Medical Second Opinion Market
The medical second opinion market was experiencing significant growth, driven by various factors such as a growing emphasis on better treatment outcomes and an increasing preference for healthcare cost optimization. Additionally, the rise in collaborations in telemedicine technologies is expected to create ample opportunities in the coming years.
Growing Emphasis on Better Treatment Outcomes Fuels Medical Second Opinion Market Growth
The medical second opinion is intended to provide valuable information about a patient’s current treatment options. It plays a major role in resolving the confusion created by the recommendation of several treatment alternatives for a single case. Besides, opinion is also sought to gain additional information, which can be beneficial to improve treatment outcomes. The medical second opinion can validate the diagnosis; thus, it is a major factor in increasing the accuracy of the treatment. The increasing emphasis on improving treatment outcomes leads to the growth of the medical second opinion market. There is a high possibility of the occurrence of adverse effects of many treatment procedures, which might as well lead to mortality. Consequently, in crucial cases, it is essential to revise the current treatment options and get advice from a reliable healthcare professional to avoid potential ill-effects. Per the World Health Organization (WHO), unsafe medical care causes more than 3 million deaths each year globally. Such a large number of mortalities is expected to encourage patients to opt for a medical second opinion. As per the Journal of Patient Safety, in 2024, ~400,000 deaths are caused due to medical errors in the US each year.
As per the study published by Annals of Surgical Oncology, cancer patients have a greater emphasis on getting a medical second opinion to increase the accuracy of cancer diagnosis and therapeutics. According to the World Health Organization data, approximately 9.7 million patients across the globe lost their lives due to cancer in 2022. Furthermore, the increasing exposure to risk factors such as tobacco consumption, alcohol consumption, altering food habits, and obesity is causing a rise in the prevalence of cancer. Thus, the increasing prevalence of cancer and other chronic diseases, such as cardiovascular diosrders, neurological diosrders and othersc looking for a second opinion for better patients comes, is one of the prominent factors driving the medical second opinion market growth.
The service provider segment is segmented into hospitals, health insurance companies, and online services. The hospitals segment accounts for the major market share and is expected to register the highest CAGR during the forecast period. Hospitals are primary contact points for the patients to get expert opinions on available treatment options and alternatives. Available infrastructure in hospitals can provide expert advice on any disease condition as they have access to specialists in that particular field. The hospitals segment is estimated to hold a major share as the majority of the patients in emerging nations and developed countries prefer to visit hospitals for any health-related expert opinion and guidance. Further, increasing number of hospitals and growing accessibility in emerging nations are estimated to offer lucrative growth opportunities for the market during the forecast period.
Medical Second Opinion Market: Competitive Landscape and Key Developments
Medisense Healthcare Solutions Pvt. Ltd.; Second Opinion International; Elite Medical Services; The Cigna Group; Helsana; WorldCare; Vidal Health Insurance TPA Pvt Ltd; Medix; 2nd.MD; Axa SA; Teladoc Health Inc; DoctorSpring Pvt. Ltd; USARAD Holdings Inc (SecondOpinions.com); Cleveland Clinic; Included Health, Inc.; Mass General Brigham Incorporated. (Partners Healthcare); Stanford Health Care; and Royal Doctors are a few key companies operating in the market. These companies focus on product innovation strategies to meet evolving customer demands, along with maintaining their brand name in the medical second opinion market.
As per company press releases, a few recent developments initiated in the global medical second opinion market report are mentioned below:
- In April 2024, Included Health launched its integrated care delivery platform to include the Specialty Care Clinic, a multicenter, virtual-first clinic that provides rapid access to medical specialists and comprehensive support for the most prevalent and costly specialty care needs. The Specialty Care Clinic is an evolution of Included Health’s Expert Medical Opinion service, renowned for delivering accurate diagnoses and tailored treatment plans.
- In November 2023, 2nd.MD collaborated with UnitedHealthcare to provide a no-cost, member-focused expert medical opinion service to members. 2nd.MD virtually connects members who are facing a serious or expensive healthcare decision with a top expert in the field to review their case and provide a second opinion on their best options. With 2nd.MD, eligible members can connect with a specialist to gain in-depth education about their condition and explore treatment options.
