Medical Second Opinion Market
Medical Second Opinion Market Forecasts to 2030 - Global Analysis By Service Type (Remote Second Opinion, In-person Second Opinion and Hybrid Second Opinion), By Disease Type (Cancer, Cardiovascular Diseases, Dermatological Conditions and Other Disease Types), Pricing Model, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $5.0 BN |
|
Projected Year Value (2030) |
US $14.3 BN |
|
CAGR (2023-2030) |
16.3% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Medical Second Opinion Market is accounted for $5.0 billion in 2023 and is expected to reach $14.3 billion by 2030 growing at a CAGR of 16.3% during the forecast period. A medical second opinion is an evaluation sought by a patient after receiving a diagnosis or treatment plan from one healthcare provider. It involves consulting another qualified medical professional for their independent assessment, usually to confirm the initial diagnosis, explore alternative treatment options, or gain additional insights into the condition. This process aims to empower patients to make informed decisions about their healthcare.
According to a study published by the Medical Billing Advocates of America in 2019, an estimated 80.0% of medical bills contain at least one error.
Market Dynamics:
Driver:
Increasing prevalence of chronic diseases
The rising prevalence of chronic diseases, such as cancer, diabetes, and heart disease, serves as a significant driver in the medical second opinion market. As these conditions become more common, patients and their families seek reassurance and a comprehensive understanding of their diagnosis and treatment options. Seeking a second opinion from another medical expert offers patients a broader perspective. Thus potentially uncovering alternative treatment approaches, ensuring accuracy in diagnosis, and instilling confidence in their healthcare decisions amidst complex medical landscapes, thus driving the demand for medical second opinions.
Restraint:
Lack of awareness and understanding
Many individuals may not be aware of the option to seek a second opinion or may not fully understand its benefits. This lack of awareness can stem from various factors, such as limited access to information, cultural beliefs, or healthcare system complexities. Without proper understanding, patients may hesitate to pursue a second opinion, potentially missing out on valuable insights and alternative treatment options for their health conditions.
Opportunity:
Widespread adoption of telemedicine platforms
The widespread adoption of telemedicine platforms presents a significant opportunity in the medical second opinion market. These platforms enable patients to connect with healthcare providers remotely, overcoming geographical barriers and enhancing accessibility to expert opinions. Patients can easily seek second opinions from specialists worldwide without the need for travel, leading to quicker assessments and potentially better outcomes. Additionally, telemedicine promotes cost-effectiveness and convenience for both patients and healthcare providers, driving further uptake and expansion of the medical second opinion market.
Threat:
Concerns about data privacy and security on digital platforms
Patients share sensitive medical information when seeking second opinions online, raising fears about data breaches, unauthorized access, or misuse of personal health data. Such breaches can lead to a loss of trust in digital healthcare platforms, deterring patients from seeking second opinions and impacting the credibility of online medical services. Moreover, regulatory compliance with laws such as HIPAA (Health Insurance Portability and Accountability Act) becomes paramount to ensuring patient confidentiality and data protection.
Covid-19 Impact:
The COVID-19 pandemic has significantly impacted the medical second opinion market. With restrictions on in-person consultations and increased reliance on telemedicine, more patients are seeking second opinions remotely. This has led to a surge in demand for online medical platforms that offer virtual consultations. Additionally, delays in diagnosis and treatment due to overwhelmed healthcare systems have prompted patients to seek alternative opinions, driving further growth in the medical second opinion market.
The hospitals segment is expected to be the largest during the forecast period
During the forecast period, the hospitals segment is projected to dominate the market. Hospitals often have multidisciplinary teams of specialists and access to advanced diagnostic tools, making them well-equipped to provide comprehensive second opinions. Patients tend to trust hospital-based services due to their established reputation for quality care. Additionally, hospitals may offer second opinion services as part of their patient care continuum, further bolstering their position as the largest segment in the medical second opinion market.
The remote second opinion segment is expected to have the highest CAGR during the forecast period
The remote second opinion segment is anticipated to experience significant growth in the medical second opinion market during the forecast period. This growth can be attributed to several factors, including the increasing adoption of telemedicine and virtual healthcare platforms. Remote second opinions offer convenience, accessibility, and flexibility for patients, especially those in rural or underserved areas. Moreover, advancements in technology and secure communication channels have enhanced the feasibility and reliability of remote second opinion services, driving their rapid expansion.
Region with largest share:
The North American region is poised to dominate the medical second opinion market by capturing the largest market share. This can be attributed to several factors, including the presence of advanced healthcare infrastructure, high healthcare expenditure, and widespread adoption of digital health technologies. Additionally, favorable reimbursement policies and increasing awareness among patients about the benefits of seeking second opinions contribute to the region's dominance. Furthermore, the presence of major players and research institutions specializing in medical second opinions strengthens North America's position in the market.
Region with highest CAGR:
Asia Pacific is poised for rapid growth and is expected to witness lucrative expansion in the medical second opinion market. Factors such as increasing healthcare expenditure, improving healthcare infrastructure, and rising awareness about the benefits of seeking second opinions are driving this growth. Additionally, advancements in telemedicine technology and the growing acceptance of virtual healthcare consultations further contribute to the region's potential. Moreover, the large population base and rising prevalence of chronic diseases in Asia Pacific create substantial demand for medical second opinion services.
Key players in the market
Some of the key players in Medical Second Opinion Market include 2nd.MD, Accolade, Amwell, Apollo Hospitals Enterprise Limited, Babylon Health, Cleveland Clinic, Doctor On Demand, DoctorSpring, HealthTap, Johns Hopkins Medicine, Massachusetts General Hospital, Mayo Clinic, Medisys, OptumHealth, Teladoc Health and WorldCare International, Inc.
Key Developments:
In January 2023, Amwell, a telehealth provider, and Transcarent, a provider of digital health services, teamed up to create the Clinic by Cleveland Clinic, a project for virtual therapy. Members of Transcarent will be entitled to a second, individualized opinion and a reassessment of their diagnosis or treatment plan.
In January 2022, Apollo Hospitals collaborated with US-based ‘The Clinic by Cleveland Clinic’, to bring international second opinion services to their patients. Anyone interested in getting a second opinion from a professional on the other side of the world can contact an Apollo consultant and express interest in the service.
In March 2021, Accolade, Inc., which provides personalized, technology-enabled solutions that help people better understand, navigate and utilize the healthcare system and their workplace benefits, announced it has completed the acquisition of Innovation Specialists, LLC d/b/a 2nd.MD. By combining the market leaders in benefit navigation, health advocacy, and expert medical opinion services, Accolade will deliver the most comprehensive healthcare navigation experience covering more than 400 customers and 9 million lives.
Service Types Covered:
• Remote Second Opinion
• In-person Second Opinion
• Hybrid Second Opinion
Disease Types Covered:
• Cancer
• Cardiovascular Diseases
• Dermatological Conditions
• Diabetes
• Gastrointestinal Disorders
• Mental Health Conditions
• Musculoskeletal Disorders
• Neurological Disorders
• Orthopedic Conditions
• Respiratory Disorders
• Other Disease Types
Pricing Models Covered:
• Subscription-based
• Pay-per-consultation
• Bundled With Insurance Plans
End Users Covered:
• Hospitals
• Clinics
• Insurance Providers
• Patients
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Medical Second Opinion Market, By Service Type
5.1 Introduction
5.2 Remote Second Opinion
5.2.1 Online Platforms
5.2.2 Phone Consultation
5.2.3 Video Consultation
5.3 In-person Second Opinion
5.4 Hybrid Second Opinion
6 Global Medical Second Opinion Market, By Disease Type
6.1 Introduction
6.2 Cancer
6.3 Cardiovascular Diseases
6.4 Dermatological Conditions
6.5 Diabetes
6.6 Gastrointestinal Disorders
6.7 Mental Health Conditions
6.8 Musculoskeletal Disorders
6.9 Neurological Disorders
6.10 Orthopedic Conditions
6.11 Respiratory Disorders
6.12 Other Disease Types
7 Global Medical Second Opinion Market, By Pricing Model
7.1 Introduction
7.2 Subscription-based
7.3 Pay-per-consultation
7.4 Bundled With Insurance Plans
8 Global Medical Second Opinion Market, By End User
8.1 Introduction
8.2 Hospitals
8.3 Clinics
8.3.1 Specialist Clinics
8.3.2 Primary Care Clinics
8.4 Insurance Providers
8.5 Patients
9 Global Medical Second Opinion Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 2nd.MD
11.2 Accolade
11.3 Amwell
11.4 Apollo Hospitals Enterprise Limited
11.5 Babylon Health
11.6 Cleveland Clinic
11.7 Doctor On Demand
11.8 DoctorSpring
11.9 HealthTap
11.10 Johns Hopkins Medicine
11.11 Massachusetts General Hospital
11.12 Mayo Clinic
11.13 Medisys
11.14 OptumHealth
11.15 Teladoc Health
11.16 WorldCare International, Inc.
List of Tables
1 Global Medical Second Opinion Market Outlook, By Region (2021-2030) ($MN)
2 Global Medical Second Opinion Market Outlook, By Service Type (2021-2030) ($MN)
3 Global Medical Second Opinion Market Outlook, By Remote Second Opinion (2021-2030) ($MN)
4 Global Medical Second Opinion Market Outlook, By Online Platforms (2021-2030) ($MN)
5 Global Medical Second Opinion Market Outlook, By Phone Consultation (2021-2030) ($MN)
6 Global Medical Second Opinion Market Outlook, By Video Consultation (2021-2030) ($MN)
7 Global Medical Second Opinion Market Outlook, By In-person Second Opinion (2021-2030) ($MN)
8 Global Medical Second Opinion Market Outlook, By Hybrid Second Opinion (2021-2030) ($MN)
9 Global Medical Second Opinion Market Outlook, By Disease Type (2021-2030) ($MN)
10 Global Medical Second Opinion Market Outlook, By Cancer (2021-2030) ($MN)
11 Global Medical Second Opinion Market Outlook, By Cardiovascular Diseases (2021-2030) ($MN)
12 Global Medical Second Opinion Market Outlook, By Dermatological Conditions (2021-2030) ($MN)
13 Global Medical Second Opinion Market Outlook, By Diabetes (2021-2030) ($MN)
14 Global Medical Second Opinion Market Outlook, By Gastrointestinal Disorders (2021-2030) ($MN)
15 Global Medical Second Opinion Market Outlook, By Mental Health Conditions (2021-2030) ($MN)
16 Global Medical Second Opinion Market Outlook, By Musculoskeletal Disorders (2021-2030) ($MN)
17 Global Medical Second Opinion Market Outlook, By Neurological Disorders (2021-2030) ($MN)
18 Global Medical Second Opinion Market Outlook, By Orthopedic Conditions (2021-2030) ($MN)
19 Global Medical Second Opinion Market Outlook, By Respiratory Disorders (2021-2030) ($MN)
20 Global Medical Second Opinion Market Outlook, By Other Disease Types (2021-2030) ($MN)
21 Global Medical Second Opinion Market Outlook, By Pricing Model (2021-2030) ($MN)
22 Global Medical Second Opinion Market Outlook, By Subscription-based (2021-2030) ($MN)
23 Global Medical Second Opinion Market Outlook, By Pay-per-consultation (2021-2030) ($MN)
24 Global Medical Second Opinion Market Outlook, By Bundled With Insurance Plans (2021-2030) ($MN)
25 Global Medical Second Opinion Market Outlook, By End User (2021-2030) ($MN)
26 Global Medical Second Opinion Market Outlook, By Introduction (2021-2030) ($MN)
27 Global Medical Second Opinion Market Outlook, By Hospitals (2021-2030) ($MN)
28 Global Medical Second Opinion Market Outlook, By Clinics (2021-2030) ($MN)
29 Global Medical Second Opinion Market Outlook, By Specialist Clinics (2021-2030) ($MN)
30 Global Medical Second Opinion Market Outlook, By Primary Care Clinics (2021-2030) ($MN)
31 Global Medical Second Opinion Market Outlook, By Insurance Providers (2021-2030) ($MN)
32 Global Medical Second Opinion Market Outlook, By Patients (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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