Summary

According to our new research study on “Medical Second Opinion Market Forecast to 2031 –Global Analysis – by Condition, Service Providers, Geography,” the market is anticipated to grow from 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.

A medical second opinion is the process through which a patient seeks another professional assessment or evaluation of a diagnosed case, a treatment, or a medical condition by a different provider. This helps patients confirm a diagnosis, seek alternative treatment options, and be reassured about the decisions they make with respect to their health. Getting a second opinion is especially true for serious conditions, complex medical cases, and the uncertainty of a patient in relation to the first recommendation they received. This is apt to empower patients by giving them more information as well as perspectives on their health status.

North America accounted for a major share of the global medical second opinion market in 2023. The North America medical second opinion market is segmented into the US, Canada, and Mexico. Increasing cases of respiratory diseases in the pediatric population and growing investments in medical devices are among a few factors that are projected to accelerate the growth of the medical second opinions market in North America during the forecast period.

In North America, the US holds a significant share of the medical second opinions market. The growth of the market in the country is primarily driven by the increasing prevalence of cancer. Cancer is the second leading cause of death in the country. According to the American Cancer Society, in 2022, more than 1.9 million new cases of cancer were diagnosed in the nation, causing about 609,360 deaths. Further, ~2.0 million people are expected to be diagnosed with cancer in the US in 2024. The increasing number of misdiagnosed cancer cases and its adverse effects are propelling the demand for medical second opinions.

According to research from Johns Hopkins University., ~4,000 surgical errors are caused every year in the US. Further, according to a study, "Top 10 Medical Errors That Lead to Death," ~7,000 to 9,000 patients die due to medication errors each year in the US. According to the article "Burden of serious harms from diagnostic error in the USA," published in July 2023, about 795,000 Americans suffer due to misdiagnosis of serious diseases each year. Such a high number of medical errors is anticipated to surge the country's need for medical second opinion.

In 2017, UnitedHealthcare collaborated with 2nd.MD to provide members with a no-cost, member-focused expert medical opinion service. 2nd.MD virtually connects to a medical opinion service field specialist to review cases and provide a second opinion. In addition, several organizations assist patients by linking them to doctors for reviewing treatment plans, confirming diagnoses, responding to inquiries, and providing rapid second opinions. For instance, WorldCare International Inc. offers the gold standard of medical second opinions for critical illnesses to covered members worldwide. The service covers more than 100 categories of critical illness, including cancer, cardiovascular diseases, neurological disorders, musculoskeletal disorders, and hematology conditions.

Digitalization of Medical Consulting Services to Provide Market Opportunities in Future

The increasing integration of medical services and digital platforms is causing increased popularity and acceptance of digital consultation. This digital platform allows patients to get a second medical opinion without any visit to the hospitals or clinics. The service can provide significant patient convenience, improved patient experience, and effective cost management. Deploying digital platforms enables patients to be consulted from any remote region with better accessibility to medical experts. The increase in collaborations and partnerships between software development companies and healthcare institutions is accelerating the digitalization of medical consulting services. For instance, in October 2021, NorthShore University HealthSystem partnered with TytoCare to help providers diagnose and treat patients using telehealth. NorthShore serves residents across the Chicago metropolitan area and operates six hospitals. In October 2021, Cigna Health Plan announced that it was significantly expanding access to covered virtual care services, including digital-first primary, dermatology, behavioral and urgent care. The growing digitalization of medical consulting services is expected to contribute to the growth of the medical second opinion market in the coming years.

Medical Second Opinion Market: Competitive Landscape and Key Developments

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 key companies operating in the medical second opinion market.

The US Food and Drug Administration, American College of Allergy Asthma and Immunology, The Barcelona Institute for Global Health, and Our World in data are among the primary and secondary sources referred to while preparing the medical second opinion market report.

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Table of Contents

TABLE OF CONTENTS

1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Medical Second Opinion Market Landscape
4.1 Overview
4.2 PEST Analysis
5. Medical Second Opinion Market – Key Market Dynamics
5.1 Medical Second Opinion Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Growing Emphasis on Better Treatment Outcomes
5.2.2 Increasing Preference for Healthcare Cost Optimization
5.3 Market Restraints
5.3.1 Lack of Awareness and Reluctance Toward Adoption of Medical Second Opinion in Emerging Nations
5.4 Market Opportunities
5.4.1 Rising Collaborations in Telemedicine Technologies
5.5 Future Trends
5.5.1 Digitalization of Medical Consulting Services
5.6 Impact of Drivers and Restraints:
6. Medical Second Opinion Market – Global Market Analysis
6.1 Medical Second Opinion Market Revenue (US$ Million), 2021–2031
6.2 Medical Second Opinion Market Forecast Analysis
7. Medical Second Opinion Market Analysis – by Condition
7.1 Cancer
7.1.1 Overview
7.1.2 Cancer: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Orthopedic Disorders
7.2.1 Overview
7.2.2 Orthopedic Disorders: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Cardiac Disorders
7.3.1 Overview
7.3.2 Cardiac Disorders: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Neurological Disorders
7.4.1 Overview
7.4.2 Neurological Disorders: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
7.5 Nephrological Disorders
7.5.1 Overview
7.5.2 Nephrological Disorders: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
7.6 Hematological Blood Disorders
7.6.1 Overview
7.6.2 Hematological Blood Disorders: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
7.7 COPD
7.7.1 Overview
7.7.2 COPD: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
7.8 Organ Transplant
7.8.1 Overview
7.8.2 Organ Transplant: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
7.9 Others
7.9.1 Overview
7.9.2 Others: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
8. Medical Second Opinion Market Analysis – by Service Provider
8.1 Hospitals
8.1.1 Overview
8.1.2 Hospitals: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Health Insurance Companies
8.2.1 Overview
8.2.2 Health Insurance Companies: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Online Services
8.3.1 Overview
8.3.2 Online Services: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9. Medical Second Opinion Market – Geographical Analysis
9.1 North America
9.1.1 North America Medical Second Opinion Market Overview
9.1.2 North America: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.1.2.1 North America: Medical Second Opinion Market – Revenue and Forecast Analysis – by Condition
9.1.2.2 North America: Medical Second Opinion Market – Revenue and Forecast Analysis – by Service Provider
9.1.3 North America: Medical Second Opinion Market – Revenue and Forecast Analysis – by Country
9.1.3.1 United States: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.1.3.1.1 United States: Medical Second Opinion Market Breakdown, by Condition
9.1.3.1.2 United States: Medical Second Opinion Market Breakdown, by Service Provider
9.1.3.2 Canada: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.1.3.2.1 Canada: Medical Second Opinion Market Breakdown, by Condition
9.1.3.2.2 Canada: Medical Second Opinion Market Breakdown, by Service Provider
9.1.3.3 Mexico: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.1.3.3.1 Mexico: Medical Second Opinion Market Breakdown, by Condition
9.1.3.3.2 Mexico: Medical Second Opinion Market Breakdown, by Service Provider
9.2 Europe
9.2.1 Europe Medical Second Opinion Market Overview
9.2.2 Europe: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.2.2.1 Europe: Medical Second Opinion Market – Revenue and Forecast Analysis – by Condition
9.2.2.2 Europe: Medical Second Opinion Market – Revenue and Forecast Analysis – by Service Provider
9.2.3 Europe: Medical Second Opinion Market – Revenue and Forecast Analysis – by Country
9.2.3.1 Germany: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.2.3.1.1 Germany: Medical Second Opinion Market Breakdown, by Condition
9.2.3.1.2 Germany: Medical Second Opinion Market Breakdown, by Service Provider
9.2.3.2 United Kingdom: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.2.3.2.1 United Kingdom: Medical Second Opinion Market Breakdown, by Condition
9.2.3.2.2 United Kingdom: Medical Second Opinion Market Breakdown, by Service Provider
9.2.3.3 France: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.2.3.3.1 France: Medical Second Opinion Market Breakdown, by Condition
9.2.3.3.2 France: Medical Second Opinion Market Breakdown, by Service Provider
9.2.3.4 Italy: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.2.3.4.1 Italy: Medical Second Opinion Market Breakdown, by Condition
9.2.3.4.2 Italy: Medical Second Opinion Market Breakdown, by Service Provider
9.2.3.5 Spain: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.2.3.5.1 Spain: Medical Second Opinion Market Breakdown, by Condition
9.2.3.5.2 Spain: Medical Second Opinion Market Breakdown, by Service Provider
9.2.3.6 Rest of Europe: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.2.3.6.1 Rest of Europe: Medical Second Opinion Market Breakdown, by Condition
9.2.3.6.2 Rest of Europe: Medical Second Opinion Market Breakdown, by Service Provider
9.3 Asia Pacific
9.3.1 Asia Pacific Medical Second Opinion Market Overview
9.3.2 Asia Pacific: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.3.2.1 Asia Pacific: Medical Second Opinion Market – Revenue and Forecast Analysis – by Condition
9.3.2.2 Asia Pacific: Medical Second Opinion Market – Revenue and Forecast Analysis – by Service Provider
9.3.3 Asia Pacific: Medical Second Opinion Market – Revenue and Forecast Analysis – by Country
9.3.3.1 China: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.3.3.1.1 China: Medical Second Opinion Market Breakdown, by Condition
9.3.3.1.2 China: Medical Second Opinion Market Breakdown, by Service Provider
9.3.3.2 Japan: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.3.3.2.1 Japan: Medical Second Opinion Market Breakdown, by Condition
9.3.3.2.2 Japan: Medical Second Opinion Market Breakdown, by Service Provider
9.3.3.3 India: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.3.3.3.1 India: Medical Second Opinion Market Breakdown, by Condition
9.3.3.3.2 India: Medical Second Opinion Market Breakdown, by Service Provider
9.3.3.4 Australia: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.3.3.4.1 Australia: Medical Second Opinion Market Breakdown, by Condition
9.3.3.4.2 Australia: Medical Second Opinion Market Breakdown, by Service Provider
9.3.3.5 South Korea: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.3.3.5.1 South Korea: Medical Second Opinion Market Breakdown, by Condition
9.3.3.5.2 South Korea: Medical Second Opinion Market Breakdown, by Service Provider
9.3.3.6 Rest of APAC: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.3.3.6.1 Rest of APAC: Medical Second Opinion Market Breakdown, by Condition
9.3.3.6.2 Rest of APAC: Medical Second Opinion Market Breakdown, by Service Provider
9.4 Middle East & Africa
9.4.1 Middle East & Africa Medical Second Opinion Market Overview
9.4.2 Middle East & Africa: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.4.2.1 Middle East & Africa: Medical Second Opinion Market – Revenue and Forecast Analysis – by Condition
9.4.2.2 Middle East & Africa: Medical Second Opinion Market – Revenue and Forecast Analysis – by Service Provider
9.4.3 Middle East & Africa: Medical Second Opinion Market – Revenue and Forecast Analysis – by Country
9.4.3.1 Saudi Arabia: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.4.3.1.1 Saudi Arabia: Medical Second Opinion Market Breakdown, by Condition
9.4.3.1.2 Saudi Arabia: Medical Second Opinion Market Breakdown, by Service Provider
9.4.3.2 South Africa: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.4.3.2.1 South Africa: Medical Second Opinion Market Breakdown, by Condition
9.4.3.2.2 South Africa: Medical Second Opinion Market Breakdown, by Service Provider
9.4.3.3 United Arab Emirates: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.4.3.3.1 United Arab Emirates: Medical Second Opinion Market Breakdown, by Condition
9.4.3.3.2 United Arab Emirates: Medical Second Opinion Market Breakdown, by Service Provider
9.4.3.4 Rest of Middle East & Africa: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.4.3.4.1 Rest of Middle East & Africa: Medical Second Opinion Market Breakdown, by Condition
9.4.3.4.2 Rest of Middle East & Africa: Medical Second Opinion Market Breakdown, by Service Provider
9.5 South & Central America
9.5.1 South & Central America Medical Second Opinion Market Overview
9.5.2 South & Central America: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.5.2.1 South & Central America: Medical Second Opinion Market – Revenue and Forecast Analysis – by Condition
9.5.2.2 South & Central America: Medical Second Opinion Market – Revenue and Forecast Analysis – by Service Provider
9.5.3 South & Central America: Medical Second Opinion Market – Revenue and Forecast Analysis – by Country
9.5.3.1 Brazil: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.5.3.1.1 Brazil: Medical Second Opinion Market Breakdown, by Condition
9.5.3.1.2 Brazil: Medical Second Opinion Market Breakdown, by Service Provider
9.5.3.2 Argentina: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.5.3.2.1 Argentina: Medical Second Opinion Market Breakdown, by Condition
9.5.3.2.2 Argentina: Medical Second Opinion Market Breakdown, by Service Provider
9.5.3.3 Rest of South & Central America: Medical Second Opinion Market – Revenue and Forecast to 2031 (US$ Million)
9.5.3.3.1 Rest of South & Central America: Medical Second Opinion Market Breakdown, by Condition
9.5.3.3.2 Rest of South & Central America: Medical Second Opinion Market Breakdown, by Service Provider
10. Industry Landscape
10.1 Overview
10.2 Growth Strategies in Medical Second Opinion Market
10.3 Organic Growth Strategies
10.3.1 Overview
10.4 Inorganic Growth Strategies
10.4.1 Overview
11. Company Profiles
11.1 Second Opinion International
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Elite Medical Services
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 The Cigna Group
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Helsana
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 WorldCare
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Vidal Health Insurance TPA Pvt Ltd
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 2nd.MD
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Axa SA
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Teladoc Health Inc
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Included Health, Inc.
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
11.11 Royal Doctors
11.11.1 Key Facts
11.11.2 Business Description
11.11.3 Products and Services
11.11.4 Financial Overview
11.11.5 SWOT Analysis
11.11.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms