest market share, and the Indian medical second opinion market was the fastest growing market in the Asia-Pacific region.

Medical Second Opinion Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the medical second opinion market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, medical second opinion industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the medical second opinion industry to benefit clients and increase the market sector. In recent years, the medical second opinion industry has offered some of the most significant advantages to market. Major players in the medical second opinion market attempting to increase market demand by investing in research and development operations include SecondOpinionExpert, Inc., (California), DoctorSpring (California), 2nd MD (Houston), Cleveland Clinic MyConsult, Partners Healthcare, HCA Hospitals (US), Teladoc Health, Inc., (US), Amradnet (US), Johns Hopkins Medicine, and XMRI.COM.

The Cleveland Clinic Foundation (Cleveland Clinic) is a non-profit, multi-specialty medical institution offering clinical and hospital care services. A network of medical facilities runs it. The business offers services in conjunction with academic and research institutions. The network of facilities operated by Cleveland Clinic consists of regional hospitals, regional care centers, a children's hospital, research labs, and centers for pathology, cancer, eye, heart, and urologic care. In January 2018, Cleveland Clinic and Martin Health System established a subsidiary agreement to improve patient-centered care, create quality improvement programmes, and produce effective results.

The virtual healthcare services offered by Teladoc Health Inc. (Teladoc Health) range from wellness and preventive to acute care and complex healthcare requirements. It provides primary care services for managing chronic illnesses, mental health counseling, individualized digital healthcare solutions, and virtual access to professionals with expertise in episodic requirements, including flu and upper respiratory infections, cancer, and congestive heart failure. For virtual healthcare delivery, Teladoc Health leverages an API-driven technology platform with several real-time integrations spanning the healthcare industry.

Key Companies in the medical second opinion market include

• SecondOpinionExpert, Inc., (California)


• DoctorSpring (California)


• 2nd MD (Houston)


• Cleveland Clinic MyConsult


• Partners Healthcare


• HCA Hospitals (US)


• Teladoc Health, Inc., (US)


• Amradnet (US)


• Johns Hopkins Medicine


• XMRI

Medical Second Opinion Industry Developments

Cleveland Clinic's Virtual Second Opinion Service Expansion: In 2024, Cleveland Clinic’s Virtual Second Opinion (VSO) service continues to expand its reach, providing patients with remote consultations from some of the world's leading specialists. Partnering with Amwell, Cleveland Clinic’s Clinic by Cleveland Clinic enables users to receive second opinions on diagnoses or treatment plans through virtual consultations or detailed written reports.

This service, introduced in 2023, has become an increasingly valuable tool for patients seeking additional perspectives on critical health decisions without the need for travel​.

Apollo Hospitals and Cleveland Clinic Collaboration: Apollo Hospitals has strengthened its relationship with Cleveland Clinic, offering international second opinions to patients in India. Since 2022, this collaboration has grown, with more patients seeking guidance from Cleveland Clinic’s U.S.-based specialists.

The trend is expected to continue growing throughout 2024, reflecting the increased reliance on trusted second opinions from internationally renowned experts. This partnership allows patients access to accurate and reliable second opinions for complex diagnoses, improving their confidence in treatment decisions​.

Transcarent and Amwell’s Enhanced Virtual Therapy Service: In 2024, Transcarent and Amwell continue to enhance their Clinic by Cleveland Clinic initiative. This service provides personalized second opinions to patients, especially those seeking further clarity on their diagnoses or treatment paths.

Available for Transcarent members, the service offers reassessments of medical conditions, making it easier for individuals to manage their health and make well-informed decisions with support from specialists across various fields. This collaboration underlines the growing importance of seamless, virtual health consultations​.

Accolade’s Commitment to Second Opinion Platforms: Accolade remains committed to offering second opinion services, having invested significantly in this space. In 2024, Accolade continues to empower employees with access to world-class expert consultations before making major health decisions, such as whether to undergo surgery.

Their ongoing investment, including the acquisition of a second opinion platform for $460 million, reflects the company's dedication to supporting employees with reliable and timely healthcare advice. This initiative helps individuals access the expertise of top specialists, which is vital for making informed medical decisions​.

Medical Second Opinion Market Segmentation

Medical Second Opinion Application Outlook

• Cancer


• Diabetes


• Cardiac Disorders


• Neurological Disorders


• Respiratory Disorders


• Ocular Disorders

Medical Second Opinion Source of Service Outlook

• IN-HOUSE


• OUTSOURCED

Medical Second Opinion Services Outlook

• Medical Condition Management


• Post-Acute Care Nursing


• Medical Peer Review Services

Medical Second Opinion Type Outlook

• Hospitals Physicians/Specialties


• Online Physicians Portal


• Medical Second Opinion Companies


• Health Insurance Companies

Medical Second Opinion Regional Outlook

• North America


• US


• Canada


• Europe


• Germany


• France


• UK


• Italy


• Spain


• Rest of Europe


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America