US Medical Second Opinion market size was valued at USD 1.76 Billion in 2023 And is projected to grow from USD 1.98 Billion in 2024 to USD 8.39 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.75% during the forecast period (2024 - 2032).
The US medical second opinion market is emerging due to the growing preference for healthcare cost optimization, increased need for diagnosis and treatment planning and growing number of cancer cases. Additionally, rising number of strategic initiatives will provide growth opportunities for the market in the future. However, high cost of medical second opinion and the lack of awareness among people might hamper the market's growth during the forecast period.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Patients across the US are witnessing growing financial burdens imposed by healthcare services. Increasing healthcare costs due to the shortage of healthcare professionals and limited availability of resources are generating the need for healthcare cost optimization. Also, growing emphasis on the reduction of additional costs and increasing awareness about the possible exploitation from healthcare organizations significantly drive the second medical opinion market. The consumers can avail additional information while making the necessary decisions about surgery or the main case. In addition, medical second opinion providers review the recommendations for surgical procedures based on additional analysis of existing medical records, medical diagnosis, and assessment of other therapeutic solutions as an alternative to surgery. These factors of the second opinion can help to result in the reduction of therapeutic costs.
Moreover, a second opinion on surgical decisions can also result in a reduction in possible surgical adversities, which can lead to additional healthcare-related costs. For instance, according to a study published by the World Health Organization in 2021, every 1 in 5 patients in the US suffer from complications in surgical procedures.
The US Medical Second Opinion market ,based on diagnosis, includes cancer, cardiovascular/heart disorders, spine procedures, neurology conditions, and others. The cancer segment held the largest market share in 2021 and is expected to be the fastest-growing segment during the forecast period (2024-2032).
Cancer is the leading cause of death and requires proper diagnosis and treatment planning. There is a medical second opinion available for cancers such as brain cancer, breast cancer, lung cancer, colorectal cancer, and prostate cancer. A second opinion on the diagnosis of cancer provides options for various treatments, and patients can explore treatment options based on their suitability. This is extremely beneficial in the treatment of rare cancers or unusual subtypes of cancer, and it provides a comprehensive treatment plan. The extended treatment program includes nurse navigators, counselors, support groups, and diet & wellness programs. Furthermore, it assists in establishing a suitable treatment plan when existing treatment is not meeting the patients' and doctors' expectations.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The US Medical Second Opinion market segmentation, based on Service Provider, includes hospitals physicians/specialties, online physicians’ portal, medical second opinion companies, and health insurance companies. The hospitals physicians/specialties segment held the largest market share in 2021, and online physicians’ portal is the fastest-growing segment during the forecast period.
The cutting-edge technology is now available to specialists because hospital infrastructure has improved. Technology, such as automated cloud-based and web-based software, further assists the hospital's physicians and specialists in evaluating the diseases. Complex diseases such as cancer and heart disease are being diagnosed with research and solutions owing to powerful teams of skilled physicians and world-class infrastructure.
Online physician portal has become more popular during the COVID-19 phase. This portal helps patients improve their health and reduce costs. The online portals benefit patients by optimizing the treatment, providing a second opinion from anywhere, and helping in emergency situations. Furthermore, companies are entering into strategic alliances to further support segment growth and create opportunities during the forecast period.
The US Medical Second Opinion market segmentation, based on mode of payment, includes Online payment and Offline payment. The online payment segment dominated the market in 2021 and is projected to be the fastest-growing segment during the forecast period, 2024–2030. The companies operating in the medical second opinion market provide quick online services, including second opinions in orthopedic surgery, oncology, radiology, and other areas. These online medical second opinion services give patients a secure, timely, and convenient way to get answers to their questions about disease diagnosis and possible treatment plans. For instance, in January 2019, Stanford Children’s Health and Stanford Health Care launched a new online program that allows patients to seek a second opinion about their diagnosis or treatment plans from a Stanford Medicine specialist. These companies offer online payment options for their fees. Companies provide the majority of medical second opinion services remotely. The most common mode of payment for these online services is online payment. In the US, online payment methods such as VISA, MasterCard, Amazon Pay, Apple Pay, and American Express are more popular.
US Medical Second Opinion Market Key Market Players & Competitive Insights
The US Medical Second Opinion market is distinguished by the presence of numerous international and local players catering professional diagnostic evaluations. Furthermore, the increasing incidence of Preference for Healthcare Cost Optimization is driving the growth of US Medical Second Opinion market during the forecast period. The major players have adopted a strategy of obtaining regulatory approval from government agencies for their products and signing contracts and agreements to broaden their reach and reduce operational costs. Mergers and collaborations were also observed to expand the company's product portfolio, as well as introduce new software and services.
Included Health, Inc. is a healthcare company that delivers integrated virtual care and navigation for patients. The company has partnerships with leading employers in the US and serves millions of customers in the country. Some of its notable partnerships are with Bright Healthcare, PriorityHealth, Angle Health, and Harvard Pilgrim Health Care, among others.
Moreover, in November 2022, Included Health, Inc. launched All-Included Care at HLTH in Las Vegas, Nevada., a new kind of healthcare service that guides and delivers high-quality, in-network care to the patient.
Key Companies US Medical Second Opinion market in market includes
US Medical Second Opinion market Industry Developments
November 2022:Included Health, Inc. launched All-Included Care at HLTH in Las Vegas, Nevada., a new kind of healthcare service that guides and delivers high-quality, in-network care to the patient.
November 2022:AccessHope, LLC, collaborated with Carrum Health (US), a value-based complete surgical care platform, to bring cancer expertise to cancer patients. This collaboration helps companies offer the latest diagnoses, treatment plans, and personalized precision medicine for cancer patients across the US.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1.76 Billion |
| Market Size 2024 | USD 1.98 Billion |
| Market Size 2032 | USD 8.39 Billion |
| Compound Annual Growth Rate (CAGR) | 19.75% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2019 to 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Growth Factors, and Trends |
| Segments Covered | Diagnosis, Service Provider, Mode of payment |
| Key Companies Profiled | 路聽聽聽聽聽聽 SecondOpinionExpert, Inc. (California, US) 路聽聽聽聽聽聽 Included Health, Inc. (California, US) 路聽聽聽聽聽聽 AccessHope, LLC (California, US) 路聽聽聽聽聽聽 Navvisa (California, US) 路聽聽聽聽聽聽 2nd.MD (Huston, US) 聽 |
| Key Market Opportunities | Rising Number of Strategic Initiatives |
| Key Market Drivers | Growing Preference for Healthcare Cost Optimization Increasing need to Improve Diagnosis and Treatment Planning |
Frequently Asked Questions (FAQ) :
The US Medical Second Opinion market is anticipated to reach 8.39 billion during the forecast period of 2024-2032.
The United States Medical Second Opinion market is expected to grow at a 19.75% CAGR during the forecast period from 2024 to 2032.
Cancer is estimated to hold the largest market share in the US Medical Second Opinion market.
Cardinal Health (Us), SecondOpinionExpert, Inc. (California, US), Included Health, Inc. (California, US), AccessHope, LLC (California, US),Navvisa (California, US) and 2nd.MD (Huston, US)
The Online Payment mode led the US Medical Second Opinion market by mode of payment.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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