BURLINGAME, May 21, 2024 (Globe Newswire) — The global medical second opinion market is projected to grow from USD 7.12 billion in 2024, at a CAGR of 16.3% from 2024 to 2024. is expected to reach US$20.45 billion by 2031. 2031, according to a recent study by Coherent Market Insights. The increasing complexity and severity of chronic diseases is forcing patients to seek second opinions from other physicians and medical professionals to ensure proper diagnosis and optimal treatment plans. As a result, the demand for medical second opinions is increasing.
Scope of the Medical Second Opinion Market Report
Report Coverage Details Market Revenue in 2024 $7.12 billion Estimates to 2031 $20.45 billion Growth Rate Expected to grow at a CAGR of 16.3% Historical Data 2019-2023 Forecast Period 2024-2031 Forecast Unit Amount (US$ 100,000/US$ 1 billion) Report Coverage Revenue Forecast, Competitive Environment, Growth Factors, Conditions Covered Trends Segments, By Service Provider Regions Covered North America, Europe, Asia Pacific, Rest of World Growth Factors • Accurate Increasing demand for accurate diagnosis and custom treatment plans
• Prefer a holistic and collaborative model of care.
Limitations and challenges • Lack of awareness among patients
• High cost of second opinion services
The growth of the medical second opinion market is due to the spread of health insurance and increasing awareness of medical second opinions. Health insurance companies encourage the use of second opinions to avoid unnecessary medical interventions and control medical costs. This is expected to drive growth in medical second opinion services. Additionally, rising consumer awareness regarding the value of second medical opinions is also expected to support market growth during the forecast period. Demand for medical second opinions is increasing as consumers recognize the importance of matching medical diagnoses and treatments with another professional.
Get sample page: https://www.coherentmarketinsights.com/insight/request-sample/6744
The trend of using telemedicine and virtual platforms to seek second medical opinions is gaining momentum in the market. Leading companies are offering virtual second opinion services through telemedicine and online platforms, expanding their reach to serve patients from around the world or in remote locations. For example, Grand Rounds uses a telemedicine platform and video conferencing with top medical experts to provide virtual medical second opinions. These virtual consultations allow patients to seek expert advice without traveling, increasing adoption and access to medical second opinions.
The integration of artificial intelligence and machine learning capabilities is a notable trend seen in the medical second opinion market. AI tools are being leveraged to analyze vast medical data sets and support clinical decision-making to enable more accurate second opinions. They help organize the medical history and diagnostic tests and suggest differential diagnoses. This improves the objectivity and efficiency of medical second opinions.
The cancer segment dominated the medical second opinion market in 2024 and is expected to continue its dominance during the forecast period. The increasing incidence of different types of cancer, such as lung, breast, prostate, and colorectal cancers, is a key factor driving the field. According to WHO, in 2018 the burden of cancer increased to 18.1 million new people and the number of deaths due to cancer reached 9.6 million. Increasing awareness of seeking a second opinion for complex cancer cases is also contributing to the sector's growth.
Customize this report by 10%: https://www.coherentmarketinsights.com/insight/request-customization/6744
The neurological diseases segment is anticipated to witness significant growth during the forecast period. The increasing incidence of neurodegenerative diseases such as Alzheimer's disease, Parkinson's disease, dementia, and stroke are major factors driving the growth of this field. According to the Alzheimer's Association, approximately 6 million Americans will have Alzheimer's disease in 2022, and this number is expected to rise to approximately 13 million by 2050. The increasing need to confirm diagnoses and treatment plans for complex neurological cases will increase the demand for second opinions. Therefore, it will boost the growth of this segment.
In the medical second opinion market by service providers, the physician segment captured more than 40% of the global market share in 2024. This is mainly due to the increased reliance on the opinion of experienced doctors for serious diseases. A shortage of pathologists and oncologists in developing countries is also prompting health care providers and individuals to seek additional medical opinions from renowned physicians. The hospital sector is expected to grow at a steady pace due to the increasing number of partnerships between hospitals and second opinion platform providers.
Recent developments:
In October 2023, Pearl announced that its second opinion chairside dental pathology detection aid was approved as a Class II medical device by the Turkish Medicines and Medical Devices Authority.
In July 2023, MDView launched its first service for patients seeking a second opinion on medical imaging.
Key points in the market:
The global medical second opinion market size was valued at USD 7.12 billion in 2024 and is expected to grow at a CAGR of 16.3% during the forecast period 2024-2031 due to increasing incidence of serious diseases. It is expected.
Based on the state, the cancer segment is expected to maintain its dominant position due to the increasing global cancer burden.
Based on service providers, the physician segment is expected to dominate the market due to increasing reliance on experienced physicians' opinions for critical illnesses. Regionally, North America is expected to maintain its dominant position throughout the forecast period due to the presence of advanced healthcare infrastructure and favorable reimbursement policies in the region.
Some of the major companies operating in the medical second opinion market include M|O|C Cancer Care & Research Center, Yashoda Hospital, Mayo Clinic, Johns Hopkins Hospital, UCLA Medical Center, and others. Strategic collaborations and new service launches are some of the key strategies adopted by these players.
Instant delivery available | Buy this premium research report: https://www.coherentmarketinsights.com/insight/buy-now/6744
Related reports:
• Dermocosmetics skin care products market
• Critical disease treatment market
• Type 1 diabetes market
• Diabetic kidney disease market
About us:
Coherent Market Insights is a global market intelligence and consulting organization providing syndicated research reports, customized research reports, and consulting services. We deliver actionable insights and authentic reports in a variety of domains, including Aerospace & Defense, Agriculture, Food & Beverages, Automotive, Chemicals & Materials, an exhaustive list of virtually all domains and subdomains. is known. We create value for our clients through reliable and accurate reporting. We are also committed to playing a leading role in providing insights in a variety of areas post-COVID-19, and continue to deliver measurable and sustainable outcomes for our clients.
Follow us: LinkedIn | Twitter
