The medical second opinion market was valued at US$ 3,204.57 million in 2019 and is projected to reach US$ 10,739.48 million by 2027; it is expected to grow at a CAGR of 16.8% during 2020-2027.
The growth of the medical second opinion market is mainly attributed to the increasing prevalence of chronic diseases, growing emphasis on superior treatment outcomes, and rising focus on healthcare cost optimization. However, the lack of awareness and reluctance toward opting for medical second opinions in emerging nations restrains the growth of the market.
Increasing emphasis on achieving better treatment outcomes drives the growth of the second medical opinion market. Many treatment procedures are known he have high possibility to be associated with adverse effects, which might as well lead to mortality. Hence, in crucial cases, revising the current treatment alternatives and getting advice from another reliable healthcare professional to avoid possible ill-effects becomes essential. According to a study published by the World Health Organization (WHO) in 2019, unsafe medical care causes ~2.6 million deaths each year in the low- and middle-income countries. Such large extent of lethality is anticipated to encourage consumers to opt for medical second opinion. According to a study published by the John Hopkins University, in 2018, in the US, ~250,000 deaths are caused due to medical errors each year.
According to a study published in Annals of Surgical Oncology in 2018, there is great emphasis on getting medical second opinion to increase the accuracy of cancer diagnosis and therapeutics. According to the WHO data, in 2018, ~9.6 million patients across the globe lost their lives due to the occurrence of cancer. In addition, the growing exposure to risk factors such as consumption of tobacco, excessive alcoholism, unhealthy diet, and obesity is further projected to elevate the prevalence of cancer. Thus, an increasing prevalence of cancer, combined with more number of cancer patients seeking for second opinion, would be a prominent factor to drive the growth of the medical second opinion market during the forecast period.
Based on disorders, the medical second opinion market is segmented into cancer, orthopedic disorders, cardiac disorders, neurological disorders, nephrological disorders, hematologic blood disorders, chronic obstructive pulmonary disease (COPD), organ transplant, and other diseases. The cancer segment held the largest share of the market in 2019. However, the market for orthopedic conditions is estimated grow at the highest CAGR in the market during the forecast period.
Based on service provider, the market is segmented into hospitals, health insurance companies, and online services. The hospitals segment held the largest share of the market in 2019; however, online services segment is estimated to register the highest CAGR during the forecast period.
The World Health Organization (WHO), Food and Drug Administration (FDA), National Health Service (NHS), Health Blogs, and Centers for Disease Control and Prevention (CDC), along with company websites, are a few of the major primary and secondary sources referred for preparing this report.