Medical Second Opinion Market Report

Market Insights

The Global Medical Second Opinion Market is projected to grow from USD 3.56 billion in 2020 to USD 10.24 billion by 2026 at a CAGR of over 19.3% during the forecast period.

Figure: Global Medical Second Opinion Market Size, 2020-2026 (USD Billion)

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What is Medical Second opinion?

A medical second opinion is referred to as an additional consultation taken by the patient after the primary diagnosis. The patient can further opt for a medical second opinion if the patient feels dissatisfied with the diagnosis or if there is a need for further validation and confirmation in case of some serious surgical procedures. This service is usually considered for chronic diseases such as neurological disorders, ocular disorders, and nephrological disorders.

Key Players

Key players operating in the global medical second opinion market are-

• Medisense Healthcare Solutions Pvt. Ltd. (India),
• Second Opinion International (The U.S),
• Elite Medical Services (Elite Medical Services),
• Cigna (The U.S),
• Helsana (Switzerland),
• WorldCare (The U.S),
• Vidal Health Insurance TPA Pvt Ltd (India),
• Medix (The U.S),
• AXA (France), and
• 2nd.MD (The U.S).

Market Dynamics

Growing preference for healthcare cost optimization is the key factor augmenting the demand for medical second opinion services.

• In addition, growing awareness among people, reducing financial costs, increasing the need for improved diagnosis and treatment planning further bolster the market growth.
• Also, growing superior treatment outcomes, increasing number of hospitals worldwide, ease of interaction, rising population in the emerging countries, and growing prevalence of diseases due to change in lifestyle further propels the industry growth.

Segment Analysis

Service Providers Trends

By service providers, the medical second opinion market has been segmented into hospitals, health insurance companies, and online services.

• Under these, the hospitals segment garnered the highest market share in 2020 and is likely to register the fastest CAGR in the following years.
• This is mainly attributed to the feasibility they offer to the patients, technological advancements, rise in incidence and prevalence of asthma and COPD, and growing geriatric population, thus promulgates the segment growth.

Regional Trends

By region, the North American market accounted for the largest share in 2020 and is projected to grow at a healthy CAGR during the assessment period. This is mainly attributed to advanced healthcare infrastructure, increasing awareness among people in the region, growing prevalence of diseases due to change in lifestyle, and increasing favourable government initiatives, further augments the regional growth. Rising treatment planning amongst people is also expected to contribute the regional market growth.

COVID-19 Impact on Global Medical Second Opinion Market

The ongoing COVID-19 pandemic has significantly driven the medical second opinion industry. The outbreak of COVID 19, resulting in an increased demand for the second opinion provided by physicians and health insurance providers.

The physicians recommend the patients to consider a second opinion if there is a scope for better detection and diagnosis of the disease. The health insurance providers also recommend a second opinion to know about the insurance coverage for various medical services.

Critical Questions Answered in the Report

• What are the key trends in the global medical second opinion market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on the global medical second opinion market?
• What are the key strategies adopted by the major vendors to lead in the global medical second opinion market?
• What is the market share of the top vendors?

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Target Audience

• Medical second opinion companies
• Medical second opinion organizations
• Hospitals
• Medical insurance companies
• Online service providers

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