The medical second opinion market size is projected to reach US$ 15.40 billion by 2031 from US$ 5.33 billion in 2023. The market is expected to register a CAGR of 14.2% during 2023–2031. The increasing digitalization of medical consulting services is likely to bring new trends in the medical second opinion market in the coming years.
The factors driving the medical second opinion market include the growing emphasis on better treatment outcomes and increasing preference for healthcare cost optimization. Additionally, increasing awareness about various respiratory disorders and increasing inclination towards medical second opinion in emerging economies is further expected to contribute to market growth. Moreover, increasing collaborations in telemedicine technologies is expected to create ample opportunities in the coming years.
The market growth is ascribed to the growing emphasis on better treatment outcomes and increasing preference for healthcare cost optimization. North America is expected to dominate the medical second opinion market, and Asia Pacific is expected to register a significant growth rate owing to the increasing prevalence of chronic disorders and surging government initiatives. China accounts for the major market share. India is expected to register a significant growth rate during the forecast period. India has witnessed a significant rise in the number of cancer cases in recent years. According to Globocan 2020, the number of new cancer cases in the country was 1,324,413. The most common types of cancer reported in the country are breast cancer, lung cancer, leukemia, and non-Hodgkin lymphoma, among others. Thus, the growing prevalence of chronic diseases in India is likely to accelerate the demand for medical second opinions to avoid misinterpretation of clinical symptoms. The free-of-cost National Cancer Helpline number launch has proven to be a support system for cancer patients across the nation, according to a survey carried out by the Cancer Mukt Bharat Foundation (a Delhi-based NGO) on 1,769 cancer patients across the country who called the helpline number from March to May 2024. Further, the data from ETHealthworld in June 2024 revealed that ~67% of cancer patients availing treatment in private hospitals and ~33% being treated at government hospitals sought a second opinion to find if their treatment is on the correct course and to check the availability of the latest treatment options.
Patients across the globe are witnessing growing financial burdens imposed by healthcare services. Increasing healthcare-associated costs due to the overall shortage of healthcare professionals and limited availability of resources are generating the need for healthcare cost optimization worldwide. Also, growing emphasis on the reduction of additional costs and increasing awareness about the possible exploitation from healthcare organizations, especially in low- and middle-income countries, significantly drive the second medical opinion market. Consumers can avail extensive information from medical second opinions 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 medical diagnosis, analysis of existing medical records, and assessment of other therapeutic solutions as an alternative to surgery. These aspects of the second opinion can result in a reduction of therapeutic costs. A second opinion on surgical decisions can result in a reduction of possible surgical adversities, which can lead to a decrease in additional healthcare-related costs. For instance, according to a study published by Cureus in 2022, ~31% of patients worldwide suffer from complications in surgical procedures. Additionally, as per the Open Journal of Internal Medicine published in March 2023, ~4.2 million postoperative deaths occur every year, accounting for 7.7% of global mortality. Therefore, all the above-mentioned factors are expected to contribute to the market growth in the coming years.
Telemedicine technologies use modern communication platforms to conduct virtual interaction between patients and healthcare professionals. Telemedicine technology can be used in two distinct approaches: real-time interaction and store and forward approach. Telemedicine technologies allow the physician and patient to communicate despite geographical boundaries. Benefits provided by telemedicine technologies and an increase in investment are likely to provide lucrative opportunities for the medical second opinion market. For instance, in June 2024, IMG partnered with Teladoc Health to enhance the well-being of IMG customers by providing virtual access to healthcare professionals wherever they are traveling. It will also extend telehealth service capabilities for IMG customers with existing telehealth services and introduce telehealth services to additional IMG plans. In July 2023, AMD Global Telemedicine Inc. collaborated with Collain Healthcare to provide an electronic health records (EHR) solution and combined vital solutions that revolutionize healthcare delivery in senior living facilities, providing real-time information, reducing errors, and streamlining clinical workflows. Moreover, in February 2024, in India, IIT Kanpur partnered with the UP government to enhance telemedicine using AI. The MoU highlights several key areas of collaboration, including anchoring telemedicine hubs and enhancing the quality of telemedicine services, implementing AI-based solutions to address public health concerns. The increasing number of partnerships and collaborations in telemedicine technologies is expected to offer lucrative opportunities for market growth in the coming years.
Key segments that contributed to the derivation of the medical second opinion market analysis are condition and service provider.
The geographic scope of the medical second opinion market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America held a significant share of the market in 2023. The growth of the market in this region is attributed to the increasing adoption of medical second opinion services and the growing digitalization of healthcare consulting services. In addition, the regional market is expected to grow owing to the development of healthcare systems and the rising emphasis on improving treatment outcomes. The US is expected to account for the largest market share owing to the increasing prevalence of cancer. Cancer is the second leading cause of death in the country. According to the American Cancer Society, in 2022, more than 1.9 million new cases of cancer were diagnosed in the nation, causing about 609,360 deaths. Further, ~2.0 million people are expected to be diagnosed with cancer in the US in 2024. The increasing number of misdiagnosed cancer cases and its adverse effects are propelling the demand for medical second opinions.
According to research from Johns Hopkins University., ~4,000 surgical errors are caused every year in the US. Further, according to a study, "Top 10 Medical Errors That Lead to Death," ~7,000 to 9,000 patients die due to medication errors each year in the US. According to the article "Burden of serious harms from diagnostic error in the USA," published in July 2023, ~795,000 Americans suffer due to misdiagnosis of serious diseases each year. Such a high number of medical errors is anticipated to surge the country's need for medical second opinion.
The regional trends and factors influencing the Medical Second Opinion Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medical Second Opinion Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 5.33 Billion |
| Market Size by 2031 | US$ 15.40 Billion |
| Global CAGR (2023 - 2031) | 14.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Condition
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Medical Second Opinion Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Medical Second Opinion Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The medical second opinion market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the medical second opinion market are listed below:
The "Medical Second Opinion Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The List of Companies - Medical Second Opinion Market
Key factors that are driving the growth of the market are the growing emphasis on better treatment outcomes and an increasing preference for healthcare cost optimization.
The medical second opinion market is expected to be valued at US$ 15.40 bllion in 2031.
The medical second opinion market was valued at US$ 5.33 billion in 2023.
Based on condition, cancer segment dominated the market growth during 2023-2031. By service provider, hospitals segment dominated the market growth during 2023-2031.
The medical second opinion market majorly consists of the players such as Medisense Healthcare Solutions Pvt. Ltd.; Second Opinion International; Elite Medical Services; The Cigna Group; Helsana; WorldCare; Vidal Health Insurance TPA Pvt Ltd; Medix; 2nd.MD; Axa SA; Teladoc Health Inc; DoctorSpring Pvt. Ltd; USARAD Holdings Inc (SecondOpinions.com); Cleveland Clinic; Included Health, Inc.; Mass General Brigham Incorporated. (Partners Healthcare); Stanford Health Care; and Royal Doctors
A medical second opinion is the process through which a patient seeks another professional assessment or evaluation of a diagnosed case, a treatment, or a medical condition by a different provider. This helps patients confirm a diagnosis, seek alternative treatment options, and be reassured about the decisions they make with respect to their health. Getting a second opinion is especially true for serious conditions, complex medical cases, and the uncertainty of a patient in relation to the first recommendation they received. This is apt to empower patients by giving them more information as well as perspectives on their health status.