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Pulished Date April, 2021
ID: 6411
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Global Medical Second Opinion Market Size, Share, Trends, COVID-19 Impact and Growth Analysis Report - Segmented By Disease, By Supply provider, Region – Industry Forecast (2021 to 2026)

Pulished: April, 2021
ID: 6411
Pages: 175

Medical Second Opinion Market Size (2021 to 2026)

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. In addition, the medical second opinion can validate diagnosis; thus, it plays a significant role in increasing the treatment's accuracy. 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. 

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. Selecting 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 illness histories; this will help the doctor provide an accurate diagnosis for better patient care.

MARKET DRIVERS:

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. In addition, individuals refer to the Internet and mobile applications for a second opinion before undergoing any procedure, thus opening a window of opportunity for the medical second opinion market.

Additionally, the growing preference for healthcare cost optimization and increased public awareness, the growing need for improved diagnosis and treatment planning, the growing number of hospitals around the world, and the growing population in developing countries are a few other key factors expected to accelerate the growth rate of the global medical second opinion market. The need for a medical second opinion is significant in chronic diseases, including ocular diseases, neurological disorders, pulmonary disorders, and nephrological disorders, which are projected to be driving the global medical second opinion market. The rising trend in second opinion medical services, owing to the financial, health, and legal expenses connected with treatments, is one of the other key factors boosting the global medical second opinion market. Growing skepticism about surgical treatments is a significant driver of the worldwide medical second opinion market, often advising patients to choose therapies and other kinds of therapy over surgery.

Increasing investments in telemedicine technologies, rising modernization and technical improvement in the healthcare sector, and expanding R&D activities are expected to help generate new opportunities for the medical second opinion market during the forecast period.

In recent years, a widening divide between people and medical experts has prompted many individuals to seek a second opinion before undergoing significant surgical operations. In addition, the rising prevalence of cancer is expected to be exacerbated by increased exposure to risk factors such as cigarette use, excessive drinking, poor nutrition, and obesity. As a result, rising cancer rates and an increase in the number of cancer patients seeking a second opinion are predicted to accelerate the growth rate of the global medical second opinion market during the forecast period.

MARKET RESTRAINTS:

However, the growth of the global medical second opinion market is estimated to be hampered by an increase in the use of these instruments without caution, resulting in unnecessary medical expenses, preventing many individuals and healthcare institutions from accepting medical second opinion services. The flitting patient who goes from one doctor to another, getting a range of opinions, frequently contradicting, is one of the most significant challenges that the industries are experiencing today. They are free to accept whatever counsel is provided to them because no one doctor is in charge of the therapy. In addition, the growing lack of awareness and unwillingness in emerging nations to seek medical second opinions is one of the key factors that is expected to stymie the market expansion and pose further challenges to the global medical second opinion market.

Covid-19 Impact on the global medical second opinion market:

COVID-19 has positively impacted the global medical second opinion 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 contributes to the market. The variety of different treatments available in the market is complicated to choose from. The patient can use a second medical opinion to get the best treatment with the most efficiency and reliability. 

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 to 2026

Base Year

2020

Forecast Period

2021 to 2026

Segments Covered

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

Regions Covered

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 2026.

Medical Second Opinion Market – By Disease:

  • Cancer
  • Cardiac Disorders
  • Diabetes
  • Injuries

Based on disease, the cardiovascular diseases segment accounted for the largest share in 2020 in the global medical second opinion market and is expected to grow at the fastest rate during the forecast period. The prevalence of unhealthy lifestyles such as drinking, smoking, and unhealthy food has increased cardiovascular diseases. In addition, 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.

The diabetes segment is another lucrative segment among all and accounted for the second-largest share in the global medical second opinion market in 2020. 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.

The injuries segment had the third-largest market share in 2020 and is expected to grow at a steady growth rate during the forecast period. The rise in population has increased accidents and, thus, more injuries. The increasing growth rate of the population ensures the medical second opinion market's growth rate.

Medical Second Opinion Market – By Supply Provider:

  • Hospitals
  • Health Insurance Players
  • Online and Offline Medical Second Opinion Providers
  • Private clinics

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 a second opinion to patients about their disease, the treatments, and the best medical facility 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 rapidly, 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. In addition, people are more reliant on hospitals due to their belief in their credibility over online consultants.

Medical Second Opinion Market – By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

Geographically, the North American market contributed the largest share to the global medical second opinion market in 2020 and is anticipated to grow at a promising CAGR during the forecast period due to the favorable business environment for start-ups to grow, healthcare reforms such as the Affordable Care 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. In addition, the development of more healthcare facilities and emphasis on online consultancy due to rapid digitization has also contributed significantly to the revenue.

The European market is expected to capture the second-largest share in the global market during the forecast period. Y-O-Y growth in the old population who have health insurance is one of the significant factors promoting the European market growth. In addition, the increased adoption of technology has increased the digitization of consultancy, thus helping in market growth.

The APAC regional market is expected to showcase the highest growth rate during the forecast period and is likely to contribute a significant share to the global market during the forecast period. The high population and increase in population are major factors responsible for the growth of this market. In addition, the rising government initiatives promoting health insurance among people are also positively affecting the market.

KEY MARKET PLAYERS:

The 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:

  • HCA hospitals have partnered with various medical providers, such as Blossoms Healthcare, London Bridge Hospital, and Roodlane Medical, to provide second-rate services for various medical problems.
  • In January 2018, Cleveland Clinic and Martin Health System announced a subsidiary agreement to exchange best practices in cardiology and cardiac surgery, optimize patient-centered care, develop quality improvement programs, and deliver efficient results.

1. Introduction                                 

                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                                           

                2.1 Introduction                               

                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. Overview                                       

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                              

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 Disease                        

                                5.1.1 Cancer      

                                5.1.2 Cardiac Disorders 

                                5.1.3 Diabetes  

                                5.1.4 Injuries     

                                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                        

                                5.2.1 Hospitals  

                                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 Introduction                               

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                                6.1.3.1 By Geographical Area

                                                6.1.3.2 By Disease

                                                6.1.3.3 By Supply provider

                                6.1.4  Market Attractiveness Analysis     

                                                6.1.4.1 By Geographical Area

                                                6.1.4.2 By Disease

                                                6.1.4.3 By Supply provider

                                6.1.5  Market Share Analysis      

                                                6.1.5.1 By Geographical Area

                                                6.1.5.2 By Disease

                                                6.1.5.3 By Supply provider

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy            

                                6.2.6 France       

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan         

                                6.3.5 Australia   

                                6.3.6 South Korea           

                6.5 Latin America                             

                                6.4.1 Introduction           

                                6.4.2 Brazil          

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America          

                6.6 Middle East & Africa                               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa         

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental       

                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                               

                                8.1.1 Overview 

                                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          

                8.2 Amradnet                   

                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                                         

Appendix                                           

                a) List of Tables                

                b) List of Figures                              

  • Global and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms by supply providers with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Medical Second Opinion  Market By Region, From 2021 to 2026 (USD Million)
  2. Global Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  3. Global Cancer Market By Region, From 2021 to 2026 (USD Million)
  4. Global Injuries Market By Region, From 2021 to 2026 (USD Million)
  5. Global Diabetes Market By Region, From 2021 to 2026 (USD Million)
  6. Global Cardiac Disorders Market By Region, From 2021 to 2026 (USD Million)
  7. Global Hospitals Market By Region, From 2021 to 2026 (USD Million)
  8. Global  Online and Offline Medical Second Opinion Providers  Market By Region, From 2021 to 2026 (USD Million)
  9. Global Health Insurance Players Market By Region, From 2021 to 2026 (USD Million)
  10. Global Private clinics Market By Region, From 2021 to 2026 (USD Million)
  11. North America Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  12. North America Cancer Market By Region, From 2021 to 2026 (USD Million)
  13. North America Injuries Market By Region, From 2021 to 2026 (USD Million)
  14. North America Diabetes Market By Region, From 2021 to 2026 (USD Million)
  15. North America Cardiac Disorders Market By Region, From 2021 to 2026 (USD Million)
  16. North America Hospitals Market By Region, From 2021 to 2026 (USD Million)
  17. North America  Online and Offline Medical Second Opinion Providers  Market By Region, From 2021 to 2026 (USD Million)
  18. North America Health Insurance Players Market By Region, From 2021 to 2026 (USD Million)
  19. North America Private clinics Market By Region, From 2021 to 2026 (USD Million)
  20. United States Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  21. Canada Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  22. Europe Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  23. Europe Cancer Market By Region, From 2021 to 2026 (USD Million)
  24. Europe Injuries Market By Region, From 2021 to 2026 (USD Million)
  25. Europe Diabetes Market By Region, From 2021 to 2026 (USD Million)
  26. Europe Cardiac Disorders Market By Region, From 2021 to 2026 (USD Million)
  27. Europe Hospitals Market By Region, From 2021 to 2026 (USD Million)
  28. Europe  Online and Offline Medical Second Opinion Providers  Market By Region, From 2021 to 2026 (USD Million)
  29. Europe Health Insurance Players Market By Region, From 2021 to 2026 (USD Million)
  30. Europe Private clinics Market By Region, From 2021 to 2026 (USD Million)
  31. U.K. Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  32. Germany Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  33. France Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  34. Italy Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  35. Spain Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  36. Asia Pacific Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  37. Asia Pacific Cancer Market By Region, From 2021 to 2026 (USD Million)
  38. Asia Pacific Injuries Market By Region, From 2021 to 2026 (USD Million)
  39. Asia Pacific Diabetes Market By Region, From 2021 to 2026 (USD Million)
  40. Asia Pacific Cardiac Disorders Market By Region, From 2021 to 2026 (USD Million)
  41. Asia Pacific Hospitals Market By Region, From 2021 to 2026 (USD Million)
  42. Asia Pacific  Online and Offline Medical Second Opinion Providers  Market By Region, From 2021 to 2026 (USD Million)
  43. Asia Pacific Health Insurance Players Market By Region, From 2021 to 2026 (USD Million)
  44. Asia Pacific Private clinics Market By Region, From 2021 to 2026 (USD Million)
  45. Japan Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  46. China Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  47. India Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  48. Australia Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  49. South Korea Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  50. Latin America Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  51. Latin America Cancer Market By Region, From 2021 to 2026 (USD Million)
  52. Latin America Injuries Market By Region, From 2021 to 2026 (USD Million)
  53. Latin America Diabetes Market By Region, From 2021 to 2026 (USD Million)
  54. Latin America Cardiac Disorders Market By Region, From 2021 to 2026 (USD Million)
  55. Latin America Hospitals Market By Region, From 2021 to 2026 (USD Million)
  56. Latin America  Online and Offline Medical Second Opinion Providers  Market By Region, From 2021 to 2026 (USD Million)
  57. Latin America Health Insurance Players Market By Region, From 2021 to 2026 (USD Million)
  58. Latin America Private clinics Market By Region, From 2021 to 2026 (USD Million)
  59. Brazil Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  60. Argentina Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  61. Mexico Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  62. Rest of Latin America Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  63. Middle East and Africa Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  64. Middle East and Africa Cancer Market By Region, From 2021 to 2026 (USD Million)
  65. Middle East and Africa Injuries Market By Region, From 2021 to 2026 (USD Million)
  66. Middle East and Africa Diabetes Market By Region, From 2021 to 2026 (USD Million)
  67. Middle East and Africa Cardiac Disorders Market By Region, From 2021 to 2026 (USD Million)
  68. Middle East and Africa Hospitals Market By Region, From 2021 to 2026 (USD Million)
  69. Middle East and Africa  Online and Offline Medical Second Opinion Providers  Market By Region, From 2021 to 2026 (USD Million)
  70. Middle East and Africa Health Insurance Players Market By Region, From 2021 to 2026 (USD Million)
  71. Middle East and Africa Private clinics Market By Region, From 2021 to 2026 (USD Million)
  72. Middle East Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)
  73. Africa Medical Second Opinion  Market By Diseases, From 2021 to 2026 (USD Million)

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