Market Overview:
A medical second opinion is a healthcare service that enables patients to choose extra medical consultation to enhance subsequent treatment procedures. If a patient feels that the main diagnosis is incorrect or not pleased with it, they often seek second opinions from other medical specialists. Frequently occurring diagnostic mistakes are a major reason why patients decide to seek out more medical assistance.
Medical Second Opinion Market Size Growth Rate:
The Global Medical Second Opinion Market size reached USD 4,344.8 million in 2022 and is projected to witness lucrative growth by reaching up to USD 12,701.8 million by 2030. The medical second opinion market is expected to exhibit a CAGR of 14.8% during the forecast period 2023-2030.
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Market Drivers:
Increasing preference for healthcare cost optimization and increasing awareness among people.
Technological developments in telemedicine have made it possible for doctors to swiftly assess patients’ requirements and avoid treatment delays. This will likely provide the medical second opinion market with profitable growth prospects throughout the projected year. Additionally, before surgery, people consult mobile apps and the Internet for a second opinion, creating a window of opportunity for the medical second opinion industry.
Other significant factors anticipated to accelerate the growth rate of the global medical second opinion market include the expanding demand for better diagnosis and treatment planning, the growing number of hospitals worldwide, the growing population in developing nations, and the growing preference for healthcare cost optimization and increased public awareness. With chronic illnesses including ophthalmic, neurological, pulmonary, and nephrological problems, expected to drive the global medical second opinion market, getting a second opinion is crucial.
One of the other major reasons driving the global medical second opinion market is the growing trend in these services due to the associated costs of medical treatments, including financial, health, and legal expenditures. Growing mistrust of surgical procedures is a major factor driving the global market for second opinions in medicine, with many doctors urging patients to choose therapy over surgery.
Market Opportunities:
The pandemic acted as a market opportunity
The continuing COVID-19 epidemic has significantly driven the medical second opinion market. The COVID-19 outbreak has increased physician and health insurance company demand for second views. Physicians encourage patients to seek a second opinion if there is an opportunity of better illness detection and diagnosis. Health insurance companies frequently advocate getting a second opinion about insurance coverage for certain medical treatments.
Medical Second Opinion Market Trends:
Telemedicine Expansion and AI-Powered Precision
Because of the increased use of telemedicine and virtual healthcare services, the Medical Second Opinion Market has seen a boom in demand. Patients may now seek the comfort of their own homes, easing geographic limits and enhancing access to specialist appointments. Machine learning and artificial intelligence (AI) are transforming the accuracy and efficiency of medical second opinions. These tools let healthcare workers analyze complicated medical data more quickly and precisely, improving the quality of suggestions and decreasing diagnostic mistakes.
Medical Second Opinion Market Segmentation Analysis:
The global medical second opinion market is segmented by disorder into cancer, diabetes, cardiac disorders, neurological disorders, ocular disorders, and others; by service provider into hospitals, medical second opinion providing companies, and health insurance companies.
Medical Second Opinion Disorder Insights:
Based on Disorder, the cardiac disease segment is expected to expand quickly, with a CAGR of 17.3% during the forecast period. A second opinion is beneficial for any patient suffering from heart issues. It’s a crucial opportunity for patients and their families to learn more about the illness and available treatments.
A second opinion in cardiology might benefit those diagnosed with heart disease. This important service gives information about available treatments and lets you know whether the diagnosis is accurate. Those looking for a second opinion want to make the healthiest choices possible. Sometimes, in order to make the best choice possible, patients would want to hear other viewpoints on the next steps in their treatment. These variables lead to patients with heart diseases preferring a second opinion, which increases the use of medical second opinions.
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Global Medical Second Opinion Market Geographical Share:
The global medical second opinion market is analyzed across North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
North America Holds a Dominant Position in the Global Medical Second Opinion Market.
Due to the growing body of research and advancements in the diagnosis of severe pregnancy issues, North America is projected to account for around 39.3% of the global market share for medical second opinions over the course of the forecast period. Additional factors that boost the region’s market value include robust government backing. Numerous local groups help patients by putting them in touch with physicians so they may discuss treatment options, get second views quickly, confirm diagnosis, and answer questions.
Key Developments
- On January 13, 2023, the Clinic by Cleveland Clinic, a project for virtual treatment created by the healthcare system and telehealth company Amwell, partnered with Transcarent, a digital health company. Members of Transcarent will be qualified to have their diagnosis or treatment plan reviewed and to receive a second, personalized opinion.
Medical Second Opinion Companies
The major global players in the market include Mediguide International LLC, WorldCare Inc, Cynergy Care, AXA PPP Healthcare, Cleveland Clinic, Helsana Group, Teladoc Health, GrandOpinion, Lybrate, Mass General Brigham and others.
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