Pune, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Medical Second Opinion Market Size & Growth Analysis:
According to SNS Insider, The Medical Second Opinion Market Size was valued at USD 6292.6 Million in 2023 and is expected to reach USD 22661.78 Million by 2032 and grow at a CAGR of 15.3% over the forecast period 2024-2032.
The medical second opinion market is increasingly driven by the heightened use of telemedicine and teleconsultation services that are delivered online. The growth of the medical consultations market and ideas for remotely accessible services through virtual consultations. Telemedicine is one of the concepts that have been used increasingly over the past few years. As per the American Telemedicine Association, the use of telemedicine services has been increasingly used because a report indicated that the use of telehealth for medical second opinions hovers around 70%. With the increased use of technology, patients are looking to call and obtain advice from medical professionals online. With the increased opportunities that have become available, the demand for telemedicine services has immensely increased, and the market for such opportunities is extensive. Patients can obtain medical second opinions from their homes without having to go to a medical facility.
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The other factor that leads to the increased demand for telemedicine services is the aging population. According to the U.S. Census Bureau, the number of people over 65 years is expected to double from 52 million in 2018 to 95 million in 2060. As such, many of these older persons are likely to have chronic illnesses and need to be prescribed drugs that are important for the management of these conditions. The common government statistics indicate that for this administration, the following is an important way of managing chronic illnesses. Older people are likely to have prevalent chronic illnesses, according to government statistics suggesting that 80% of older persons over 65 years will have at least one chronic illness. The same government statistics indicate that 60% of the people will have 68% of the conditions. The second opinion is increasingly being used to help older members understand these conditions and make decisions on the most appropriate maintenance methods. These issues are significantly increasing the growth of the medical second opinion market.
Key Medical Second Opinion Market Players:
- MDLIVE
- Second Opinions
- Consultivo
- Best Doctors
- Lyfe
- MyHealthDirect
- Medly
- DocTalk
- Apollo Hospitals
- Fortis Healthcare
- Max Healthcare
- Cleveland Clinic
- Mayo Clinic
- Johns Hopkins Medicine
- Imperial College London
- Stanford Health Care
- University of California, San Francisco (UCSF) Health
- Memorial Sloan Kettering Cancer Center
- Dana-Farber Cancer Institute
Medical Second Opinion Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 6292.6 Million |
| Market Size by 2032 | US$ 22661.78 Million |
| CAGR | CAGR of 15.3% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| 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) |
Segmental Insights
Hospitals were the largest segment in this market holding 50% in 2023 due to several key factors that enhance their capacity to provide comprehensive medical evaluations. Firstly, hospitals cater to a diverse and extensive patient base, handling a wide range of medical conditions that necessitate expert opinions. This broad scope of services attracts patients seeking second opinions, particularly for complex or critical health issues. Additionally, hospitals offer integrated healthcare services, combining diagnostics, treatment, and follow-up care, which facilitates a seamless process for obtaining medical opinions. Their advanced technological infrastructure, including telemedicine capabilities and
sophisticated diagnostic tools, further enhances the quality and timeliness of the medical opinions provided. Furthermore, hospitals typically have a higher concentration of specialized professionals, enabling them to deliver informed and nuanced insights across various medical fields. This combination of factors not only drives higher patient volumes but also reinforces hospitals’ pivotal role in the healthcare system, making them the predominant choice for individuals seeking reliable medical opinions.
Medical Second Opinion Market Key Segmentation:
By Disorder Type:
- Cardiac Disorders
- Hematologic Blood Disorders
- Orthopedics Disorders
- Cancer
- Neurological Disorders
- Others
By Service Provider Type:
- Hospitals
- Health Insurance Companies
- Private Clinic
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Regional Insights
The Asia Pacific region grows with a high compound annual growth rate i.e. 8.3% in the medical opinion market during the forecast period due to various factors. To begin with, the region’s rapid urbanization and growing middle-class population have resulted in better access to healthcare facilities. With better access comes the need for opinions on medical matters. Additionally, cases of chronic diseases have become more prevalent with the aging population, prompting the need for more advanced forms of healthcare and capital investment. Moreover, advancements in technology such as telemedicine and digital health solutions have made it easier for people in remote areas to access medical opinions.
Further, better access to health insurance has culminated in the need for a more informed population that is aware of their need for a second opinion before committing to a particular form of treatment. The Asia Pacific region’s healthcare market is characterized by significant diversity, with various forms of public and private partnerships and combinations. The competition between public and private healthcare providers brings about an environment of some sort of accountability for service delivery. To this end, customers, in this case, patients, become the primary beneficiaries of such a market as their need for comprehensive professional opinion drives innovations in the Asia Pacific healthcare sector, fostering overall growth in the medical opinion market.
Recent Developments
- In January 2023, Transcarent, a digital health company, partnered with Cleveland Clinic’s Clinic, a virtual care initiative created by the health system in collaboration with telehealth provider Amwell.
- In January 2021, Lybrate, a firm that helps employees better understand their healthcare benefits, acquired 2nd.MD, a medical opinion platform, for INR 460 million.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Technological Advancements
- Reimbursement Scenario
- Regulatory Impact: Effects of regulations on production and usage.
- Environmental Metrics Analysis by Region
6. Competitive Landscape
7. Medical Second Opinion Market Segmentation, by Disorder Type
8. Medical Second Opinion Market Segmentation, by Service Provider Type
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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