Pune, Aug. 09, 2023 (GLOBE NEWSWIRE) -- “As per the SNS Insider report, the Medical Second Opinion Market was valued at $5,457.65 million in 2022. It is projected to reach $17,046.70 million by 2030, exhibiting a compound annual growth rate (CAGR) of 15.3% during the forecast period from 2023 to 2030.”
Market Report Overview
A medical second opinion is a crucial and valuable process in the realm of healthcare that allows patients to seek input and evaluation from another qualified medical professional, usually a specialist, regarding their diagnosis, treatment plan, or medical condition. This service serves as an additional layer of assurance and information for patients, empowering them to make well-informed decisions about their health and medical care. In the ever-evolving landscape of medicine, where diagnoses can be complex and treatment options numerous, seeking a medical second opinion has emerged as a vital resource.
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Market Analysis
The global medical second opinion market is experiencing an unprecedented surge, driven by a confluence of factors that are reshaping the healthcare landscape. With advances in technology, increasing patient awareness, and evolving healthcare systems, the demand for medical second opinions has skyrocketed. The rapid progress of telemedicine, digital health platforms, and AI-powered diagnostic tools has revolutionized the market. These technologies facilitate seamless communication between patients and healthcare experts, transcending geographical barriers. Patients can now easily access their medical records, diagnostic images, and test results online, enabling specialists to provide accurate and timely second opinions remotely. The medical landscape is witnessing a rise in complex and rare medical cases. In such scenarios, where traditional treatment approaches might be uncertain, medical second opinions offer a ray of hope
Key Players Listed in this Report are:
- Mediguide International LLC
- World Care Inc.
- Cynergy Care
- AXA PPP Healthcare
- Cleveland Clinic
- Helsana Group
- Teladoc Health
- Grand Opinion
- Lybrate
- Partners Healthcare
- Grand Rounds Inc. & Other Players
Impact of Recession on Medical Second Opinion Market Growth
The impact of a recession on the medical second opinion market is complex, with potential outcomes that encompass shifts in patient behaviors, changes in healthcare coverage, and the integration of telemedicine solutions. While a recession may initially lead to a slowdown in demand due to cautious spending, the market's resilience and adaptability can enable it to weather economic challenges. As technology continues to shape the healthcare landscape, innovative approaches and collaborations can mitigate the adverse effects of a recession and even catalyze the growth of the medical second opinion sector.
Medical Second Opinion Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 5457.65 Mn |
| Market Size by 2030 | US$ 17046.70 Mn |
| CAGR | CAGR of 15.3% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Medical Second Opinion Market: Key Segmentation | • By Services (Medical Condition Management, Medical Peer Review Services, and Post-Acute Care Nursing) • By Product (Online Second Opinions and Physical Second Opinions) • By Disorder Type (Organ Transplant, Rheumatologic Disorders, Hematologic Blood Disorders, Nephrological Disorders, Skin Disorders, Obstetrics and Gynecological Disorders, Neurological Disorders, Cancers, Orthopedic Disorders, Cardiac Disorders, Ocular Disorders, Kidney and Urological Diseases, and Others) • By Service Providers (Hospitals, Health Insurance Companies, and Medical Second Opinion Providing companies) |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Get an Excel-Data Sheet of Medical Second Opinion Market with Detailed Analysis (Sheet Included Market Size & Share of Regions, Countries and Continents Data) | Get Excel-Data Sheet |
Impact of the Russia-Ukraine War
While the Russia-Ukraine war might not have an immediate and direct impact on the medical second opinion market, it has the potential to shape patient behaviors and preferences in seeking healthcare guidance. Factors such as changes in medical priorities, trust in local healthcare, global collaboration, psychological impact, and geopolitical considerations could all contribute to shifts in how individuals approach medical second opinions in the context of this conflict. As with any complex situation, the actual outcomes will depend on a multitude of interconnected variables.
Key Regional Developments
North America, particularly the United States, is a prominent player in the medical second opinion market. The region boasts advanced healthcare infrastructure, a high prevalence of chronic diseases, and a tech-savvy population. Europe is another important market for medical second opinions. The region's well-established healthcare systems, access to top-notch medical professionals, and cross-border patient rights have led to a growing demand for second opinions. The Asia-Pacific region is experiencing rapid growth in the market. Rising healthcare awareness, increasing disposable incomes, and advancements in healthcare infrastructure have fueled the demand for expert medical advice.
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Key Takeaway from Medical Second Opinion Market Study
- The market is evolving to meet the needs of an empowered patient population. The dominance of the Medical Condition Management and Hospitals segments reflects the growing demand for personalized, multidisciplinary insights into healthcare decisions.
- As technology continues to advance and patient-centric care gains prominence, these segments are poised to shape the future of medical second opinions, ultimately leading to improved patient outcomes and a more collaborative healthcare landscape.
Recent Developments Related to Medical Second Opinion Market
- Pearl, a pioneering leader in the field of medical technology, has achieved yet another milestone by obtaining the highly coveted EU-MDR (European Medical Device Regulation) certification for its cutting-edge Second Opinion AI platform.
- In a significant development aimed at enhancing cancer patient care, Oncoshot has forged a strategic partnership with MyDoc to introduce a comprehensive second opinion advisory service for individuals navigating the complex terrain of cancer diagnosis and treatment.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Medical Second Opinion Market Segmentation, By Services
9. Medical Second Opinion Market Segmentation, By Product
10. Medical Second Opinion Market Segmentation, By Disorder Type
11. Medical Second Opinion Market Segmentation, By Service Providers
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
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