Medical Second Opinion Market Size Report - 16.8% CAGR to Reach $10.73Bn, Globally, by 2027 | Growth Analysis by The Insight Partners

The medical second opinion market growth driven by the growing emphasis on superior treatment outcomes and increasing preference for healthcare cost optimization. Moreover, strategic activities by the technological companies to boost telemedicine technologies are offering lucrative opportunities for the growth of the market.

Pune, India., May 16, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research report on "Medical Second Opinion Market Size Report, Share, Trends, Growth & Forecast to 2027 - COVID-19 Impact and Global Analysis By Disorder; Service Providers; and Geography" the global market size is expected to reach USD 10,739.48 million by 2027 from USD 3,204.57 million in 2019; it is estimated to grow at a CAGR of 16.8% from 2020 to 2027.

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Extensively increasing integration of medical services and digital platforms is leading to increasing popularity and acceptance of digital consultation. The digital consultation ensures patient convenience, improved patient experience, and effective cost management. Further, the deployment of digital platform enables patient to be consulted from remote locations with superior accessibility to medical expertise. Rising number of partnerships and collaborations among software developing companies and healthcare institutions is accelerating the digitalization of medical consulting services. For instance, in July 2019, University of Chicago Medicine launched remote second opinion services in collaboration with PinnacleCare, one of the key healthcare advisory companies. The system offers remote health consultation beyond geographic boundaries. Thus, the growing digitalization of medical second opinion services is estimated to offer lucrative opportunities to the market players.

The global medical second opinion market is segmented on the basis of region into North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. North America held the largest market share in 2019. The factors fueling the market in this region include increasing prevalence of chronic disorders and growing adoption of medical second opinion to increase treatment accuracy.

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Global Medical Second Opinion Market Report Scope, Segmentations, Regional & Country Scope:

Report Coverage Details
Market Size Value in USD 3,204.57 Million in 2019
Market Size Value by USD 10,739.48 Million by 2027
Growth rate CAGR of 16.8% from 2020-2027
Forecast Period 2020-2027
Base Year 2020
No. of Pages 158
No. of Tables 49
No. of Charts & Figures 69
Historical data available Yes
Segments covered Disorder; Service Providers; and Geography
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Companies Covered Medisense Healthcare Solutions Pvt. Ltd., Second Opinion International, Elite Medical Services, Cigna, Helsana, WorldCare, Vidal Health Insurance TPA Pvt Ltd, Medix, 2nd.MD

Browse key market insights spread across 158 pages with 49 list of tables & 69 list of figures from the report, "Medical Second Opinion Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Disorder (Cancer, Orthopedic Disorders, Cardiac Disorders, Neurological Disorders, Nephrological Disorders, Hematologic Blood Disorders, COPD, Organ Transplants, and Other Diseases); Service Providers (Hospitals, Health Insurance Companies, and Online Services); and Geography)" in detail along with the table of contents:

Medical second opinion is intended to provide valuable information about the patient’s current treatment options. The concept plays a significant role in dealing with the confusion created through the recommendation of various treatment alternatives for a single case. Besides, the opinion is also sought to gain additional information, which can be helpful to improve treatment outcomes of a disease. The medical second opinion can validate diagnosis; thus, it plays a major role in increasing the accuracy of the treatment.

Growth Strategies by the Key Players operating in the Medical Second Opinion Market:
Jan 2021 - Teladoc Health, Inc. has announced partnership with DexCom, Inc. to empower innovative advanced technology and human expertise. Both companies have partnered to offer CGM-powered insights patient living with Type 2 Diabetes  at free of cost. The CGM-powered insights will assist patients with complete health profile and will recommend tips to support their ongoing diabetes management.

Jan 2020 - USARAD Holdings Inc. has collaborated with Siemens Healthineers to develop AI-Rad Companion Chest CT software for lung nodule detection. The software will assist radiologists to detect pulmonary nodules. The software is CE marked and has received FDA’s approval for its commercialization.

Jan 2018 - AXA the world’s 42nd largest health care brand, announced the acquisition of Maestro Health. The deal is seen as a gateway for AXA’s entry into the United States market.

Oct 2017 - The Co-operators partnered with WorldCare International, Inc. to launch mental health medical second opinion research program designed to optimize individual healthcare decisions.

Sep 2015 - WorldCare International, Inc. (WorldCare), partnered with 1-800MD to offer a new service, WorldCareMD, to clients and members globally. The service is one of the many new services recently added to WorldCare’s range of services, which address clients and members continuum of care needs.

Sept 2018 - AXA Global Healthcare has announced that from 1st November, all new and existing Individual and SME customers with outpatient cover will have access to its innovative new virtual doctor service, Global Care on Demand.

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