Medical Second Opinion Market Forecasts to 2030 - Global Analysis By Service Type, By Disease Type, Pricing Model, End User and By Geography

According to Stratistics MRC, the Global Medical Second Opinion Market is accounted for $5.0 billion in 2023 and is expected to reach $14.3 billion by 2030 growing at a CAGR of 16.3% during the forecast period. A medical second opinion is an evaluation sought by a patient after receiving a diagnosis or treatment plan from one healthcare provider. It involves consulting another qualified medical professional for their independent assessment, usually to confirm the initial diagnosis, explore alternative treatment options, or gain additional insights into the condition. This process aims to empower patients to make informed decisions about their healthcare.

According to a study published by the Medical Billing Advocates of America in 2019, an estimated 80.0% of medical bills contain at least one error.

Market Dynamics:

Driver:

Increasing prevalence of chronic diseases

The rising prevalence of chronic diseases, such as cancer, diabetes, and heart disease, serves as a significant driver in the medical second opinion market. As these conditions become more common, patients and their families seek reassurance and a comprehensive understanding of their diagnosis and treatment options. Seeking a second opinion from another medical expert offers patients a broader perspective. Thus potentially uncovering alternative treatment approaches, ensuring accuracy in diagnosis, and instilling confidence in their healthcare decisions amidst complex medical landscapes, thus driving the demand for medical second opinions.

Restraint:

Lack of awareness and understanding

Many individuals may not be aware of the option to seek a second opinion or may not fully understand its benefits. This lack of awareness can stem from various factors, such as limited access to information, cultural beliefs, or healthcare system complexities. Without proper understanding, patients may hesitate to pursue a second opinion, potentially missing out on valuable insights and alternative treatment options for their health conditions.

Opportunity:

Widespread adoption of telemedicine platforms

The widespread adoption of telemedicine platforms presents a significant opportunity in the medical second opinion market. These platforms enable patients to connect with healthcare providers remotely, overcoming geographical barriers and enhancing accessibility to expert opinions. Patients can easily seek second opinions from specialists worldwide without the need for travel, leading to quicker assessments and potentially better outcomes. Additionally, telemedicine promotes cost-effectiveness and convenience for both patients and healthcare providers, driving further uptake and expansion of the medical second opinion market.

Threat:

Concerns about data privacy and security on digital platforms

Patients share sensitive medical information when seeking second opinions online, raising fears about data breaches, unauthorized access, or misuse of personal health data. Such breaches can lead to a loss of trust in digital healthcare platforms, deterring patients from seeking second opinions and impacting the credibility of online medical services. Moreover, regulatory compliance with laws such as HIPAA (Health Insurance Portability and Accountability Act) becomes paramount to ensuring patient confidentiality and data protection.

Covid-19 Impact:

The COVID-19 pandemic has significantly impacted the medical second opinion market. With restrictions on in-person consultations and increased reliance on telemedicine, more patients are seeking second opinions remotely. This has led to a surge in demand for online medical platforms that offer virtual consultations. Additionally, delays in diagnosis and treatment due to overwhelmed healthcare systems have prompted patients to seek alternative opinions, driving further growth in the medical second opinion market.

The hospitals segment is expected to be the largest during the forecast period

During the forecast period, the hospitals segment is projected to dominate the market. Hospitals often have multidisciplinary teams of specialists and access to advanced diagnostic tools, making them well-equipped to provide comprehensive second opinions. Patients tend to trust hospital-based services due to their established reputation for quality care. Additionally, hospitals may offer second opinion services as part of their patient care continuum, further bolstering their position as the largest segment in the medical second opinion market.

The remote second opinion segment is expected to have the highest CAGR during the forecast period

The remote second opinion segment is anticipated to experience significant growth in the medical second opinion market during the forecast period. This growth can be attributed to several factors, including the increasing adoption of telemedicine and virtual healthcare platforms. Remote second opinions offer convenience, accessibility, and flexibility for patients, especially those in rural or underserved areas. Moreover, advancements in technology and secure communication channels have enhanced the feasibility and reliability of remote second opinion services, driving their rapid expansion.

Region with largest share:

The North American region is poised to dominate the medical second opinion market by capturing the largest market share. This can be attributed to several factors, including the presence of advanced healthcare infrastructure, high healthcare expenditure, and widespread adoption of digital health technologies. Additionally, favorable reimbursement policies and increasing awareness among patients about the benefits of seeking second opinions contribute to the region's dominance. Furthermore, the presence of major players and research institutions specializing in medical second opinions strengthens North America's position in the market.

Region with highest CAGR:

Asia Pacific is poised for rapid growth and is expected to witness lucrative expansion in the medical second opinion market. Factors such as increasing healthcare expenditure, improving healthcare infrastructure, and rising awareness about the benefits of seeking second opinions are driving this growth. Additionally, advancements in telemedicine technology and the growing acceptance of virtual healthcare consultations further contribute to the region's potential. Moreover, the large population base and rising prevalence of chronic diseases in Asia Pacific create substantial demand for medical second opinion services.

Key players in the market

Some of the key players in Medical Second Opinion Market include 2nd.MD, Accolade, Amwell, Apollo Hospitals Enterprise Limited, Babylon Health, Cleveland Clinic, Doctor On Demand, DoctorSpring, HealthTap, Johns Hopkins Medicine, Massachusetts General Hospital, Mayo Clinic, Medisys, OptumHealth, Teladoc Health and WorldCare International, Inc.

Key Developments:

In January 2023, Amwell, a telehealth provider, and Transcarent, a provider of digital health services, teamed up to create the Clinic by Cleveland Clinic, a project for virtual therapy. Members of Transcarent will be entitled to a second, individualized opinion and a reassessment of their diagnosis or treatment plan.

In January 2022, Apollo Hospitals collaborated with US-based 'The Clinic by Cleveland Clinic', to bring international second opinion services to their patients. Anyone interested in getting a second opinion from a professional on the other side of the world can contact an Apollo consultant and express interest in the service.

In March 2021, Accolade, Inc., which provides personalized, technology-enabled solutions that help people better understand, navigate and utilize the healthcare system and their workplace benefits, announced it has completed the acquisition of Innovation Specialists, LLC d/b/a 2nd.MD. By combining the market leaders in benefit navigation, health advocacy, and expert medical opinion services, Accolade will deliver the most comprehensive healthcare navigation experience covering more than 400 customers and 9 million lives.

Service Types Covered:

• Remote Second Opinion
• In-person Second Opinion
• Hybrid Second Opinion

Disease Types Covered:

• Cancer
• Cardiovascular Diseases
• Dermatological Conditions
• Diabetes
• Gastrointestinal Disorders
• Mental Health Conditions
• Musculoskeletal Disorders
• Neurological Disorders
• Orthopedic Conditions
• Respiratory Disorders
• Other Disease Types

Pricing Models Covered:

• Subscription-based
• Pay-per-consultation
• Bundled With Insurance Plans

End Users Covered:

• Hospitals
• Clinics
• Insurance Providers
• Patients

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances