According to The Insight Partners Medical Second Opinion Market is expected to reach US$ 10,739.48 million in 2027 from US$ 3,204.57 million in 2019; it is estimated to grow at a CAGR of 16.8% from 2020 to 2027. The report highlights trends prevailing in the global medical second opinion market and the drivers and restraints pertaining to the market growth.
Medical second opinion is intended to provide valuable information about the patient’s current treatment options. The concept plays a significant role in dealing with the confusion created through the recommendation of various treatment alternatives for a single case. Besides, the opinion is also sought to gain additional information, which can be helpful to improve treatment outcomes of a disease. The medical second opinion can validate diagnosis; thus, it plays a major role in increasing the accuracy of the treatment. The global medical second opinion market is driven by factors such as superior treatment outcomes and increasing preference for healthcare cost optimization. However, the lack of awareness and reluctance toward opting for medical second opinion in emerging nations hinder the market growth. Additionally, rising investments on telemedicine technologies are creating growth opportunities for the market players.
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Medisense Healthcare Solutions Pvt. Ltd.; Second Opinion International; Elite Medical Services; Cigna; Helsana; World Care; Vidal Health Insurance TPA Pvt Ltd; Medix; 2nd.MD;and AXA are among the leading companies operating in the medical second opinion market.
Based on disorder, the global medical second opinion market is segmented into cancer, orthopedic disorders, cardiac disorders, neurological disorders, nephrological disorders, hematologic blood disorders, chronic obstructive pulmonary diseases (COPD), organ transplants, and other diseases. The cancer segment held the largest share of the market in 2019. However, orthopaedic disorders segment is estimated to register the highest CAGR in the market during the forecast period. Increasing prevalence of orthopaedic conditions, and growing focus on improving accuracy of diagnosis and treatment are the factors boosting the market for the orthopedic disorder segment.
Increasing number of errors in medical billing is also one of the prominent factors responsible for the growth of the market. For instance, according to a study published by the Medical Billing Advocates of America in2019, an estimated 80.0% of medical bills contain at least one error. Further, problems in medical billing errors cost a total of ~US$ 210 billion each year in the US. These possibilities and occurrences of financial errors are projected to accelerate the growth of the medical second opinion market by 2027.
The 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 on the basis of additional medical diagnosis, analysis of existing medical records, and assessment of other therapeutic solutions as an alternative for surgery. These aspects of the second opinion can result in reduction of therapeutic cost. Further, second opinion on surgical decisions can also result in reduction in possible surgical adversities, which can lead to additional healthcare-related costs.
The report segments global medical second opinion market as follows:
- Orthopaedic Disorders
- Cardiac Disorders
- Neurological Disorders
- Nephrological Disorders
- Hematologic Blood Disorders
- Chronic Obstructive Pulmonary Diseases (COPD)
- Organ Transplants
- Other Disorders
By Service Providers
- Health Insurance Companies
- Online Services
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