Global Medical Second Opinion Market - 2023-2030

Global Medical Second Opinion Market - 2023-2030

The global medical second opinion market reached US$ 4,344.8 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 12,701.8 million by 2030. The medical second opinion market is expected to exhibit a CAGR of 14.8% during the forecast period (2023-2030). The telemedicine trend in the market is driving the growth of the medical second opinion market.

People are using medical second opinion services through telephonic conversation with their doctors, which also eliminates the physical presence of patients and their doctors for their treatment. In countries like Brazil, telemedicine is helping to fill the healthcare gaps, allowing physicians to monitor patients' needs and eliminate treatment delays quickly.

A second medical opinion can be used to confirm or change a recommended course of therapy made by another doctor. A second medical opinion may have a significant impact on the diagnosis, course of treatment, and prognosis. By optimizing the course of treatment, the patient can avoid unneeded hazards. Less exposure to legal claims benefits doctors, while improved care, quality control, and cost savings from unneeded surgeries and treatments benefit healthcare organisations.

However, using this technology carelessly can result in irrational medical expenses. The factors such as growing cases of cancer, neurological disorders, technological advancements, and market developments are expected to boost the global medical second opinion market growth over the forecast period.

Market Dynamics

Increased incidence of neurological disorders is driving the medical second opinion market growth

In many parts of the world, including in the U.S., neurological illnesses are a severe and growing problem. Unfortunately, a lot of people do not properly comprehend neurological illnesses, including what they are and how they affect the overall quality of life for those who are affected. The market is fueled in part by the rise in neurological illnesses.

For instance, according to Classic Rehabilitation, Inc., almost 7 million individuals worldwide pass away each year as a result of a neurological ailment, and more than 1 billion people are affected by one or more neurological diseases. As a result, diseases are on the rise, which stimulates market expansion.

The lack of awareness will hamper the global medical second opinion market growth

However, in developing countries, there is a lack of knowledge and desire to seek a second medical opinion. Most people believe that online second opinions from doctors are only for serious medical situations. This is expected to hamper the market growth.

COVID-19 Impact Analysis

The global market for medical second opinions has benefited from COVID-19, which further encouraged growth as the pandemic spread. There may not be enough high-quality therapies accessible because the majority of people have health insurance that covers their care and the facilities are currently at capacity. In these cases, a second medical opinion is really helpful and assists the market. Making a decision among the wide range of treatments offered on the market is challenging. To receive the best care with the greatest effectiveness and dependability, the patient may use a second medical opinion.

Russia-Ukraine Conflict Analysis

The Russia-Ukraine is estimated to have a minimal impact on the global medical second opinion market, owing to the low prevalence and absence of key market players in this region. However, the impact of the import and export of raw materials, test products, and devices is anticipated to have little influence over the global medical second opinion market over the forecast period.

Artificial Intelligence Impact Analysis

Artificial intelligence is anticipated to impact positively for the global medical second opinion market. There should be a right to a second opinion for diagnosis and treatment planning aided by artificial intelligence (AI), but this right should not always be interpreted as a right to a physician's view. Another independent AI system may be able to satisfy the need for a second opinion.

Segment Analysis

The global medical second opinionmarket is segmented based on disorder, service provider, and region.

The medical second opinion providing companies segment is estimated to hold a majority of the medical second opinion market share during the forecast period

The medical second opinion providing companies segment holds about 33.2% market share of the total medical second opinion market. Medical second opinion providing companies segment growth is driven by the companies that offer risk-free services to patients and provide medical second opinions. For instance, online second opinions from medical second opinion providers offer patients a quick, easy, and secure option to acquire responses to their inquiries concerning a diagnosis or course of therapy.

People can contact with a knowledgeable doctor who specializes in their particular medical requirements through an online second opinion programme. Additionally, the segment is also driven by corporate initiatives including partnerships and acquisitions.

For instance, on January 14, 2021, Accolade, Inc., a company that offers individualized, tech-enabled solutions to help people better understand, navigate, and use the healthcare system and their workplace benefits, announced that it entered into a legally binding agreement to acquire Innovation Specialists, LLC (d/b/a 2nd.MD), a prominent provider of expert medical advice and medical decision support services with headquarters in Houston, Texas.

Geographical Analysis

North America is estimated to hold the largest share of the global medical second opinion market during the forecast period

The North America region holds the largest share of the global medical second opinion market accounting for approximately 39.4% over the forecast period.

The use of telemedicine technologies enables communication between doctors and patients across geographic borders. During the forecast period, the market for medical second opinions is anticipated to benefit greatly from the considerable advantages of telemedicine technology and rising investments.

For instance, TeleHealth Solution (THS) received funding in March 2020 from innovative Capital Partners (NCP), a private equity company in Birmingham, Alabama, to create innovative telemedicine technology. Nursing services, long-term care, and assisted living facilities will benefit greatly from these new technology. In order to make healthcare more easily accessible to a broad number of individuals, the firm plans to establish pre-consultations, second medical opinions, and appointment-booking systems with the aid of this financing.

Competitive Landscape

The major global players in the market include Mediguide International LLC, WorldCare Inc, Cynergy Care, AXA PPP Healthcare, Cleveland Clinic, Helsana Group, Teladoc Health, GrandOpinion, and Lybrate, among others.

Why Purchase the Report?
• To visualize the global medical second opinion market segmentation based on disorder, service provider, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of medical second opinion market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global medical second opinion market report would provide approximately 53 tables, 54 figures, and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies