Hospitals Segment, by Modality to Account Largest Share in Medical Second Opinion Market during 2023-2031
According to our new research study on "Medical Second Opinion Market Forecast to 2031 - Global Analysis - by Condition, Service Providers and Geography," the market was valued at US$ 5.33 billion in 2023 and is projected to reach US$ 15.40 billion by 2031; it is expected to register a CAGR of 14.2% during 2023-2031. The medical second opinion market growth is attributed to the growing emphasis on better treatment outcomes and an increasing preference for healthcare cost optimization. The medical second opinion market report emphasizes the key factors driving the market and shows the development of prominent players.
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 the 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. 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 based on additional medical diagnosis, analysis of existing medical records, and assessment of other therapeutic solutions as an alternative to surgery. These aspects of the second opinion can result in a reduction of therapeutic costs. A second opinion on surgical decisions can result in a reduction of possible surgical adversities, which can lead to a decrease in additional healthcare-related costs. For instance, according to a study published by Cureus in 2022, ~31% of patients worldwide suffer from complications in surgical procedures. Additionally, as per the Open Journal of Internal Medicine published in March 2023, ~4.2 million postoperative deaths occur every year, accounting for 7.7% of global mortality. Therefore, all the above discussed factors are expected contribute the market growth in coming years.
Based on Condition, the market is segmented into cancer, orthopedic disorders, cardiac disorders, neurological disorders, nephrological disorders, hematologic blood disorders, chronic obstructive pulmonary disorders, organ transplant, and others. The cancer segment held the largest medical second opinion market share in 2023, and the orthopedic disorders segment is estimated to register the higher CAGR during 2023-2031. The second opinion in cancer plays a vital role in deciding the accuracy of the treatment. The market growth for the cancer segment is prominently attributed to the growing preference for a second opinion in the case of cancer. For instance, according to Annals of Surgical Oncology, cancer patients have a higher emphasis on getting a medical second opinion to increase the accuracy of cancer diagnosis and therapeutics. Further, according to the Carrum Health Report, an estimated 16% of cancer patients preferred to consider a second opinion, and the second opinion in the case of cancer was more efficient compared to the previous one.
Based on service provider, the market is segmented into hospitals, health insurance companies, and online services. The hospital segment held the largest medical second opinion market share in 2023, and the same segment is estimated to register the highest CAGR during 2023-2031. Hospitals are primary contact points for the patients to get expert opinions on available treatment options and alternatives. Available infrastructure in hospitals can provide expert advice on any disease condition as they have access to specialists in that particular field. The hospitals segment is estimated to hold a major share as the majority of the patients in emerging nations and developed countries prefer to visit hospitals for any health-related expert opinion and guidance. Further, increasing number of hospitals and growing accessibility in emerging nations are estimated to offer lucrative growth opportunities for the market during the forecast period.
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 are among the leading companies operating in the global medical second opinion market.
Companies operating in the medical second opinion market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the medical second opinion market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall medical second opinion market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.
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