New York, US, Aug. 23, 2021 (GLOBE NEWSWIRE) -- Medical Second Opinion Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Medical Second Opinion Market: By Services, Providers, Application, Source of Service and Region - Forecast to 2027”, the market is estimated to reach USD 9751.58 Million at a CAGR of 15.8% by the end of 2027.
Market Scope:
The growth of medical second opinion can be contributed to the growing need for guidance, high demand for the second opinion due to outbreak of COVID 19, increasing need to improve diagnosis and treatment planning, and increased instances of medical errors.
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Competitive Landscape:
Some of the profiled companies in the MRFR report are
- SecondOpinionExpert Inc.
- DoctorSpring
- 2nd MD
- Cleveland Clinic MyConsult
- Partners Healthcare
- HCA Hospitals
- Teladoc Health Inc.
- Amradnet
- Johns Hopkins Medicine
- XMRI.COM
Top Growth Boosters
Many people in their lifetime, experience one or two diagnostic errors that can result in dire consequences. The National Academy of Medicine reveals that around 6% of U.S. population seeking outpatient care every year witness diagnostic error. Post-mortem assessment-based research for decades has shown that diagnostic errors are responsible for nearly 11% of patient deaths. Medical record reviews say that diagnostic errors are solely responsible for 8% to 19% of devastating events within hospitals.
Furthermore, diagnostic errors are recognized as the top reason for medical malpractice claims worldwide and are twice as likely to cause patient death compared to any other claim. Mayo Clinic reveals that over 25% of patients that have sought medical second opinion were previously misdiagnosed by the primary care provider. Only 15% of them are correctly diagnosed in the initial stage, while the remaining diagnoses differed in some way. In 25% of the patient cases, second opinions have exhibited a “distinctly different” detection from the initial diagnosis. Moreover, in 69% of the cases, initial diagnoses were partly accurate but “better defined” based on the second opinion. All these statistics and studies have proven the benefits of medical second opinions, and with people increasingly growing aware of their health conditions and treatment options, it is highly likely that the global market will see strong growth throughout the analysis period.
The Annals of Surgical Oncology reported that people are more interested in receiving a medical second opinion for higher accuracy of cancer detection as well as therapeutics. The World Health Organization says that in 2019, cancer claimed nearly 10.6 million lives worldwide. Additionally, the surge in risk factors including excess consumption of alcohol and tobacco, obesity, and unhealthy diet has also elevated the occurrence of cancer. In short, the significant prevalence of cancer, paired with the soaring number of cancer patients opting for second opinion would be a major growth inducer in the global market over the upcoming years.
Market Restraints:
High reluctance towards medical second opinion in underdeveloped countries in Africa and other regions could be a huge challenge for the global players in the years to come.
COVID 19 Analysis of Medical Second Opinion Market
The COVID-19 pandemic has exposed the vulnerability of several industries, especially the healthcare sector. In the face of the ongoing crisis, medical professionals have to resort to remote patient monitoring for business continuity. Physicians are increasingly recommending a second opinion for better detection and diagnosis of diseases. Health insurance providers are also favoring second opinion for better understanding of the insurance coverage for different services. To put it simply, the novel coronavirus has been favorable for the medical second opinion market to some extent.
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Market Segmentation
The medical second opinion industry has been divided with respect to services, providers, applications, and sources of services.
Depending on services, the medical second opinion market can be considered for post-acute care nursing, medical peer review services, and medical condition management. The lead in the global market has been taken by the medical condition management segment, as the elderly patient pool continues to burgeon across the globe.
In terms of providers, the market caters to online physicians portal, hospital physicians/specialties, health insurance companies, and medical second opinion companies. The biggest share belongs to the medical second opinion companies segment in the market.
Major applications listed in the MRFR study are diabetes, cancer, neurological disorders, cardiac disorders, ocular disorders, and respiratory disorders. The highest demand for medical second opinion has been experienced in cancer cases, as the prevalence of the health disorders escalates worldwide.
The global market, with respect to source of service, covers in-house as well as outsourced.
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Regional Analysis
America has scaled the highest trajectory in the global market for medical second opinion, backed by the highly aware patient base and the presence of sophisticated healthcare infrastructure. Strong government support also adds to the market worth in the region. Several organizations in the region help patients with second opinions, including the WorldCare International Inc., which works on connecting the members with specialists to review treatment plans, confirm diagnoses, answer questions, and deliver second opinions in a timely manner. The governments in Canada and United States are known for their proactiveness in this field, implementing supportive policies as well as programs while offering reimbursements via medical insurances.
Asia Pacific is emerging as a strong market for medical second opinion, largely due to the escalating number of highly aware people and the soaring need for better diagnosis as well as treatment. The provision of lower cost and ease of interaction, coupled with the improving treatment outcomes and the significant burden of chronic diseases in line with evolving lifestyle further strengthens the market position in the region. Mounting number of hospitals along with the exploding patient base across India, Japan, Singapore, and China has been favorable as well. Besides, the large-scale spending on telemedicine technologies, surging technological advances and modernization in the healthcare industry and increase in research & development activities shall create lucrative opportunities for the regional industry in the following years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
