Medical Second Opinion Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

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.

Medical Second Opinion Market Analysis

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.

Medical Second Opinion Market Overview

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.

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Medical Second Opinion Market: Strategic Insights

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Medical Second Opinion Market Drivers and Opportunities

Increasing Preference for Healthcare Cost Optimization

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.

Rising Collaborations in Telemedicine Technologies

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.

Medical Second Opinion Market Report Segmentation Analysis

Key segments that contributed to the derivation of the medical second opinion market analysis are condition and service provider.

• Based on condition, the medical second opinion market is categorized into cancer, orthopedic disorders, cardiac disorders, neurological disorders, nephrological disorders, hematologic blood disorders, COPD, organ transplant, and others. The cancer segment held the largest share of the market in 2023. The orthopedic disorders segment is expected to register the highest CAGR in the market during 2023–2031.
• By service provider, the medical second opinion market is segmented into hospitals, health insurance companies, and online services. The hospitals segment held the largest share of the market in 2023. The health insurance companies segment is expected to register the highest CAGR in the market during 2023–2031.

Medical Second Opinion Market Share Analysis by Geography

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.

Medical Second Opinion Market Regional Insights

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.

Medical Second Opinion Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Medisense Healthcare Solutions Pvt. Ltd.
2. Second Opinion International
3. Elite Medical Services
4. The Cigna Group
5. Helsana
6. WorldCare

Disclaimer: The companies listed above are not ranked in any particular order.

Medical Second Opinion Market News and Recent Developments

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:

• Included Health launched its integrated care delivery platform to include the Specialty Care Clinic, a multicenter, virtual-first clinic that provides rapid access to medical specialists and comprehensive support for the most prevalent and costly specialty care needs. The Specialty Care Clinic is an evolution of Included Health's Expert Medical Opinion service, renowned for delivering accurate diagnoses and tailored treatment plans. (Source: Included Health, Inc., Company Website, April 2024)
• 2nd.MD has collaborated with UnitedHealthcare to provide a no-cost, member-focused expert medical opinion service to members. 2nd.MD virtually connects members who are facing a serious or expensive healthcare decision with a top expert in the field to review their case and provide a second opinion on their best options. With 2nd.MD, eligible members can connect with a specialist to gain in-depth education about their condition and explore treatment options. (Source: 2nd.MD, Company Website, November 2023)

Medical Second Opinion Market Report Coverage and Deliverables

The "Medical Second Opinion Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Medical second opinion market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Medical second opinion market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Medical second opinion market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the medical second opinion market
• Detailed company profiles