The size of the global medical second opinion market is estimated to grow at a brisk pace during the forecast period.
A medical second opinion is a secondary consultation taken by the patient after primary diagnosis. This concept helps the patients get proper treatment if all the treatment procedures occur at one facility. The medical second opinion can validate diagnosis; thus, it plays a significant role in increasing the treatment's accuracy.
The Second Opinion Medicine market acts as a complementary field for primary care while providing a platform for patient-physician interaction globally. The patient visits the doctor to receive treatment for a specific illness or illness. The doctor makes the diagnosis after analyzing the symptoms of the disease. Sometimes the patient is not satisfied with the treatment process and therefore chooses a second opinion from a health professional. The decision to select a "Second Medical Expert" service provider is based on doctors and health insurers' recommendations. The doctor may choose to recommend it if there is a better diagnosis. The patient may also consult health insurance providers for insurance coverage for second opinion services. As the patient decides to get a second opinion, service providers can coordinate with EMS providers to retrieve patient records such as prescriptions and histories of illness; this will help the doctor provide an accurate diagnosis for better patient care.
The patient can choose a second medical opinion if he is not satisfied with the diagnosis or if he needs additional validation in the event of serious surgery. There has been an increasing trend in second opinion medical services, mainly due to the financial, health, and legal costs associated with the treatments.
Increasing preference for healthcare cost optimization and the rise in awareness among people are expected to drive the growth of the medical second opinion market.
Advances in telemedicine help fill gaps in health care, allowing physicians to monitor patient needs quickly and eliminate treatment delays, which are likely to provide lucrative growth opportunities for the medical second opinion market during the forecast period. Individuals refer to the Internet and mobile applications for a second opinion before undergoing any procedure, thus opening a window of opportunity for second opinion medical services market.
The lack of complete knowledge over this process's available options is a challenging factor for the market players. Also, frequent changes in the economic strategies in developed and developing countries may negatively impact the growth of the medical second opinion market. The major challenge of providing telemedicine facilities' service is also challenging due to a lack of knowledge and technological advancement.
Covid-19 Impact on the Global Medical Second Opinion Market
COVID 19 has positively impacted the market and further boosts the growth as the pandemic is going on. The patients mostly have health insurance now covering their treatment, and the hospitals are now at full capacity; therefore, there might be a lack of quality of treatments available. Having a second medical opinion helps a lot in these situations and thus contributing to the market. The variety of different treatments available in the market are complicated to choose from. The patient can use a second medical opinion to get the best treatment with the most efficiency and reliability.
Market Size Available
2019 to 2025
2020 to 2025
By Disease, Supply Provider and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Market Leaders Profiled
Amradnet, London Pain Clinic, Johns Hopkins USA, Cynergy Care, Bright Grey Royal London Group, Helsana Group, Mendocino County Mental Health, Hyjiya Digital Wellness FZCO and Penn Medicine.
This market research report on the global medical second opinion market has been segmented and sub-segmented into the following categories and analyzed market size and forecast until 2025.
Medical Second Opinion Market – By Disease:
Based on disease, Cardiovascular diseases captured the largest market share in 2019 and are expected to grow with the fastest rate. The prevalence of unhealthy lifestyles like drinking, smoking, and unhealthy food has increased cardiovascular diseases. The rise in population all over the globe has also increased the cases of these diseases.
The procedure of treatment related to these diseases is costly and requires good quality healthcare services. The medical opinion helps the patient in getting the right treatment at a fair price.
Diabetes accounted for the second-largest share in the medical second opinion market. The rise in population is a significant factor in the growth of this disease. The medical second opinion helps the patients get connected with different health professionals who can review the problem differently, providing the best solution for the issues.
Injuries had the third-largest market share in 2019 and are expected to grow faster during the forecast period. The rise in population has increased accidents and, thus, more injuries. The increasing growth rate of the population will ensure the medical second opinion market's increasing growth rate.
Medical Second Opinion Market – By Supply Provider:
Based on supply providers, the health insurance players dominated the market segment and are expected to grow faster during the forecast period. The health insurance players provide the second opinion to patients about their disease, the treatments, and the best medical facility that they can afford. It has been the primary reason for the growth of this vertical.
The online services market segment contributes to a significant share of the market. It is likely to grow further during the forecast period due to increasing awareness among people to utilize internet services. Online platforms are getting a significant boost due to the development of the digital platform globally. Online consultancy is expected to grow at a fast rate, and especially during the pandemic time, it is expected to achieve a much better growth rate. Increasing awareness among people about the benefits of online consultancy is the primary factor contributing to this market's growth. Online platforms are getting a significant boost due to globally developing digital platforms, making them more accessible and easier to use.
Hospitals had the third-largest market share, and people prefer hospitals because of the excellent quality of healthcare professionals in hospitals. The people are more reliant on hospitals due to belief in their credibility over online consultants.
Medical Second Opinion Market – By Region:
Geographically, the North America market segment has been contributing the largest market share and growth in the medical second opinion Market and is anticipated to grow further during the forecast period due to the favorable business environment for start-ups to grow, healthcare reforms such as the Affordable Healthcare Act. The key service providers in the region include hospitals and health insurance companies, and the reason for driving the market's growth is an increase in the geriatric population in this region. The development of more healthcare facilities and emphasis on online consultancy due to rapid digitization has also contributed significantly to the revenue.
Europe region is expected to capture second place during the forecast period. The main reason is the increase in the old population who have health insurance with them and thus driving the growth of the market. The increased adoption of technology has increased the digitization of consultancy, thus helping in market growth.
APAC projects the highest growth rate during the forecast period and is likely to contribute a significant share of revenues during the forecast period. The high population and increase in population are major factors responsible for the growth of this market. The rising government initiatives promoting health insurance among people is also positively affecting the market.
NOTABLE COMPANIES IN THE MARKET
List of key market participants leading the Global Medical Second Opinion Market profiled in this report are Amradnet, London Pain Clinic, Johns Hopkins USA, Cynergy Care, Bright Grey Royal London Group, Helsana Group, Mendocino County Mental Health, Hyjiya Digital Wellness FZCO, and Penn Medicine.
RECENT HAPPENINGS IN THE MARKET
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Cardiac Disorders
5.1.5 Y-o-Y Growth Analysis, By Disease
5.1.6 Market Attractiveness Analysis, By Disease
5.1.7 Market Share Analysis, By Disease
5.2 Supply provider
5.2.2 Health Insurance Players
5.2.3 Online and Offline Medical Second Opinion Providers
5.2.4 Private clinics
5.2.5 Y-o-Y Growth Analysis, By Supply provider
5.2.6 Market Attractiveness Analysis, By Supply provider
5.2.7 Market Share Analysis, By Supply provider
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Disease
220.127.116.11 By Supply provider
6.1.4 Market Attractiveness Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Disease
126.96.36.199 By Supply provider
6.1.5 Market Share Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Disease
220.127.116.11 By Supply provider
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 AXA PPP Healthcare
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.3 London Pain Clinic
8.4 Johns Hopkins USA
8.5 Cynergy Care
8.6 Bright Grey, Royal London Group
8.7 Helsana Group
8.8 Mendocino County Mental Health
8.9 Hyjiya Digital Wellness FZCO
8.10 Penn Medicine
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures