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Medical Second Opinion Market Report
Global Medical Second Opinion Market, Trends, Dynamics, and Market Analysis
The market report on the Global Medical Second Opinion Market is segmented By Disorder (Cancer, COPD (Chronic Obstructive Pulmonary Disease), Cardiac Disorders, Neurological disorders, Nephrological Disorders, Hematologic Blood Disorders, Orthopaedic Disorders, Organ Transplant, Others), By Service Providers (Hospitals, Health Insurance Companies, Online Services), and Region. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global medical second opinion market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The Global Medical Second Opinion Market is projected to grow from USD 3.56 billion in 2020 to USD 10.24 billion by 2026 at a CAGR of over 19.3% during the forecast period.
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A medical second opinion is referred to as an additional consultation taken by the patient after the primary diagnosis. The patient can further opt for a medical second opinion if the patient feels dissatisfied with the diagnosis or if there is a need for further validation and confirmation in case of some serious surgical procedures. This service is usually considered for chronic diseases such as neurological disorders, ocular disorders, and nephrological disorders.
Key players operating in the global medical second opinion market are-
Growing preference for healthcare cost optimization is the key factor augmenting the demand for medical second opinion services.
By service providers, the medical second opinion market has been segmented into hospitals, health insurance companies, and online services.
By region, the North American market accounted for the largest share in 2020 and is projected to grow at a healthy CAGR during the assessment period. This is mainly attributed to advanced healthcare infrastructure, increasing awareness among people in the region, growing prevalence of diseases due to change in lifestyle, and increasing favourable government initiatives, further augments the regional growth. Rising treatment planning amongst people is also expected to contribute the regional market growth.
The ongoing COVID-19 pandemic has significantly driven the medical second opinion industry. The outbreak of COVID 19, resulting in an increased demand for the second opinion provided by physicians and health insurance providers.
The physicians recommend the patients to consider a second opinion if there is a scope for better detection and diagnosis of the disease. The health insurance providers also recommend a second opinion to know about the insurance coverage for various medical services.
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The medical second opinion market is expected to witness an impressive growth of 19.3% CAGR in the foreseeable future.
Medisense Healthcare Solutions Pvt. Ltd. (India), Second Opinion International (The U.S), Elite Medical Services (Elite Medical Services), Cigna (The U.S), Helsana (Switzerland), WorldCare (The U.S), Vidal Health Insurance TPA Pvt Ltd (India), Medix (The U.S), AXA (France) and 2nd.MD (The U.S) are among the key players in the medical second opinion market.
The medical second opinion market size is expected to reach USD 10.24 billion in the coming years.
The North American market accounted for the largest share in 2020 and is projected to grow at a healthy CAGR during the assessment period.
The hospitals segment garnered the highest market share in 2020 and is likely to register the fastest CAGR in the following years.
Growing preference for healthcare cost optimization is the key factor driving the growth of medical second opinion market.
Medical second opinion companies, Medical second opinion organizations, Hospitals, Medical insurance companies, Online service providers are the target audience in the medical second opinion market.
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