Medical Second Opinion - Market Insights, Competitive Landscape, and Market Forecast - 2027

Medical Second Opinion - Market Insights, Competitive Landscape, and Market Forecast - 2027

Medical Second Opinion Market By Disorder Type (Organ Transplant, Cardiac Disorder, Hematologic Blood Disorders, Orthopedic Disorders, Cancer, And Others), By Service Provider (Hospitals, Health Insurance Companies, Online Services, And Others), and by geography is expected to advance at a respectable CAGR forecast till 2027 owing to the increasing prevalence of various chronic diseases across the globe and the surging preference for healthcare cost optimization

The global medical second opinion market is estimated to grow at a CAGR of 16.79% during the forecast period from 2022 to 2027. The medical second opinion market is observing substantial market growth due to the growing prevalence of cancers, infectious diseases, genetic diseases, cardiovascular diseases, hematological diseases, orthopedic diseases, and others across the globe. The increasing prevalence of chronic diseases will increase the overall patient pool across the globe, thereby creating a necessity for a medical second opinion in the market. Furthermore, the surging preference for healthcare cost optimization, the growing emphasis on superior treatment outcomes, the increasing need for improved diagnosis and treatment, the surging demand for better interaction between patients and physicians, and the increasing launches of virtual medical second opinion services, will create a requisite for the medical second opinion in the market. Therefore, the medical second opinion market is estimated to grow at a substantial CAGR during the forecast period from 2022 to 2027.

Medical Second Opinion Market Dynamics:

The rising burden of various cancers, cardiovascular disorders, hematologic blood disorders, orthopedic disorders, infectious diseases, and genetic diseases across the globe is driving the medical second opinion market. According to the World Health Organization (WHO) 2022, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The new cases of breast cancer in 2020 were 2.26 million cases, across the globe. The same source stated that lung cancer accounted for 2.21 million new cases, colon and rectum cancer for 1.93 million new cases, prostate cancer with 1.41 million new cases, skin cancer accounted for 1.20 million new cases, and stomach cancer new cases were 1.09 million, reported globally in 2020.

The increasing prevalence of hematological diseases such as sickle cell anemia, thalassemia, and others also affects the market of medical second opinion positively. For instance, according to the World Health Organization (WHO) 2022, it was estimated that each year over 300,000 babies with severe forms of these diseases are born worldwide, the majority in low and middle-income countries.

Thus, the increasing prevalence of cancer across the globe will increase the demand for a medical second opinion as these services are used to obtain additional information that can be useful in improving the disease's treatment outcomes. After a second opinion, the patients may plan their treatment accordingly. Therefore, the rising burden of chronic disease will increase the demand for a medical second opinion.

Moreover, growing healthcare-related expenses will also drive the demand for medical second opinions around the world as it is used as a cost optimization tool. In addition, the second medical opinion market is fueled by a growing emphasis on reducing additional costs and increased awareness about possible exploitation from healthcare organizations, particularly in low- and middle-income countries. Medical second opinions can provide customers with a wealth of information when making important decisions about surgery in the primary case. Furthermore, medical second opinion specialists analyze surgical procedure recommendations based on new medical diagnoses, examination of existing medical data, and evaluation of different therapeutic alternatives to surgery. These characteristics of the second opinion can result in a decrease in the cost of treatment, ultimately increasing the demand for the medical second opinion.

Therefore, the factors stated above collectively will drive the overall medical second opinion market throughout the forecast period from 2022-2027.

However, less awareness about a medical second opinion, higher cost of a medical second opinion, and others may halt the market growth of medical second opinion.

The medical second opinion market was positively impacted during the period of COVID- 19 pandemic. During the initial stage of the pandemic, the demand for physical medical second opinion suffered a loss due to the lesser visit of patients to hospitals or clinics for the treatment or diagnosis of a disease owing to the imposition of strict lockdown rules around the world. However, with the increasing demand for virtual medical second opinions during the pandemic, the demand for the medical second opinion increased exponentially. Patients preferred the virtual mode of medical second opinion service as patients were getting a consultation at their place at their ease and without risking their lives. Likewise, the flexibility in lockdown restrictions, the administration of a vaccine to the public, the resumption of patients to clinics and hospitals second opnion, and with the increasing demand for a virtual medical second opinion, the demand for medical second opinion increased and is expected to grow during the forecast period.

Medical Second Opinion Market Segment Analysis:

Medical Second Opinion Market by Disorder Type (Organ Transplant, Cardiac Disorder, Hematologic Blood Disorders, Orthopedic Disorders, Cancer, and Others), Service Provider (Hospitals, Health Insurance Companies, Online Services, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the disorder type segment of the medical second opinion market, the orthopedic disorder segment is expected to have a significant revenue share in the year 2021. This was primarily owing to the increasing prevalence of various orthopedic diseases such as Arthritis, Osteoarthritis, Rheumatoid Arthritis, Bursitis, Elbow Pain and Problems, Cubital Tunnel Syndrome, Hip Fracture, Low Back Pain, Hand Pain and Problems, Carpal Tunnel Syndrome, and others.

For instance, as per the World Health Organization (WHO) 2021, it was estimated more than 23 million people globally suffered from rheumatoid arthritis in the year 2020 – 2021. As per the same source, it was estimated that by the year 2030, the number of patients suffering from rheumatoid arthritis will get double.

Further, as per the Centers for Disease Control & Prevention (CDC) 2020, around 1.9 million people can get affected by carpal tunnel syndrome, and every year 300,000 to 500,000 surgeries are performed to correct this condition.

Additionally, a recent analysis of Global Burden of Disease (GBD) 2019 data showed that approximately 1.71 billion people globally lived with musculoskeletal conditions, including low back pain, neck pain, fractures, other injuries, osteoarthritis, amputation, and rheumatoid arthritis, in 2019.

Therefore, owing to the increasing prevalence of orthopedic diseases, the demand for orthopedic disease-related medical second opinion services upsurges to get the best possible treatment at an affordable cost, thereby the category is expected to witness considerable growth eventually contributing to the overall growth of the global medical second opinion market during the forecast period.

North America is expected to dominate the overall Medical Second Opinion Market:

Among all the regions, North America is expected to dominate the global medical second opinion in the year 2021 and is expected to do the same during the forecast period from 2022-2027.

This can be ascribed to the increasing demand for medical second opinions among the patients in the region owing to the increasing prevalence of various diseases such as cancers, cardiovascular, diabetes, infectious, and others. The rising burden of geriatric patients prone to chronic diseases, increasing demand for a virtual medical second opinion, and others are among the key factors that contribute to the growth of the medical second opinion market in North America during the forecast period from 2022 - 2027.

For instance, according to GLOBOCAN 2021, the total number of new cancer cases was 2,281,658 in the United States, in 2020. The rising cases of cancers will increase the demand for medical second opinions these services are used to obtain additional information that can be useful in improving the disease's treatment outcomes at an affordable cost.

Additionally, the presence of various insurance providers who is covering the second opinion service in the portfolio in North America will also propel the demand for a medical second opinion. Also, owing to the presence of advanced healthcare infrastructure and a well-informed patient base.

Several organizations in the region assist patients with second views, such as WorldCare International Inc., which connects members with doctors to examine treatment plans, confirm diagnoses, answer questions, and provide prompt second opinions.

Therefore, the interplay of the aforementioned factors above would provide a conducive growth environment for the North American region in the medical second opinion market.

Medical Second Opinion Market Key Players:

Some of the key market players operating in the medical second opinion market include Second Opinion International, EMS, 2nd.MD, WorldCare, MediGuide International, LLC., AXA, Cleveland Clinic., USARAD Holdings, Inc., a Nanox company, London Pain Clinic, Johns Hopkins University, Kauvery Hospital, Yashoda Hospitals., Vidal health insurance tpa pvt ltd., FOREIGN OPD, SecondMedic., and others.

Recent Developmental Activities in the Medical Second Opinion Market:

In January 2022, Apollo Hospitals Group collaborated with “The Clinic” by Cleveland Clinic, to bring international second opinion services to their patients.

In January 2021, Accolade, a startup that helps patients navigate their health benefits, plans to acquire the second medical opinion platform 2nd.MD for $460 million.

In August 2020, ConsumerMedical acquired a virtual second opinion innovator. This acquisition streamlines the delivery of critical, expert medical guidance which gives participants facing serious and complex illnesses a more convenient, tech-enabled, and virtual experience.

Key Takeaways from the Medical Second Opinion Market Report Study

Market size analysis for current medical second opinion market size (2021), and market forecast for 5 years (2022-2027)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the medical second opinion market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global medical second opinion market.

Various opportunities available for the other competitor in the medical second opinion market space.

What are the top-performing segments in 2021? How these segments will perform in 2027.

Which are the top-performing regions and countries in the current medical second opinion market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for medical second opinion market growth in the coming future?

Target Audience who can be benefited from this Medical Second Opinion Market Report Study

Medical second opinion service providers

Research organizations and consulting companies

Medical second opinion-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in the medical second opinion

Various end users who want to know more about the medical second opinion market and the latest developments in the medical second opinion market.

Frequently Asked Questions for the Medical Second Opinion Market:

1. What is a medical second opinion?

The medical second opinion, is a type of service that provide additional consultation, taken by the patient after the primary diagnosis. The patient can go for a medical second opinion if the patient feels dissatisfied with the diagnosis or if there is a need for further validation in case of some serious surgical procedures.

2. What is the global market for the medical second opinion?

The global medical second opinion market is estimated to grow at a CAGR of 16.79% during the forecast period from 2022 to 2027.

3. What are the drivers for the global medical second opinion market?

The medical second opinion market is witnessing positive market growth owing to the factors such as the growing incidence of chronic diseases, the surging preference for healthcare cost optimization, growing emphasis on superior treatment outcomes, the increasing need for improved diagnosis and treatment, surging availability and demand of virtual medical second opinion especially after the pandemic, presence of key players in the market, and others will create an exigency for the medical second opinion market.

4. Who are the key players operating in the global medical second opinion market?

Some of the key market players operating in the medical second opinion market include Second Opinion International, EMS, 2nd.MD, WorldCare, MediGuide International, LLC., AXA, Cleveland Clinic., USARAD Holdings, Inc., a Nanox company, London Pain Clinic, Johns Hopkins University, Kauvery Hospital, Yashoda Hospitals., Vidal health insurance tpa pvt ltd., FOREIGN OPD, SecondMedic., and others.

5. Which region has the highest share of the medical second opinion market?

Among all the regions, North America is estimated to hold a significant revenue share in the global medical second opinion market. This can be ascribed to the increasing demand for medical second opinion among the patients in the region owing to the increasing prevalence of various diseases such as cancers, cardiovascular, diabetes, infectious, and others. Further, the rising burden of geriatric patients prone to chronic diseases, increasing demand for a virtual medical second opinion, and the presence of key domicile players in the region are the reasons which act as a supportive factor for the North America medical second opinion market growth.