Burlingame, May 21, 2024 (GLOBE NEWSWIRE) -- The global Medical Second Opinion Market is projected to grow from USD 7.12 billion in 2024, and it is projected to reach USD 20.45 billion by 2031, at a CAGR of 16.3% from 2024 to 2031, as per the recent study by Coherent Market Insights. The increasing complexity and severity of chronic diseases is compelling patients to seek second opinions from other physicians and healthcare experts to ensure proper diagnosis and optimal treatment plans. This is resulting in rising demand for medical second opinions.
Medical Second Opinion Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $7.12 billion |
| Estimated Value by 2031 | $20.45 billion |
| Growth Rate | Poised to grow at a CAGR of 16.3% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Condition, By Service Providers |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Rising demand for accurate diagnosis and custom treatment plans • Preference for holistic and collaborative care models |
| Restraints & Challenges | • Lack of awareness among patients • High cost of second opinion services |
The growth of the medical second opinion market is attributed to increasing health insurance penetration and increasing awareness regarding medical second opinions. Health insurance providers are encouraging the use of second medical opinions to avoid unnecessary medical interventions and curb healthcare costs. This is expected to drive the growth of medical second opinion services. Furthermore, increasing awareness among consumers regarding value of a second medical opinion is also expected to support the market growth over the forecast period. Consumers are recognizing the importance of cross-checking medical diagnoses and treatments with another expert, which fuels the demand for medical second opinions.
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The trend of utilizing telemedicine and virtual platforms for seeking medical second opinions is gaining traction in the market. Key players are offering virtual second opinion services through telemedicine or online platforms to increase their reach and accommodate patients globally or from remote areas. For instance, Grand Rounds provides virtual medical second opinions using telemedicine platforms and video conferencing with top medical specialists. Such virtual consultations allow patients to seek expert advice without traveling, thereby increasing adoption and access to medical second opinions.
Integration of artificial intelligence and machine learning capabilities is a notable trend witnessed in the medical second opinion market. AI tools are being utilized to analyze huge medical datasets and provide support in clinical decision making to enable more accurate second opinions. They help sort through medical histories, diagnostic tests and propose differential diagnosis. This facilitates improved objectivity and efficiency in medical second opinions.
The cancer segment dominated the medical second opinion market in 2024 and is expected to continue its dominance over the forecast period. Rising prevalence of various types of cancers such as lung cancer, breast cancer, prostate cancer, colorectal cancer and others is a key factor driving the segment. As per the WHO, cancer burden has risen to 18.1 million new cases and 9.6 million cancer deaths in 2018. Growing awareness about seeking second opinions for complex cancer cases is also contributing to the growth of this segment.
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The neurological disorders segment is anticipated to witness significant growth during the forecast period. Increasing incidence of neurodegenerative diseases such as Alzheimer's, Parkinson’s disease, dementia and strokes is a major factor augmenting the growth of this segment. As per the Alzheimer’s Association, around 6 million Americans are living with Alzheimer's dementia in 2022 and this number is expected to rise to around 13 million by 2050. Rising need to confirm diagnosis and treatment plans for complex neurological cases will fuel demand for second opinions, thus propelling the growth of this segment.
Within the medical second opinion market by service providers, the physicians segment captured over 40% share of the global market in 2024. This is mainly attributed to increasing reliance on experienced physicians’ opinions for critical illnesses. Shortage of pathologists and oncologists in developing countries is also propelling healthcare providers and individuals to seek additional medical opinions from reputed physicians. The hospitals segment will grow at a steady pace owing to rising number of partnerships between hospitals and second opinion platform providers.
Recent Developments:
In October 2023, Pearl announced that its Second Opinion chairside dental pathology detection assistance has been approved by the Turkish Medicine and Medical device Agency as a Class lla medical device.
In July 2023, MDView, launched its first service for patients looking for a second opinion on their medical imaging.
Key Market Takeaways:
The global medical second opinion market size was valued at US$ 7.12 Bn in 2024 and is anticipated to witness a CAGR of 16.3% during the forecast period 2024-2031, driven by the increasing incidences of critical illnesses.
On the basis of condition, the cancer segment is expected to hold a dominant position owing to rising global cancer burden.
Based on service providers, the physicians segment is anticipated to dominate the market owing to increasing reliance on experienced physicians’ opinions for critical illnesses. Regionally, North America is expected to hold a dominant position over the forecast period, due to presence of advanced healthcare infrastructure and favorable reimbursement policies in the region.
Key players operating in the medical second opinion market include M|O|C Cancer Care & Research Centre, Yashoda Hospital, Mayo Clinic, Johns Hopkins Hospital, UCLA Medical Center, and others. Strategic collaborations and new service launches are some of the key strategies adopted by these players.
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