Medical Second Opinion Market Worth $10.73 Billion by 2027 at 16.8% CAGR Lead by Orthopedic Diseases, Global Analysis by The Insight Partners

NEW YORK, July 11, 2022 /PRNewswire/ -- The Insight Partners published latest research study on 'Medical Second Opinion Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Disorder (Cancer, Orthopedic Disorders, Cardiac Disorders, Neurological Disorders, Nephrological Disorders, Hematologic Blood Disorders, COPD, Organ Transplants, and Other Diseases); Service Providers (Hospitals, Health Insurance Companies, and Online Services); and Geography', the global medical second opinion market size is expected to reach $10.73 Billion by 2027 from $3.20 Billion in 2019; it is estimated to grow at a CAGR of 16.8% from 2020 to 2027.

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Medical Second Opinion Market Report Scope & Strategic Insights:

Medical Second Opinion Market: Competitive Landscape and Key Developments

Medisense Healthcare Solutions Pvt. Ltd., Second Opinion International, Elite Medical Services, Cigna, Helsana, WorldCare, Vidal Health Insurance TPA Pvt Ltd, Medix, 2nd.MD, and AXA are among the leading companies operating in the medical second opinion market.

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In Jan-2018, AXA the world's 42nd largest health care brand, announced the acquisition of Maestro Health. The deal is seen as a gateway for AXA's entry into the United States market.

In Oct-2017, The Co-operators partnered with WorldCare International, Inc. to launch mental health medical second opinion research program designed to optimize individual healthcare decisions.

In Sep-2015, WorldCare International, Inc. (WorldCare), partnered with 1-800MD to offer a new service, WorldCareMD, to clients and members globally. The service is one of the many new services recently added to WorldCare's range of services, which address clients and members continuum of care needs.

In Sept-2018, AXA Global Healthcare has announced that from 1st November, all new and existing Individual and SME customers with outpatient cover will have access to its innovative new virtual doctor service, Global Care on Demand.

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The growth of the medical second opinion market is mainly attributed to the increasing prevalence of chronic diseases, growing emphasis on superior treatment outcomes, and rising focus on healthcare cost optimization. However, the lack of awareness and reluctance toward opting for medical second opinions in emerging nations restrains the growth of the market.

Extensively increasing integration of medical services and digital platforms is leading to increasing popularity and acceptance of digital consultation. The digital consultation ensures patient convenience, improved patient experience, and effective cost management. Further, the deployment of digital platform enables patient to be consulted from remote locations with superior accessibility to medical expertise. Rising number of partnerships and collaborations among software developing companies and healthcare institutions is accelerating the digitalization of medical consulting services. For instance, in July 2019, University of Chicago Medicine launched remote second opinion services in collaboration with PinnacleCare, one of the key healthcare advisory companies. The system offers remote health consultation beyond geographic boundaries. Thus, the growing digitalization of medical second opinion services is estimated to offer lucrative opportunities to the market players.

The global medical second opinion market is segmented on the basis of region into North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. North America held the largest market share in 2019. The factors fueling the market in this region include increasing prevalence of chronic disorders and growing adoption of medical second opinion to increase treatment accuracy.

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Increasing emphasis on achieving better treatment outcomes drives the growth of the second medical opinion market. Many treatment procedures are known he have high possibility to be associated with adverse effects, which might as well lead to mortality. Hence, in crucial cases, revising the current treatment alternatives and getting advice from another reliable healthcare professional to avoid possible ill-effects becomes essential. According to a study published by the World Health Organization (WHO) in 2019, unsafe medical care causes ~2.6 million deaths each year in the low- and middle-income countries. Such large extent of lethality is anticipated to encourage consumers to opt for medical second opinion. According to a study published by the John Hopkins University, in 2018, in the US, ~250,000 deaths are caused due to medical errors each year.

According to a study published in Annals of Surgical Oncology in 2018, there is great emphasis on getting medical second opinion to increase the accuracy of cancer diagnosis and therapeutics. According to the WHO data, in 2018, ~9.6 million patients across the globe lost their lives due to the occurrence of cancer. In addition, the growing exposure to risk factors such as consumption of tobacco, excessive alcoholism, unhealthy diet, and obesity is further projected to elevate the prevalence of cancer. Thus, an increasing prevalence of cancer, combined with a greater number of cancer patients seeking for second opinion, would be a prominent factor to drive the growth of the medical second opinion market during the forecast period.

Based on disorders, the medical second opinion market is segmented into cancer, orthopedic disorders, cardiac disorders, neurological disorders, nephrological disorders, hematologic blood disorders, chronic obstructive pulmonary disease (COPD), organ transplant, and other diseases. The cancer segment held the largest share of the market in 2019. However, the market for orthopedic conditions is estimated grow at the highest CAGR in the market during the forecast period.

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Based on service provider, the market is segmented into hospitals, health insurance companies, and online services. The hospitals segment held the largest share of the market in 2019; however, online services segment is estimated to register the highest CAGR during the forecast period.

The World Health Organization (WHO), Food and Drug Administration (FDA), National Health Service (NHS), Health Blogs, and Centers for Disease Control and Prevention (CDC), along with company websites, are a few of the major primary and secondary sources referred for preparing this report.

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