Medical Second Opinion Market Increasing Preference for Healthcare Cost Optimization

The report highlights trends prevailing in the global medical second opinion market and the drivers and restraints pertaining to the market growth.

According to our new market research study on “Medical Second Opinion Market to 2027 – Global Analysis and Forecast – by Disorder and Service Provider,” the market is expected to reach US$ 10,739.48 million in 2027 from US$ 3,204.57 million in 2019; it is estimated to grow at a CAGR of 16.8% from 2020 to 2027. The report highlights trends prevailing in the global medical second opinion market and the drivers and restraints pertaining to the market growth.

Medical second opinion is intended to provide valuable information about the patient’s current treatment options. The concept plays a significant role in dealing with the confusion created through the recommendation of various treatment alternatives for a single case. Besides, the opinion is also sought to gain additional information, which can be helpful to improve treatment outcomes of a disease. The medical second opinion can validate diagnosis; thus, it plays a major role in increasing the accuracy of the treatment. The global medical second opinion market is driven by factors such as superior treatment outcomes and increasing preference for healthcare cost optimization. However, the lack of awareness and reluctance toward opting for medical second opinion in emerging nations hinder the market growth. Additionally, rising investments on telemedicine technologies are creating growth opportunities for the market players.

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Medical Second Opinion Market Competitive Landscape and Key Development

Medisense Healthcare Solutions Pvt. Ltd.; Second Opinion International; Elite Medical Services; Cigna; Helsana; WorldCare; Vidal Health Insurance TPA Pvt Ltd; Medix; 2nd.MD; AXA, Teladoc Health, Inc; DoctorSpring Pvt. Ltd; USARAD Holdings Inc (SecondOpinions.com); Cleveland Clinic; Grand Rounds, Inc.; Mass General Brigham Incorporated. (Partners Healthcare); and Stanford Health Care are among the leading companies operating in the medical second opinion market.

Increasing Preference for Healthcare Cost Optimization

Patients across the globe are witnessing growing financial burdens imposed by healthcare services. Increasing healthcare-associated costs due to the overall shortage of healthcare professionals and limited availability of resources are generating need for healthcare cost optimization worldwide. Also, growing emphasis on the reduction of additional costs and increasing awareness about the possible exploitation from healthcare organizations, especially in low- and middle-income countries, significantly drive the second medical opinion market. The consumers can avail extensive information from medical second opinions while making the necessary decisions about surgery or the main case. In addition, medical second opinion providers review the recommendations for surgical procedures on the basis of additional medical diagnosis, analysis of existing medical records, and assessment of other therapeutic solutions as an alternative for surgery. These aspects of the second opinion can result in reduction of therapeutic cost. Further, second opinion on surgical decisions can also result in reduction in possible surgical adversities, which can lead to additional healthcare-related costs.

For instance, according to a study published by the World Health Organization in 2019, ~25.0% patients around the world suffer from complications in surgical procedures. Moreover, ~1 million people die during surgery or during follow-up of the same each year.

Increasing number of errors in medical billing is also one of the prominent factors responsible for the growth of the market. For instance, 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. Further, problems in medical billing errors cost a total of ~US$ 210 billion each year in the US. These possibilities and occurrences of financial errors are projected to accelerate the growth of the medical second opinion market by 2027.

Medical Second Opinion Market: Segmental Overview

Based on disorders, the medical second opinion market is segmented into cancer, diabetes, cardiac disorders, neurological disorders, nephrological disorders, hematological disorders, COPD, orthopedic disorder, organ transplant, and other diseases. In 2019, the cancer segment accounted for the largest share of the global medical second opinion market. The growth of the market for this segment is attributed to the increasing prevalence of cancer and rising preference for second opinion for cancer diagnosis and treatment.

Based on service provider, the medical second opinion market is segmented into hospitals, health insurance companies, and online services. The hospitals segment held the largest share of the market in 2019; however, the market for online services is expected to grow at the highest CAGR during the forecast period.

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