Europe Medical Second Opinion Market

Europe Medical Second Opinion Market Size (2024 to 2032)

The size of the Europe medical second opinion market was valued at USD 1.48 billion in 2023. This market is expected to grow at a CAGR of 17.31% from 2024 to 2032 and be worth USD 6.23 billion by 2032 from USD 1.74 billion in 2024. 

MARKET SCENARIO

The increasing awareness among the people regarding disease conditions is raising the trend of medical second opinions and driving the growth of the European medical second opinion market. People being more aware allows them to consult more than one medical professional to better understand the diagnosis, treatment, and disease condition, accelerating the growth rate of the European market. The high costs of medical procedures and legal issues demand that people seek second opinions, which is becoming popular and influencing the regional market growth positively. Various studies state that approximately 68% of patients seek a second opinion to receive a different diagnosis and 65% receive certainty about the diagnosis and available treatments. In the case of major surgeries and long-term treatment procedures, people are open to consulting more than one doctor to understand better the disease condition and treatment, contributing to the growth of the European medical second opinion market. 

The financial status of many people is making them think of an alternative therapy with cost-effectiveness, allowing them to consult various doctors and select the convenient method, propelling the growth of the European market size. Most private and public insurance companies recommend a second opinion before surgery to reduce expenses, accelerating the market growth by benefiting both healthcare and patients.

The growing incidence of chronic diseases in Europe is significantly boosting the European medical second opinion market growth. People in Europe prefer to opt for a second medical opinion for diseases such as ocular, neurological, pulmonary, and nephrological disorders. The outbreak of COVID-19 extends to rising demand for second opinions arranged by physicians and health insurance providers. The availability of advanced healthcare infrastructure, an increasing number of initiatives by the governments of European countries in favor of medical second opinion, rising investments towards mobile health and eHealth care systems, and surging involvement of second opinion services for employee benefit plans are propelling the growth of the medical second opinion market in Europe. The telemedicine industry has been growing at a promising pace and is anticipated to increase at the same rate with rising investments by hospitals, clinics, and venture capitalists. A regular increase of chronic diseases and augmenting prominence on superior treatment results are further predicted to mount the market growth.

The scarcity of knowledge and technological advancements is hindering the market. Moreover, a lack of full knowledge of the processes available options impedes the market. Stable economies in financial strategies among developed and developing countries may impact the market negatively. Less knowledge and hesitancy in choosing medical second opinion in emerging nations hinder the market. In most undeveloped areas, taking a second opinion is considered disrespectful to the medical professional capabilities. Second opinions are highly discouraged and disregarded, which hampers the market growth. Many people are reluctant to use medical second opinion due to a lack of awareness, hindering the growth of the European medical second opinion market. The high cost of medical second opinions is limiting the market expansion. Hospital and consultation costs are rapidly increasing with the advancements in the healthcare system across the region. Differences in the opinions of the physicians affect the patient's situation. If neither consultation gives exact results, people worry about their health. Each physician has a different medical approach and diagnosis method.

SEGMENTAL ANALYSIS

Europe Medical Second Opinion Market Analysis By Disease

• Cancer
• Cardiac Disorders
• Diabetes
• Injuries

The cancer segment held the largest share, 30.6%, in the European medical second opinion market in 2022. The increasing prevalence of cancer across the region and the rising number of cancer patients seeking a second opinion is the prominent growth factor for the market expansion in this segment. According to the World Health Organization, cancer will account for more than 10 million deaths in 2021, or nearly one in every six deaths, making it the most prominent cause of death across the world. Most cancer patients prefer to have a second opinion to get additional information regarding the diagnosis and to gain knowledge on alternative treatment procedures. Patients consult a few additional expert doctors to confirm their diagnosis and know about the course of therapy.

Europe Medical Second Opinion Market Analysis By Supply Provider

• Hospitals
• Health Insurance Players
• Online and Offline Medical Second Opinion Providers
• Private clinics

The online and offline medical second opinion providers segment dominated the market in 2022 with the most significant share. Many consult these agencies for second opinions on medical matters, increasing market growth. Private clinics and hospitals are gaining traction as people go to another hospital or clinic for second opinions on their health condition and better alternative treatment procedures.

GEOGRAPHICAL ANALYSIS

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Following North America, Europe held the second position in the medical second opinion market revenue. Germany dominated the European market in 2022 due to increasing research and development activities for chronic cases, allowing people to seek second opinions for alternative medical treatment therapies. The increasing number of wrong diagnostics leading to patient mortality is increasing the adoption of medical second opinions in the UK and France. Medical records claim that 10% to 15% of fatal events in hospitals are reasons for diagnostic errors. Spain is expected to grow steadily over the forecast period due to increasing medical errors and rising costs of medical procedures. The UK is a developed country, and the rapid advancements in the healthcare system are making medical procedures expensive, which is the reason people are seeking second opinions in search of alternative, cost-effective methods.

KEY MARKET PLAYERS

The key players in the European medical second opinion market include Second Opinion International, Elite Medical Services, Helsana, Cigna, WorldCare, Medix, 2nd.MD (Innovation Specialists LLC), and AXA

KEY DEVELOPMENTS IN MARKET

• In January 2023, Cleveland Clinic launched a project for virtual treatment by the healthcare system, and telehealth company Amwell partnered with digital health company Transparent. Transparent members will be qualified to have a diagnosis or treatment plan reviewed and to receive a second opinion.
• In January 2021, the medical opinion platform MD was acquired by Lybrate, which assists patients in understanding their health benefits. This goal is to guide patients in making important health decisions to have surgery; the goal is to offer them access to a second opinion.