Medical Second Opinion Market Size

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 (2023 - 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. The World Health Organisation estimates that in 2019, problems from surgical operations affected about 25% of patients. Due to these reasons, more people are seeking a second opinion.

In order to improve cancer detection and treatments, people are more interested in seeking a medical second opinion, according to the Annals of Surgical Oncology. According to the World Health Organisation, around 10.6 million people worldwide died from cancer in 2019. The prevalence of cancer has also increased as a result of an increase in risk factors such as excessive alcohol and cigarette use, obesity, and a poor diet. In conclusion, a significant growth driver for the market CAGR in the next years will be the high prevalence of cancer and the growing number of cancer patients seeking second opinions. Patients with cancer tend to want a second opinion because they think that doctors may be able to offer more information and alternative treatment options. Getting a second opinion involves a patient asking a few other specialized doctors to confirm their diagnosis and validate their course of therapy, as well as an alternate review of their diagnosis.

Many people now seek a second opinion before major surgical procedures due to the growing gulf between the public and medical professionals in recent years. Increased exposure to risk factors, including smoking, binge drinking, eating poorly, and being overweight, is also anticipated to worsen the rising cancer prevalence. Consequently, throughout the forecast period, it is anticipated that rising cancer rates and the number of cancer patients seeking a second opinion will hasten the expansion rate of the market for medical second opinions. Thus, driving the medical second opinion market revenue.

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. For instance, according to the WHO, cancer will be the leading reason for the death globally in 2020, accounting for around 10 million fatalities, or about one in every six deaths. 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 2023 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.COM

Medical Second Opinion Industry Developments

January 2023:Amwell, a telehealth provider, and Transcarent, a provider of digital health services, teamed up to create the Clinic by Cleveland Clinic, a project for virtual therapy. Members of Transcarent will be entitled to a second, individualized opinion and a reassessment of their diagnosis or treatment plan.

January 2022:To provide their patient's access to foreign second opinions, Apollo Hospitals partnered with the Cleveland Clinic in the US. Anyone interested in receiving a second opinion from a qualified expert on the other side of the globe should contact an Apollo consultant.

January 2022:For $460 million, Accolade purchased a platform for second opinions. Employees should have access to a second opinion when making important medical decisions, such as whether or not to have surgery.

January 2021:Lybrate, a company that helps patients understand their health benefits, will purchase MD for D 460 million. The idea is to give employees access to a second opinion when making crucial health decisions, like whether to have surgery.

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