Medical Second Opinion Market Forecast to 2031: Global Analysis
Our latest research study titled "Medical Second Opinion Market Forecast to 2031 - Global Analysis - by Condition, Service Providers, Geography" indicates a promising growth trajectory for the medical second opinion market. The market, valued at approximately US$ 5.33 billion in 2023, is projected to expand to US$ 15.40 billion by 2031, reflecting a compound annual growth rate (CAGR) of 14.2% from 2023 to 2031. This growth is primarily driven by an increasing focus on achieving better treatment outcomes and a rising preference for optimizing healthcare costs.
Understanding Medical Second Opinions
A medical second opinion involves a patient seeking an additional evaluation or assessment of a diagnosis, treatment plan, or medical condition from a different healthcare provider. This process is crucial for patients who wish to confirm their diagnosis, explore alternative treatment options, or gain reassurance regarding their health decisions. The importance of obtaining a second opinion is particularly pronounced in cases involving serious illnesses, complex medical conditions, or when patients feel uncertain about the initial recommendations they have received. This practice empowers patients by providing them with more comprehensive information and diverse perspectives on their health status.
Regional Insights: North America
In 2023, North America emerged as a dominant region in the global medical second opinion market. The market in this region is segmented into the United States, Canada, and Mexico. Factors such as the rising incidence of respiratory diseases among children and increased investments in medical technology are expected to drive the growth of the medical second opinion market in North America throughout the forecast period.
The United States, in particular, holds a substantial share of the medical second opinion market. The growth in this sector is largely attributed to the escalating prevalence of cancer, which is the second leading cause of death in the country. According to the American Cancer Society, over 1.9 million new cancer cases were diagnosed in the U.S. in 2022, resulting in approximately 609,360 deaths. Projections suggest that around 2.0 million individuals will be diagnosed with cancer in the U.S. by 2024. The increasing number of misdiagnosed cancer cases and their detrimental effects are driving the demand for medical second opinions.
Research from Johns Hopkins University highlights that approximately 4,000 surgical errors occur annually in the U.S. Additionally, a study titled "Top 10 Medical Errors That Lead to Death" estimates that between 7,000 and 9,000 patients die each year due to medication errors. Furthermore, an article published in July 2023, "Burden of Serious Harms from Diagnostic Error in the USA," indicates that around 795,000 Americans suffer from misdiagnosis of serious conditions each year. Such alarming statistics are expected to significantly increase the demand for medical second opinions in the country.
Innovative Collaborations in the Market
In 2017, UnitedHealthcare partnered with 2nd.MD to offer its members a complimentary expert medical opinion service. This service connects patients with specialists who review cases and provide second opinions. Additionally, various organizations facilitate connections between patients and doctors to review treatment plans, confirm diagnoses, and offer rapid second opinions. For example, WorldCare International Inc. provides top-tier medical second opinions for critical illnesses to its members globally, covering over 100 categories of critical conditions, including cancer, cardiovascular diseases, neurological disorders, and more.
Digital Transformation in Medical Consulting
The ongoing digitalization of medical consulting services is creating new opportunities for market growth. The integration of medical services with digital platforms is enhancing the popularity and acceptance of virtual consultations. This digital approach allows patients to obtain second opinions without needing to visit hospitals or clinics, offering significant convenience and improved patient experiences while managing costs effectively. The rise of digital platforms enables consultations from remote locations, increasing accessibility to medical experts.
Collaborations between software development firms and healthcare institutions are accelerating the digital transformation of medical consulting services. For instance, in October 2021, NorthShore University HealthSystem partnered with TytoCare to enable providers to diagnose and treat patients via telehealth. Similarly, Cigna Health Plan announced a significant expansion of access to virtual care services, including digital-first primary care, dermatology, behavioral health, and urgent care. This growing trend of digitalization is expected to further bolster the medical second opinion market in the years to come.
Competitive Landscape and Key Players
The medical second opinion market features several key players, including 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.
In preparing the medical second opinion market report, various primary and secondary sources were utilized, including the US Food and Drug Administration, the American College of Allergy Asthma and Immunology, The Barcelona Institute for Global Health, and Our World in Data.