Medical Second Opinion Market Trends Analysis
Global Medical Second Opinion Market size is expected to register a CAGR of 15.8% during the forecast period of 2020 to 2027 and reach USD 9751.58 Million by 2027. A second opinion is the practice of a patient seeking an alternate evaluation of his/her diagnosis and course of treatment by another, or a few other specialist doctors to confirm the diagnosis and validate their treatment.
The growth of medical second opinion can be contributed to the growing need for guidance, high demand for the second opinion due to outbreak of COVID 19, increasing need to improve diagnosis and treatment planning, and increased instances of medical errors. According to the Centers for Disease Control and Prevention, 2017 US report, the number of deaths due to diabetes reached 83,564. To overcome this, improvement in diagnosis and treatment is needed which is expected to drive the medical second opinion market globally.
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Furthermore, the involvement of financial, health, and legal costs, reduction in costs and ease of interaction of medical services, and health insurance are also expected to fuel the market growth during the forecast period.
However, the lack of complete knowledge and changes in economic strategies in developing countries is expected to hamper the growth of the global medical second opinion. In India, there is a lack of knowledge in the healthcare industry due to the shortage of doctors, clinics, hospitals, nurses leading to reduce in second opinion services for patients.
Several market players such as SecondOpinionExpert, Inc., Cleveland Clinic MyConsult, and 2nd MD, among others currently dominate the global medical second opinion market.
Medical Second Opinion Market Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas region held the largest market, owing to the increasing need to improve diagnosis in the region. The medical second opinion market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European second opinion market has been categorized as Western Europe and Eastern Europe.
The Western European market has further been classified as Germany, France, Italy, Spain, the UK, and the rest of Western Europe. The second opinion market in Asia-Pacific has been segmented into Japan, China, India, Australia, South Korea, and the rest of Asia-Pacific. Due to the increasing chronic diseases, the market in Asia-Pacific is expected to be the fastest-growing. The medical second opinion market in the Middle East & Africa has been divided into the Middle East and Africa. In 2018, UAE’s Healthcare sector partnered with leading US institutions aiming to facilitate US companies in the phase of the UAE healthcare development by providing information about the Emirati healthcare sector and the potential UAE partners for developing the healthcare sector.
Medical Second Opinion Market Segmentation
The global medical second opinion market has been segmented based on services, providers, applications, and sources of services.
Based on the services, the global medical second opinion has been segmented into medical condition management, post-acute care nursing, and medical peer review services. The medical condition management is expected to hold the largest market share for a different medical second opinion.
On the basis of providers, the market has been segmented into hospital physicians/specialties, online physicians portal, medical second opinion companies, and health insurance companies. The medical second opinion companies are expected to hold a major market share.
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Based on application, the market has been segmented into cancer, diabetes, cardiac disorders, neurological disorders, respiratory disorders, and ocular disorders. The medical second opinion is more applicable in the case of cancer because of a substantial increase in the number of cases across different countries.
The market based on source of service has been segmented into in-house and outsourced.
Medical Second Opinion Market Key Players
Some of the key players in the global medical second opinion market are SecondOpinionExpert, Inc., (California), DoctorSpring (California), 2nd MD (Houston), Cleveland Clinic MyConsult, Partners Healthcare, HCA Hospitals (US), Teladoc Health, Inc., (US), Amradnet (US), Johns Hopkins Medicine, XMRI.COM.
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