Medical Second Opinion Market COVID-19 Impacts Global Analysis & Forecast to 2027

The medical second opinion market is expected to reach US$ 10,739.48 million by 2027 from US$ 3,204.57 million in 2019; it is estimated to grow at a CAGR of 16.8% from 2020 to 2027.

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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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.

The global medical second opinion market growth is mainly attributed to factors such as increasing prevalence of chronic diseases, growing emphasis on superior treatment outcomes, and rising preference for healthcare cost optimization. However, the lack of awareness and reluctance toward opting for medical second opinion in emerging nations hinders the growth of the market.

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.

Global Medical Second Opinion Market– By Disorder

Cancer
Orthopedic
Cardiac disorders
Neurological disorders
Nephrological disorders
Hematologic blood disorders
COPD
Organ transplant
Others

Global Medical Second Opinion Market – By Service Provider
Hospitals
Health Insurance Companies
Online Services

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