The global medical second opinion market is expected to grow at a CAGR of XX% during the forecast period (2024-2031), reaching a market value of USD XX million by 2024 and USD YY million by 2031. North America is projected to be the dominant region in the market. The growth of the medical second opinion market is driven by the increasing prevalence of chronic diseases, rising healthcare costs, and growing awareness about the benefits of second opinions in medical decision-making.
Growing awareness about the benefits of second opinions driving market growth The market's expansion is being driven by a growing understanding of the importance of medical second opinions. Patients and healthcare providers are increasingly acknowledging the need of seeking second opinions in challenging medical cases, especially for serious disorders such as cancer, cardiovascular disease, and neurological difficulties. Second opinions are useful for verifying diagnosis, investigating various treatment options, and making sound healthcare decisions. The proliferation of patient advocacy groups and educational initiatives is hastening the adoption of medical second opinions.
Advancements in telemedicine and digital health technologies enabling remote second opinions Telemedicine and digital health technologies are major drivers in the medical second opinion business. The integration of telemedicine platforms, video conferencing capabilities, and electronic health records (EHRs) has enabled healthcare providers to provide remote second views. Patients can now consult with medical specialists from anywhere in the world, removing geographical barriers and expanding access to specialised medical advice. The COVID-19 pandemic has increased the usage of telemedicine as patients and healthcare providers look for remote consultation solutions to limit the risk of infection.
Lack of reimbursement policies and limited awareness in emerging markets hindering market growth The absence of clear reimbursement policies for medical second opinion services is a significant impediment to industry growth. In many countries, healthcare insurance plans do not cover the expense of seeking second opinions, particularly if the consultations are held remotely or with out-of-network providers. This financial burden may discourage patients from seeking second opinions, particularly in price-sensitive sectors. Furthermore, a lack of information about the availability and benefits of medical second opinions in developing countries may hamper their adoption.
Online medical second opinion services dominate the market, driven by convenience and accessibility
Online medical second opinions have the largest market share due to its convenience, accessibility, and cost-effectiveness. Patients can use internet platforms to upload medical records, imaging scans, and other relevant information, which can subsequently be reviewed remotely by medical professionals. The spread of telemedicine, rising internet usage, and a growing preference for virtual consultations all contribute to the growth of online second opinion services. Recent breakthroughs in artificial intelligence (AI) and machine learning have enhanced the capabilities of online second opinion platforms, allowing for faster and more accurate assessment of medical data.
North America leads the medical second opinion market, driven by advanced healthcare infrastructure and consumer awareness
North America dominates the medical second opinion market, accounting for the largest share of revenue. The region's growth is being driven by a well-established healthcare infrastructure, high healthcare spending, and growing consumer awareness of the value of second opinions. The United States leads the North American market, with a large patient population and a growing emphasis on patient-centered care. The presence of leading healthcare providers, insurance companies, and online second opinion platforms contributes to market expansion in the region.
Recent news and statistics highlight the region's dominance:
According to the American Board of Medical Specialities (ABMS), around 25% of US patients seek second opinions for difficult medical conditions.
GrandRounds Health, a leading virtual healthcare company, plans to expand its second opinion services to over 6 million lives in the United States by 2021.
Country-specific developments demonstrate North America's supremacy in the medical second opinion business:
In 2021, MCI Onehealth Technologies Inc. created a virtual second opinion service using its countrywide professional network (source: MCI Onehealth Technologies Inc).
The Centres for Medicare and Medicaid Services (CMS) issued new proposals in 2021 to expand telehealth coverage, including financing for remote second opinions.
The medical second opinion sector is highly fragmented, including healthcare providers, insurance companies, and specialised online platforms. Second Opinion Expert, Inc., 2nd.MD, Grand Rounds, Inc., Teladoc Health, Inc., and Cleveland Clinic are among the market's leading players. To increase their market presence, these companies are expanding their network of medical specialists, enhancing their digital platforms, and partnering with healthcare providers and insurance organisations. Mergers and acquisitions are another common tactic employed by market actors to broaden their service offerings and geographic reach. The medical second opinion market's future prospects remain favourable, mainly to rising demand for high-quality medical advice and greater telemedicine adoption.
The medical second opinion market is predicted to expand rapidly in the coming years, owing to greater awareness of the advantages of second views in medical decision-making, as well as advancements in telemedicine and digital health technologies. The growing prevalence of chronic diseases, combined with rising healthcare costs, will drive more demand for medical second opinions. Online platforms will continue to dominate the market, offering patients easy and convenient ways to contact with medical providers. North America, led by the United States, will remain the largest market, thanks to its advanced healthcare infrastructure and consumer awareness. However, the absence of clear reimbursement policies and poor awareness in emerging markets may stymie industry growth.
Second Opinion Expert, Inc.
2nd.MD
Grand Rounds, Inc.
Teladoc Health, Inc.
Cleveland Clinic
Johns Hopkins USA
Cigna Corporation
Advance Medical, Inc.
USARAD Holdings, Inc.
WorldCare International, Inc.
Teladoc Health, Inc. will launch a new medical second opinion service in March 2022, leveraging its network of over 55,000 medical professionals across 450+ subspecialties.
Second Opinion Expert, Inc. entered into a collaboration with a large health insurance carrier in the United States in January 2022 to provide second views to its subscribers.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)*
5. COMPANY PROFILES
5.1. Second Opinion Expert, Inc.
5.2. 2nd.MD
5.3. Grand Rounds, Inc.
5.4. Teladoc Health, Inc.
5.5. Cleveland Clinic
5.6. Johns Hopkins USA
5.7. Cigna Corporation
5.8. Advance Medical, Inc.
5.9. USARAD Holdings, Inc.
5.10. WorldCare International, Inc.*
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Growing awareness about the benefits of second opinions driving market growth
6.1.2. Increasing adoption of AI and machine learning technologies in second opinion services
6.1.3. Rising demand for subspecialty expertise in complex medical cases
6.2. Market Drivers
6.2.1. Advancements in telemedicine and digital health technologies enabling remote second opinions
6.2.2. Increasing prevalence of chronic diseases and critical illnesses
6.2.3. Rising healthcare costs and the need for cost-effective medical decision-making
6.3. Market Restraints
6.3.1. Lack of reimbursement policies and limited awareness in emerging markets hindering market growth
6.3.2. Concerns regarding data privacy and security in remote second opinion services
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY DELIVERY MODE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. In-person
7.1.1. Face-to-face consultations
7.1.2. Hospital-based second opinions
7.2. Telephonic
7.2.1. Phone consultations
7.2.2. Conference calls with medical experts
7.3. Online
7.3.1. Video consultations
7.3.2. Asynchronous second opinion services
7.3.3. AI-powered second opinion platforms
8. BY SPECIALTY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Oncology
8.1.1. Breast cancer
8.1.2. Lung cancer
8.1.3. Colorectal cancer
8.1.4. Prostate cancer
8.2. Orthopedics
8.2.1. Joint replacement surgeries
8.2.2. Spine surgeries
8.3. Neurology
8.3.1. Alzheimer's disease
8.3.2. Parkinson's disease
8.3.3. Multiple sclerosis
8.4. Cardiology
8.4.1. Coronary artery disease
8.4.2. Heart failure
8.5. Nephrology
8.5.1. Chronic kidney disease
8.5.2. Kidney transplantation
8.6. Others
8.6.1. Gastroenterology
8.6.2. Endocrinology
8.6.3. Dermatology
9. BY SERVICE PROVIDER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Hospitals
9.1.1. Academic medical centers
9.1.2. Specialty hospitals
9.2. Health Insurance Companies
9.2.1. Private health insurers
9.2.2. Government health insurance programs
9.3. Online Medical Second Opinion Providers
9.3.1. Dedicated second opinion platforms
9.3.2. Telemedicine service providers
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Delivery Mode:
In-person
Telephonic
Online
By Specialty:
Oncology
Orthopedics
Neurology
Cardiology
Nephrology
Others
By Service Provider:
Hospitals
Health Insurance Companies
Online Medical Second Opinion Providers
By Region:
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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