The global market for the Medical Second Opinion Services is anticipated to develop at a compound annual growth rate (CAGR) of 16.8% throughout the course of the forecast, to reach $ 10.73 Billion by 2027.
The global medical second opinion services market value is estimated to be worth USD 12,839.48 million by 2028, backed by a robust CAGR value of 17.9%. This impressive growth of the market is achieved by various factors majorly influencing the market such as patient awareness, patients seeking additional insights regarding treatment options that the first doctor may not have mentioned. Additionally, patients now-a-days take well-informed decisions about healthcare and treatment plans which is also boosting the global medical second opinion services market.
However, clash of opinions between the first and second doctors, uncertainties bothering the patients, time management inefficiencies, high risks of further complications, and ethical issues are likely to hamper seamless growth progression in global medical second opinion services market. On the contrary, massive scope in digitization, wider access to the internet, and teleconsultation features are anticipated to improve growth opportunities in global second opinion services market.
Second opinion is a common practice that enables the patients and the physicians to validate and approve their diagnosis, assess the therapeutic practices recommended to the patients. Second opinion is usually triggered by the patients to understand additional treatment options that may not have been suggested by the first doctor. For example, patient seeking second advise whether to continue to undergo surgery recommended by the first doctor.
Second opinion is either used to get more insights on a treatment options available for a particular disease or a disorder or to get more information regarding one’s health condition. The purpose of second opinion is to facilitate alternative diagnostic methods, treatment plan, or both. Recommendations given by a second opinion doctor for a cataract surgery can also be classed under second opinion. The competitive ecosystem of the medical second opinion services market is highly diverse marked by the presence of highly efficient regional and local players. The well-established players are experiencing fierce competition from the emerging players as they are providing comprehensive services to the patients seeking second opinion and also with the help of technology such as remote Comprehensive Second Opinion. This is disrupting the well-established players’ conventional approaches resulting in opportunity development for the new entrants in global second opinion services market.
The key service providers based on the disorders of the global medical second opinion services market are Grand Rounds, Partners Healthcare, Lybrate, GrandOpinion, Teladoc, Helsana, Cleveland Clinic, AXA PPP Healthcare, Mediguide International, Cynergy Care, and WorldCare among others. Besides these key players, the other services providers are showing keen interest in the market space striving to establish a global footprint in the market. They are providing the comprehensive second opinion service that is benefiting the patients in terms of cost savings, health benefits, providing all the essential services to the patients improving patient satisfaction. This is attracting more patients demanding second opinion services in many areas of disease and as a result the service providers are expanding their global outreach.
Medical Second Opinion Services Market Scope
|Revenue forecast in 2027
|$ 10.73 Billion
|CAGR of 16.8% during 2017-2027
|Based on disorders, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Medisense Healthcare Solutions Pvt. Ltd., Second Opinion International, Elite Medical Services, Cigna, Helsana, WorldCare, Vidal Health Insurance TPA Pvt Ltd, Medix, 2nd.MD, and AXA are among the leading companies operating in the medical second opinion market.
Key Segments of the Global Medical Second Opinion Services Market
Service Provider Overview (USD Billion)
- Health Insurance Companies
- Online Services
Disorders Overview, (USD Billion)
- Cardiac disorders
- Neurological disorders
- Nephrological disorders
- Hematologic blood disorders
- Organ transplant
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa
Reasons for the study
- The study presents the development status of the medical second opinion services market along with a detailed coverage of the competitive landscape and development models incorporated in various regions across the world.
- Different types of products and services and their competitive advantages in the market with investment opportunities in the same are explained in the report.
- The study aims to give a comprehensive outlook of the global medical second opinion services market to help market participants navigate well and benchmark against the competitors in the market.
- To ensure that readers could stay aware of every aspect having major influence on the market and stay ahead of the competitive landscape.
What does the report include?
- The study encompasses current competitive landscape of the industry including efficient local and global market participants as well as promising new entrants.
- The research studies the market by classifying it into service providers, disorder type, and region so as to give detailed insights on the market and underlying opportunities.
- The study of the global second opinion services market for 2021 with key financial information such as market size, future forecasts for 2018-2028 for all the segments mentioned here.
Who should buy this report?
- The report is intended to offer useful insights to the patients, doctors, service provider and all the entities in the healthcare space.
- Consultants, researchers, R&D experts, and the rest public seeking insights shaping the global medical second opinion services market.
Frequently Asked Questions (FAQ) :
The growing focus on engaging the patients for better second opinion services, comprehensive services available for emergency cases, digital led services, better patient outcomes are the key reasons driving the demand for medical second opinion solutions. Second opinion are becoming the primary means for the patients seeking deeper insights on their heath conditions and want to know whether more treatment options are available for their medical condition rather than opting the one suggested by earlier physician.
The second opinion for medical and insurance plans also enables efficient cost utilization and a source to clear their doubts regarding their health and insurance. The growing tendencies of medical institutions and medical professionals in exercising high-tech marketing initiatives governed by judicious adoption of digital technologies is further augmenting reliance on second opinion in medical and insurance fields. Also, second opinions allow the service providers or medical professionals companies to engage directly with the patients in a much friendly way at the same time providing an engaging experience and health benefits from the services. An increasing number of patients and customers are taking second opinion as they are provided with various other benefits besides the key benefits.
Service Provider Segment
Depending on service provider segment, the market is studied on the basis of classifications namely hospitals, health insurance companies, and online services. The hospitals and health insurance companies segment gathered a measurable share and market value in 2021 and are anticipated to see a considerable growth in the coming years. The aforementioned advantages coupled with better cost management and improved patients and customer outcomes are expected to boost the market value for the hospitals and health insurance companies segment in the global medical second opinion services market in the forecasted period.
Disorder Type Segment
Depending on the type of disorders the market is bifurcated into segments namely cancer,
orthopedic, cardiac disorders, neurological disorders, nephrological disorders, hematologic blood disorders, COPD, and organ transplant. In the previous and the ongoing year, cancer,
orthopedic, and cardiac disorders have recorded the highest market share and are projected to hold better position during the forecast years. The growth of these market segments is mainly ascribed to the growing prevalence of these diseases, patients getting more cost saving and related benefits from second opinions, and innovative offerings by the service providers.
The North American region witnessed major growth in 2021 and is anticipated to capture good growth in the forecasted years. This is due to increasing patient awareness, high income population, world class firms in this region, and health benefits. At the same time, APAC and MEA also recorded highest growth in the market due to increasing patient outcomes, established and more adoption of health insurance plans, and expansion of medical institutions. These are key factors driving growth of global medical second opinion services market in the region. Furthermore, the MEA gathered moderate share in the market due to less awareness and more people living below poverty level enable to access the services.