North America Medical Second Opinion Market Overview:
A medical second opinion is an empowering tool given to patients and doctors, to modify or support their decision on diagnosis, and to review the treatment advice and recommendations on the treatment offered. A medical second opinion can benefit patients in treatment optimization and avoid unnecessary risks.
Market Size Growth Rate:
According to the DataM market research report, the North America medical second opinion market size was valued at USD billion in 2021, it is projected to reach USD billion by 2029, with growth at a decent CAGR over the forecast period 2022-2029.
The demand for a medical second opinion has increased drastically during the COVID-19 pandemic as compared to past years. There is a potential to unlock the clinical expertise and use virtual health and remote monitoring to rethink care and attack the healthcare challenges of the world. Expert medical opinion and virtual consultation open the door for care around the globe, and 20% of the patients with that we interact are outside the U.S.
The medical second opinion market growth is driven by several factors, such as the increasing preference for healthcare cost optimization, increasing instances of medical errors cost, and favorable government initiatives. In addition, With the impact of the COVID-19 pandemic, healthcare service providers are launching online platforms for patients to access second opinion services. This is expected to drive market growth over the forecast period.
However, a disadvantage of getting a second opinion includes, a clash of opinions between the physicians when it comes to disease and how best to treat it. A second opinion can lead to confusion and uncertainty for the patient and may lead to the wrong course of action. In addition, lack of awareness towards opting for a medical second opinion in some regions is one of the major factors hindering the growth of the market.
Advancements in healthcare infrastructure and rising investments in telemedicine technologies are creating a large number of growth opportunities for the market players. A second opinion represents a novel advancement in modern healthcare services. As healthcare delivery shifts to a patient-controlled model of care, expert Second Opinion is poised to lead that transition, preventing diagnostic errors, saving cost, and avoiding wrong treatments which can have lethal consequences.
COVID-19 Impact Analysis
The COVID-19 pandemic has created a large number of opportunities for technologists and manufacturers and led to advancement in the healthcare industry with enhanced quality and affordable services that are easily accessible to everyone. For instance, in March 2020, Teladoc, one of the leading companies offering virtual care, received about 15,000 virtual visit requests in a single day. In addition, various companies are involved in expanding their capabilities to cater to the large volume of virtual visits, thus stimulating market demand. Some of the market players such as Teladoc and MDLive have expanded their capabilities to handle a large volume of calls which will further drive the market growth.
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Recent Developments in the Industry:
In August 2020, SecondOpinionExpert, Inc. and Biotex Solutions, Inc. are partnering to deliver expert medical second opinions and cutting-edge precision phlebotomy and specimen collection services to patients, physicians and clinical and diagnostic laboratories. Biotex Solutions, Inc. is a phlebotomy service company that provides access to any and all laboratories.
On July 16th, 2020, Singapore medical start-up Oncoshot partnered with digital healthcare provider MyDoc, to give cancer patients access to second opinion advice from leading oncologists. As part of the partnership, MyDoc will direct patients from within its network to Oncoshot’s specialist telemedicine platform, which offers remote medical advice from highly qualified oncologists as well as a clinical trial matching solution.
As per the research analysis, the medical second opinion market is segmented by disorder into cancer, diabetes, cardiac disorders, neurological disorders, ocular disorders, and others. By service provider, the market is further segmented into hospitals, medical second opinion providing companies, health insurance companies, others
On the basis of the disorder, the neurological segment accounted for a share of more than 10% in 2020. Attention deficit hyperactivity disorder, Parkinson’s disorder, depression, bipolar disorders, and many more neurological disorders are tough to diagnose and lead to many misdiagnoses. According to Parkinson’s Foundation, around 25-30% of Parkinson’s disorder is misdiagnosed, which is a very high number. Similarly, around 69% of bipolar patients receive misdiagnosis initially. Even well-trained internists and general neurologists can have trouble diagnosing Parkinson’s disease, especially if they’ve had little experience with the disorder. Parkinson’s Foundation suggests that people diagnosed with Parkinson’s consider getting a second opinion from a neurologist specializing in movement disorders and has extensive experience with Parkinson’s. Similarly, in depression, a second opinion from a psychiatrist is always suggested.
Based on service provider, medical second opinion providing companies are estimated to grow at the highest CAGR of 14% over the forecast period (2022-2023), owing to the feasibility they provide to the patients. Many patients take medical second opinions through these online services to consult any doctor worldwide from their home and are cost-efficient. For instance, the price of a doctor’s consultation in the U.S. can be prohibitively high, and insurance plans are limited in their coverage. A patient can consult an Indian doctor online which comes at a cost people can afford whenever they want. Many small cities in developing nations do not have proper access to doctors and healthcare, and these online services prove a boon to those people. Smaller city patients can now get a medical opinion from doctors anywhere online.
The North American medical second opinion market is segmented into major countries including the US, Canada, and Mexico.
US Medical Second Opinion Market:
The United States holds the dominant share of about 72% in 2020, followed by Canada. The United States is the most lucrative market for a medical second opinion. The growth in the region is owing to the presence of important service providers in this country including health insurance companies, and hospitals. Furthermore, the enhancement of more healthcare services and the importance of online consultancy owing to fast digitization have also donated considerably to the revenue.
The market players are adopting various key strategies such as collaborations, partnerships, acquisitions, and product launches to expand their presence. Companies, healthcare insurance providers, and hospitals are emerging rapidly with competitive second opinion services in the North American market. These healthcare providers are booming due to the wide variety of patients taking medical insurance and seeking a second evaluation for a better remedy. All the healthcare providers are working towards meeting patient demand quickly and efficiently, thus helping the global market.
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Some of the major key players in the market are WorldCare Inc., Mediguide International LLC, AXA Healthcare, Cleveland Clinic, Helsana Group, Teladoc Health, GrandOpinion, Lybrate, Partners Healthcare, and Grand Rounds Inc.
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The Full Report has the below insights:
The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
Visualize the composition of the North American medical second opinion market segmentation by disorder, service provider, and country highlighting the key commercial assets and players.
By Disorder: Cancer, Diabetes, Cardiac disorders, Neurological disorders, Ocular disorders, Others
By Service Provider: Hospitals, Medical Second Opinion Providing Companies, Health Insurance Companies, Others
By Country: US, Canada, Mexico
Identify commercial opportunities in the North American medical second opinion market by analyzing trends and co-development deals.
The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and pricing analysis.
Excel data sheet with thousands of data points of North America medical second opinion market-level 4/5 segmentation.
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Product mapping in excel for the key product of all major market players
The report will provide access to approximately 50+ market data tables, 40+ figures, and close to 180 pages.
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