Medical Second Opinion Market Forecast
Medical Second Opinion Market is expected to hold a value of USD 9751.58 Million by 2027 and is expected to register a growth of 15.8 % from 2020 to 2027.
A second opinion is a result of seeking an evaluation by another doctor or surgeon to confirm the diagnosis and treatment plan of the primary physician, or to offer an alternative diagnosis and/or treatment approach. High demand for the second opinion due to the outbreak of COVID 19, financial, health and legal costs involved in the treatment, increased need to improve diagnosis and treatment planning are the key factors that are expected to drive the medical second opinion market growth. For instance, cancer patients usually prefer medical second opinion for more information or a different treatment option or decision to avoid complications. According to the Centers for Disease Control and Prevention (CDC) 2017 US report, the number of deaths due to cancer was 5, 99,108. Thus, improvement in diagnosis and treatment can reduce the number of deaths of cancer patients. Moreover, increasing instances of medical errors, reducing financial costs of medical services and ease of interaction, and health insurance emphasizing on the second opinion for effective management of health claims are also expected to boost the medical second opinion market growth.
The outbreak of COVID 19, leading to increased demand for the second opinion provided by physicians and health insurance providers. The physicians choose to recommend a second opinion if there is a need for better diagnosis and detection of the disease. The health insurance providers recommend a second opinion to know about the insurance coverage for various services.
Medical Second Opinion Market Drivers
- High demand for the second opinion, due to the outbreak of COVID19
- Involvement of financial, health, and legal costs.
- Increased need to improve diagnosis and treatment planning. According to the World Health Organization (WHO), 2018, 9.6 million people worldwide were estimated to have died from cancer. Early diagnosis and treatment planning options can focus on improving the quality of life of patients.
- Increasing instances of medical errors. For instance, according to the Agency for Healthcare Research and Quality, lack of appropriate communication of test results and poor coordination of medication orders for transfer of care are some medical errors that require the second opinion.
- Reduction in financial costs and ease of interaction of medical services.
- Health insurances for effective management of health claims.
Medical Second Opinion Market Restraints
- Lack of complete medical knowledge on treatment and diagnosis for patients and inexperienced with limited perspective is one of the restraints of the medical second opinion market.
- Changes in economic strategies in developing countries.
Medical Second Opinion Market Segmentation
- Medical condition management: This is the largest growing segment as patients with severe diseases require proper diagnosis with treatment plans for better improvement. Depending on the patient’s condition there are many situations in which the second opinion is valuable. If the patient has been advised that surgery is needed and wants to confirm the treatment recommendation, the service of the second opinion by medical condition management is considered.
- Post-Acute Care Nursing: This is the fastest-growing segment. Post-acute care refers to care provided to patients recently released from the hospital and can take place in many settings including nursing homes and rehabilitation centers.
- Medical Peer Review Services: Medical peer review is a significant process with regard to claims settlement by an insurance company. It is the peer review that determines whether the treatment provided to a patient was medically necessary and whether the claim is legitimate, for which the second opinion is required.
Medical Second Opinion Market By Providers
- Hospital Physicians/ Specialties: This medical second opinion market segment is the largest growing segment due to the increasing need for improvement during diagnosis and treatment planning. Patients may choose to seek a second opinion to receive counsel from other physicians regarding their illness or course of treatment. Physicians can recommend a second opinion whenever they believe it would be helpful inpatient care.
- Online Physicians Portal: This medical second opinion market segment is the fastest-growing segment as interaction for medical services is gained easily through an online portal at reduced costs. These are online applications that allow patients to interact and communicate with their healthcare providers, such as physicians and hospitals for second opinions by asking questions, leaving comments, or sending email messages.
- Medical Second Opinion companies: A second opinion from companies provide opportunities to get information from someone other than the physician who will be directing treatment, which is usually the main source of information for most patients.
- Health Insurance Companies: Many public and private health insurance companies are trying to control surgery costs by urging and even demanding a second opinion before surgery.
Medical Second Opinion Market By Application
- Cancer: A second opinion helps to feel confident while receiving cancer care needed and deserved. A second opinion may reveal additional treatment options for the respective type and stage of cancer, or confirm a current treatment approach.
- Diabetes: Healthcare providers often encourage second opinions. By consulting with different doctors can help in sorting through treatment options, answer questions, and shed new light on how diabetes is causing an effect.
- Cardiac Disorders- A new heart disease can benefit from a cardiac second opinion. This valuable service allows us to know about diagnosis and provides information about treatment choices. A second opinion offers reassurance about treatment decisions.
- Neurological Disorders: The neurological second opinion gives guidance to consult the respective doctors. If a patient has been diagnosed with a severe brain disease, including surgery, a second opinion can assure valuable guidance and peace of mind.
- Respiratory Disorders: A second opinion may confirm the original diagnosis with accuracy and proper treatment plan for a respective respiratory disorder.
- Ocular Disorders: A second opinion is often an exercise in reassurance; it may well reveal a diagnostic error. Usually, for ocular disorders, ophthalmologists are open to accepting and suggesting a second opinion when a patient needs another approach or another viewpoint.
- Pulmonary Disorders: A type of disease that affects the lungs and other parts of the respiratory system. Pulmonary disorders include asthma, chronic obstructive pulmonary disease, pulmonary fibrosis, pneumonia, and lung cancer. A second opinion may lead to proper diagnosis and treatment with accurate planning.
- Nephrological Disorder: Patients with all types of renal and hypertension-related disorders receive advanced, comprehensive, and compassionate care through the second opinion.
Medical Second Opinion Market By Source of Service
- In-house: An in-house source of service is to have complete control of everything. When billing is managed in-house, the cost will be under control.
- Outsourced: An outsourced service is less expensive, transparent, and consistent.
Medical Second Opinion Market By Region
- Americas: The largest regional market. The increasing need to improve diagnosis in the region is expected to drive the market. According to the American Cancer Society, in 2019, an estimated 17, 62,450 new cases were diagnosed with cancer. Moreover, increasing treatment planning amongst people is also expected to contribute the market growth.
- Europe: The medical second opinion market in Europe held the second-largest position owing to increasing medical errors. According to the National Health Services (NHS), 2018, it estimated 237 million medical errors and avoidable adverse drug reactions causing hundreds of deaths. Therefore, to overcome the increase in medical errors, the region is expected to boost market growth.
- Asia-Pacific: The fastest-growing segment due to the developing economy across the region. The medical second opinion is high in the case of chronic diseases such as diabetes and cancer. According to the World Health Organization (WHO), 2016, diabetes was the direct cause of 1.6 million deaths. By improving diagnosis in the region through the second opinion can drive the medical second opinion market during the forecast period.
- Middle East and Africa: According to the World Congress of Cardiology and Cardiovascular Health, 2018, a rapid increase in cardiovascular disease burden across the region has been projected for the next decade, with corresponding increases in mortality. Hence, by improving treatment plans and diagnosis with ease of interaction among patients is expected to boost the medical second opinion market growth of the second opinion.
Medical Second Opinion Market Key Players
- SecondOpinionExpert, Inc.
- 2nd MD
- Cleveland Clinic MyConsult
- Partners Healthcare
- HCA Hospitals
- Teladoc Health, Inc.
- Johns Hopkins Medicine
2027: USD 9751.58 Million
15.8 % (2020-2027)
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Services, Providers, Application and Source of Service
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
SecondOpinionExpert, Inc., (California), DoctorSpring (California), 2nd MD (Houston), Cleveland Clinic MyConsult, Partners Healthcare, HCA Hospitals (US), Teladoc Health, Inc., (US), Amradnet (US), Johns Hopkins Medicine, XMRI.COM.
Key Market Opportunities
The Outbreak of COVID 19, Leading to increased Demand for the Second Opinion provided by Physicians and Health Insurance Providers.
Key Market Drivers
Involvement of Financial, Health, and Legal Costs. Increased need to Improve Diagnosis and Treatment Planning. Increasing Instances of Medical Errors. Reduction in Financial Costs and Ease of Interaction of Medical Services. Health Insurances for Effective Management of Health Claims.
Frequently Asked Questions (FAQ) :
Global Medical Second Opinion Market is expected to record a substantial market valuation of 9.75 billion by 2027.
Global Medical Second Opinion Market is projected to register a moderate 15.8 % CAGR in the forecast period (2020 – 2027).
The growing demand for the second opinion driven by the outbreak of COVID 19, and rising need to develop advanced diagnosis and treatment planning are expected to drive the growth of the market.
The cancer segment is poised to expand as the fastest-growing segment.
A few emminent market players operating in the global medical second opinion market are SecondOpinionExpert, Inc., (California), DoctorSpring (California), 2nd MD (Houston), and others.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.