Medical Second Opinion Market Size | Report 2031

Report Description

The global medical second opinion market size was valued at USD 5.1 billion in 2021 and is expected to surpass USD 13.2 billion by 2030, expanding at a CAGR of 16.3% during the forecast period, 2022–2030. The growth of the market is attributed to the rising preference for cost optimization in treatment options and wide R&D programs for the development of innovative services for tackling healthcare issues.

A medical second opinion refers to a healthcare service through which a patient is allowed to opt for additional medical consultation to improve further treatment processes. Patients generally seek additional medical opinions from other doctors or health professionals if they feel that the primary diagnosis is inaccurate or dissatisfied with the diagnosis. Frequent cases of diagnostic errors present a key factor that patients choose the option for additional medical advice.
 

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As the report published by the National Academy of Medicine, nearly 6% of the US population usually opt for outpatient care services every year due to diagnostic errors and the errors are responsible for the death of around 11% of the patients with chronic illness. According to the study published by Mayo Clinic, globally, more than 25% of patients with chronic illness seek a medical second opinion due to dissatisfaction with the primary diagnosis every year.

In some cases, patients opt for additional consultation to validate or confirm the diagnosis or suggested medical treatment, especially associated with some serious surgical procedures. The service is widely used by patients having serious disorders such as cancer, neurological disorders, nephrological disorders, and cardiac disorders. A medical second opinion helps to clear patients’ doubts or confusion regarding the ongoing or further treatment process and allows them to make better decisions to choose the best treatment options.

The COVID-19 pandemic had accelerated the expansion of the overall market revenue owing to the rising use of healthcare consultancy services and platforms for medical advice for patients having severe diseases. The pandemic had forced patients to change their approach to seeking medical consultancy services as they prefer to use digital platforms to avoid the further spread of the virus.

Market Trends, Drivers, Restraints, and Opportunities

• Wide prevalence of chronic diseases, the increasing geriatric population, and rising spending on health issues are key factors boosting the market.
• Rapid introduction of advanced medical devices and a higher rate of successful treatment outcomes are expected to propel the market during the forecast period. 
• Rising seeking for outpatient care to address diagnostic errors and rising events of medical malpractice present another key driver of the market.
• Extensive insurance coverage for disease treatment and increasing awareness campaigns from health insurance providers regarding second opinion options are anticipated to fuel the market.
• Lack of awareness regarding the service, especially among a large pool of patients in developing countries acts as a major restraining factor that can hamper the market.
• Increasing adoption of telemedicine technologies by hospitals and clinics for better consultant services for patients is offering key growth opportunities for the market. 

Scope of the Medical Second Opinion Market Report

The report on the global medical second opinion market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Medical Second Opinion Market Segment Insights

Cancer segment to account for a dominant market share

Based on disorder types, the global medical second opinion market is divided into cancer, cardiac disorders, orthopedic disorders, organ transplants, neurological disorders, hematologic blood disorders, nephrological disorders, and others. The cancer segment is expected to account for a dominant market share during the forecast period owing to the wide prevalence of the disorder globally and high spending on the treatment. As per the report of the World Health Organization, cancer claimed more than 10.6 million lives globally in 2019.

Rising demand for better management for the elderly population drives the medical condition management segment

In terms of services, the market is segmented into medical condition management, medical peer review services, and post-acute care nursing. The medical condition management segment held a major market share in 2021 and is anticipated to register a healthy growth rate in the coming years owing to the rising demand for proper management of health conditions of the geriatric population. Furthermore, the wide availability of medical supervisors and specialized medical professionals offering effective and better medical condition management are expected to propel the segment further.

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Hospital physicians/specialties segment to register a considerable CAGR

On the basis of service providers, the market is segregated into online physicians portal, hospital physicians/specialties, health insurance companies, medical second opinion companies, and others. The hospital physicians/specialties segment is projected to register a considerable CAGR during the forecast period owing to the increasing adoption of telemedicine technologies to allow easy consultancy services to patients. Moreover, the wide availability of specialized medical professionals and doctors in hospitals and easy accessibility for patients to several specialized hospitals further boosts the segment.

North America to dominate the market

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a key market share in 2021 and is expected to dominate the market during the projected period owing to the presence of a large pool population having chronic illnesses and wide acceptance of medical second opinions among patients. Moreover, increasing awareness of patients regarding cost optimization of the diagnosis and benefits of using medical second opinion for better treatment are other key factors boosting the regional market.  

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