The medical second opinion market is primarily driven by the increasing incidences of chronic diseases. These diseases include cancer, cardiovascular diseases, and neurological disorders globally. According to the World Health Organization (WHO), chronic diseases accounted for approximately 60% of the global deaths in 2021.
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Lack of specialized expertise for certain complex diseases and patients seeking multiple consultations for critical illnesses. These factors are also boosting the demand for second medical opinions. However, lack of awareness among people regarding the benefits of second medical opinions may restrain the market growth.
Market Trends:
There has been a significant rise in the number of telemedicine consultations for medical second opinions post COVID-19. Various telemedicine platforms are providing remote access to top medical experts for virtual consultations. This trend is expected to continue as telemedicine offers convenience to both doctors and patients.
Maintaining digital medical records of patients have made it convenient for doctors to easily access previous diagnostic reports while providing a second medical opinion. This helps them to thoroughly review the case history and medical management of patients. Various players are offering digital platforms to organize and share medical records between healthcare providers.
Medical Second Opinion Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$7.12 billion |
|
Estimated Value by 2031 |
$20.45 billion |
|
Growth Rate |
Poised to grow at a CAGR of 16.3% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Condition, By Service Providers |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Rising demand for accurate diagnosis and custom treatment plans • Preference for holistic and collaborative care models |
|
Restraints & Challenges |
• Lack of awareness among patients • High cost of second opinion services |
Market Opportunities:
The cancer segment is anticipated to hold the largest share in the medical second opinion market during the forecast period. Cancer accounts for a significant number of deaths worldwide each year. Seeking a second medical opinion for complex cancer cases helps reduce unnecessary tests and treatments. It also confirms diagnosis and recommends the most effective treatment plan. With rising cancer prevalence, the demand for second opinions is increasing to ensure accurate diagnosis and optimize therapy management.
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The neurological disorders segment is projected to witness the highest CAGR over the forecast timeframe. Neurological disorders like Parkinson’s disease, Alzheimer's disease, multiple sclerosis, epilepsy, and strokes often require comprehensive evaluation and personalized care plans. Complex cases benefit greatly from additional expertise through a second medical examination. This helps provide clarity on diagnosis and the most suitable line of treatment. With an aging global population and increasing incidence of neurological conditions, requirements for specialized second evaluations are growing rapidly.
By service provider, physicians are expected to hold the lion’s share in the medical second opinion market. Most patients rely on renowned physicians from prestigious hospital systems or private practices for specialized second medical consultations. Highly experienced physicians can thoroughly review complex cases, rule out misdiagnosis, resolve diagnostic dilemmas, clarify treatment responses, and devise effective management strategies. Their clinical expertise makes them the preferred choice for critical second medical opinions.
Key Market Takeaways
The global medical second opinion market is anticipated to witness a CAGR of 16.3% during the forecast period 2024-2031. Growth is supported by rising emphasis on accurate diagnoses and treatment outcomes.
By condition type, the cancer segment will dominate owing to high disease incidence. The neurological disorders segment will experience the fastest growth by 2024. This is due to an aging population and increasing disease burden.
By service provider, physicians will retain a leading position due to their specialized clinical skills.
North America will continue dominating the market driven by high healthcare expenditures.
Key Players Insights
M|O|C Caner Care & research Center
Mayo Clinic
Cleveland Clinic
Johns Hopkins Hospital
Apollo Hospitals
Fortis Hospitals Group
Medanta Hospital
University Hospital Tuebingen
Recent Developments:
In October 2023, Pearl announced the approval of its Second Opinion chairside dental pathology detection assistance by Turkish Medicine and TMMDA.
In July 2023, MDView, introduced its first service for patients looking for a second opinion on their medical imaging.
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