Medical Second Opinion Market

Global Medical Second Opinion Market Size (2024 to 2032)

The size of the global medical second opinion market was worth USD 4.87 billion in 2023. The global market is anticipated to grow at a CAGR of 18.22% from 2024 to 2032 and be worth USD 22 billion by 2032 from USD 5.76 billion in 2024. 

A medical second opinion is a secondary consultation the patient takes after the primary diagnosis. This concept helps the patients get proper treatment if all procedures occur at one facility. In addition, a second medical opinion can validate a diagnosis; thus, it significantly increases the treatment's accuracy. The patient can choose a second medical opinion if he is not satisfied with the diagnosis or needs additional validation in the event of serious surgery. There has been an increasing trend in second-opinion medical services, mainly due to the financial, health, and legal costs associated with the treatments.

Current Scenario of the Global Medical Second Opinion Market

The medical second opinion market acts as a complementary field for primary care while providing a platform for patient-physician interaction globally. The patient visits the doctor to receive treatment for a specific illness or illness. The doctor makes the diagnosis after analyzing the symptoms of the disease. Sometimes, the patient is unsatisfied with the treatment process and, therefore, chooses a second opinion from a health professional. Selecting a "Second Medical Expert" service provider is based on doctors' and health insurers' recommendations. The doctor may choose to recommend it if there is a better diagnosis. The patient may also consult health insurance providers for insurance coverage for second opinion services. As the patient gets a second opinion, service providers can coordinate with EMS providers to retrieve patient records such as prescriptions and illness histories; this will help the doctor provide an accurate diagnosis for better patient care.

MARKET DRIVERS

The growing preference for healthcare cost optimization and rising awareness among people propel the medical second opinion market.

Advances in telemedicine help fill gaps in health care, allowing physicians to monitor patient needs quickly and eliminate treatment delays, likely to provide lucrative growth opportunities for the medical second opinion market during the forecast period. In addition, individuals refer to the Internet and mobile applications for a second opinion before undergoing any procedure, thus opening a window of opportunity for the medical second opinion market.

The growing number of hospitals around the world and the increasing population suffering from various diseases in developing countries are boosting the global medical second opinion market growth.

The need for a medical second opinion is significant in chronic diseases, including ocular, neurological, pulmonary, and nephrological disorders, which are projected to drive the global medical second opinion market. The rising trend in medical second opinion services, owing to the financial, health, and legal expenses connected with treatments, is one of the other key factors boosting the global medical second opinion market. Growing skepticism about surgical treatments is a significant driver of the worldwide medical second opinion market, often advising patients to choose therapies and other kinds of therapy over surgery.

The growing investments in telemedicine technologies, rising modernization and technical improvement in the healthcare sector, and expanding R&D activities are expected to help generate new opportunities for the medical second opinion market. In recent years, a widening divide between people and medical experts has prompted many individuals to seek a second opinion before undergoing significant surgical operations. In addition, the rising prevalence of cancer is expected to be exacerbated by increased exposure to risk factors such as cigarette use, excessive drinking, poor nutrition, and obesity. As a result, rising cancer rates and an increase in cancer patients seeking a second opinion are predicted to accelerate the growth rate of the global medical second opinion market during the forecast period.

MARKET RESTRAINTS

The lack of awareness and unwillingness in emerging nations to seek medical second opinions is hampering the global medical second opinion market growth.

The growth of the global medical second opinion market is estimated to be hampered by an increase in the use of these instruments without caution, resulting in unnecessary medical expenses and preventing many individuals and healthcare institutions from accepting medical second opinion services. The flitting patient who goes from one doctor to another, getting a range of opinions, frequently contradicting, is one of the most significant challenges the industries are experiencing today. They are free to accept whatever counsel is provided because no one doctor oversees the therapy.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Medical Second Opinion Market Analysis By Disease

The cardiovascular diseases segment accounted for the largest share in 2023 in the global medical second opinion market and is expected to grow the fastest during the forecast period. The prevalence of unhealthy lifestyles, such as drinking, smoking, and unhealthy food, has increased cardiovascular diseases. In addition, the rise in population all over the globe has also increased the number of cases of these diseases. The procedure of treatment related to these diseases is costly and requires good quality healthcare services. The medical opinion helps the patient get the proper treatment at a fair price.

The diabetes segment is another lucrative segment and accounted for the second-largest share in the global medical second opinion market in 2023. The rise in population is a significant factor in the growth of this disease. The medical second opinion helps the patients connect with different health professionals who can review the problem differently, providing the best solution for the issues.

The injuries segment had the third-largest market share in 2023 and is expected to grow steadily during the forecast period. The rise in population has increased accidents and, thus, more injuries. The increasing growth rate of the population ensures the growth rate of the medical second opinion market.

Global Medical Second Opinion Market Analysis By Supply Provider

The health insurance players segment dominated the market in 2023 and are expected to grow faster during the forecast period. The health insurance players provide a second opinion to patients about their disease, the treatments, and the best medical facility they can afford. It has been the primary reason for the growth of this vertical.

The online services market segment contributes to a significant share of the market. It is likely to grow further during the forecast period due to increasing awareness among people to utilize Internet services. Online platforms are getting a significant boost due to the development of digital platforms globally. Online consultancy is expected to grow rapidly, and especially during the pandemic, it is expected to achieve a much better growth rate. Increasing awareness among people about the benefits of online consultancy is the primary factor contributing to this market's growth. Online platforms are getting significantly boosted due to the global development of digital platforms, making them more accessible and easier to use.

The hospitals segment had the third-largest market share, and people prefer hospitals because of the excellent quality of healthcare professionals in hospitals. In addition, people are more reliant on hospitals because they believe in their credibility over online consultants.

REGIONAL ANALYSIS

Geographically, the North American market contributed the largest share to the global medical second opinion market in 2023 and is anticipated to grow at a promising CAGR during the forecast period due to the favorable business environment for start-ups to grow and healthcare reforms such as the Affordable Care Healthcare Act. The key service providers in the region include hospitals and health insurance companies. The reason for driving the market's growth is an increase in the geriatric population in this region. In addition, the development of more healthcare facilities and emphasis on online consultancy due to rapid digitization have also contributed significantly to the revenue.

The European market is expected to capture the second-largest global market share during the forecast period. The growing aging population with health insurance significantly promotes the European market growth. In addition, the increased adoption of technology has increased the digitization of consultancy, thus helping market growth.

The APAC regional market is expected to showcase the highest growth rate during the forecast period and is likely to contribute a significant share of the global market during the forecast period. The high population and increase in population are major factors responsible for the growth of this market. In addition, the rising government initiatives promoting health insurance among people are also positively affecting the market.

KEY PLAYERS IN THE GLOBAL MEDICAL SECOND OPINION MARKET

The list of key market participants leading the Global Medical Second Opinion Market profiled in this report are Amradnet, London Pain Clinic, Johns Hopkins USA, Cynergy Care, Bright Grey Royal London Group, Helsana Group, Mendocino County Mental Health, Hyjiya Digital Wellness FZCO, and Penn Medicine.

RECENT HAPPENINGS IN THE MARKET

• HCA hospitals have partnered with various medical providers, such as Blossoms Healthcare, London Bridge Hospital, and Roodlane Medical, to provide second-rate services for various medical problems.
• In January 2018, Cleveland Clinic and Martin Health System announced a subsidiary agreement to exchange the best cardiology and cardiac surgery practices, optimize patient-centered care, develop quality improvement programs, and deliver efficient results.

DETAILED SEGMENTATION OF THE GLOBAL MEDICAL SECOND OPINION MARKET INCLUDED IN THIS REPORT

This market research report on the global medical second opinion market has been segmented and sub-segmented based on disease, supply provider, and region.

By Disease

• Cancer
• Cardiac Disorders
• Diabetes
• Injuries

By Supply Provider

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

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa