Technological advancements that have streamlined the process of obtaining second opinion by connecting veterans, employers, and insurance adjusters are expected to provide new opportunities for the Global Medical Second Opinion Services Market
In medicine second opinion is a type of medical service that confirms the diagnosis and treatment plans suggested by original doctors and allows the concerned person to explore additional treatment options. For example, a patient taking a second opinion whether to undergo a cardiac surgery recommended by first doctor. Second opinion is usually triggered by patients who are unable to take a firm decision on the suggestions given for their medical condition by their first doctor or when the patient wants to understand their medical condition more clearly and explore alternative treatment options.
The global medical second opinion services market size is projected to reach a market value close to USD 12,839.48 million by 2028 at a CAGR of 17.9% over the forecast years 2021-2028. The medical second opinion service is either used to ratify the diagnosis of the first doctor or used to see more treatment plans is referred to second opinion in medical science. The purpose of second opinion services is to help patient or the concerned person decide which treatment is appropriate for your particular situation. Getting insights about the major medical procedure or surgery from another medical expert in the same field can also be classed under the second opinion services.
The future of the second opinion services is very exciting and attractive for market investors as second opinion services are result oriented and nowadays with best utilization of technology the service providers are offering easy, convenient and online services as well. Additionally, more such services that satisfy the patient are being provided which has become the key factor in growth of the Global Medical Second Opinion Services. Also, second opinion services when coupled with technology such as telemedicine healthcare is offering tremendous opportunity for growth to the Global Medical Second Opinion Services.
However, even though second opinion have proved to be beneficial to patients, associated ambiguities, high costs, or long wait times thereby diminishing the quality of care may act as the major barrier for the Global Medical Second Opinion Services. The advancement in technology, streamlined connection of patients with world-class platforms, improved infrastructure is anticipated to be an opportunity to the Global Medical Second Opinion Services Market.
Adroit Market Research report on the Global Medical Second Opinion Services Market presents an exhaustive outlook of the market considering the historic years 2018-2020, base year 2020, and forecast years 2021-2028. The key factors majorly influencing the market are studied holistically such as drivers, restraints, opportunities, and market challenges that may be faced by player in near term and long run. The report presents the current state of the market and future traits of the market at local and global market level. All the key aspects of the market included in the study are assessed with the help of Porter’s Forces Model. The competitive landscape of the market is explained in detail covering all the leading players worldwide, product portfolio, geographic outreach, strategic initiatives, and financial information of the competitors.
The current market for second opinion services considering different types of disorders like cancer, spine surgery, etc is attractive. The level of interest on receiving second opinion is growing over time. Thus, competitors are pursuing different strategies to compete the market such as services like in-person, phone, or video call second opinions trying to fix the barriers of cost and wait time so that patients are satisfied and are turned into valuable customers.
In terms of service oriented segmentation the market is classified in three main types of service providers such as hospitals, health insurance companies, and online services. The hospitals recorded a maximum share in the global medical second opinion services market and is expected to boom in the forecasted years. At the same time the Health Insurance Companies, and Online Services is also gaining traction are more people are getting insured and opting the easy and convenient methods of receiving services like online second opinion services.
In terms of type of disorder the market is classified in multiple segments namely cancer, orthopedic, cardiac disorders, neurological disorders, nephrological disorders, hematologic blood disorders, COPD, and organ transplant. The cancer and neurological disorder are the segments gaining maximum momentum in the global medical second opinion services market. The factors such as high costs associated with treatments in these segments are enabling patients to tap other options for treatment with the help of second opinion.
The key service providers based on the disorders in 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. In providing second opinion medical professionals are taking actionable steps to provide greater care. Telemedicine introduced by some market players into their system is attracting more patients towards their services thereby helping the market players dominate the competitive landscape of the market.
Key Segments of the Global Medical Second Opinion Services Market
Service Provider Overview, 2018-2028 (USD Million)
- Health Insurance Companies
- Online Services
Disorders Overview, 2018-2028 (USD Million)
- Cardiac disorders
- Neurological disorders
- Nephrological disorders
- Hematologic blood disorders
- Organ transplant
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa