CMI
The global medical second opinion market size was calculated to be USD 7.12 billion in 2024 and is expected to reach approximately USD 20.45 billion by 2031, growing at a CAGR of 16.3% from 2024 to 2031. Grow.
BURLINGAME, May 21, 2024 (GLOBE NEWSWIRE) — The global medical second opinion market is projected to grow from USD 7.12 billion in 2024 to reach USD 20.45 billion by 2031, at a CAGR of 16.3% from 2024 to 2031, according to a recent study by Coherent Market Insights. The increasing complexity and severity of chronic diseases are forcing patients to seek second opinions from other physicians and medical professionals to ensure proper diagnosis and optimal treatment plans. As a result, there is an increasing demand for medical second opinions.
Scope of the Medical Second Opinion Market Report
Report scope
detail
Market revenue in 2024
$7.12 billion
Estimates until 2031
$20.45 billion
growth rate
Expected to grow at a CAGR of 16.3%
historical data
2019-2023
Forecast Period
2024-2031
prediction unit
Value (USD million/USD billion)
Report scope
Revenue forecast, competitive environment, growth factors, trends
Target segment
By condition, by service provider
Target area
North America, Europe, Asia Pacific, Rest of the World
The driving force behind growth
• Increasing demand for accurate diagnosis and custom treatment plans
• Prefer a holistic and collaborative model of care.
Constraints and challenges
• Lack of awareness among patients.
• High cost of second opinion services
The growth of the medical second opinion market is attributed to the increasing penetration of medical insurance and growing awareness regarding medical second opinions. Health insurance companies encourage the use of second opinions to avoid unnecessary medical interventions and reduce medical costs. This is expected to drive growth in medical second opinion services. Additionally, rising consumer awareness regarding the value of second opinions is also expected to support market growth during the forecast period. Consumers are recognizing the importance of cross-checking medical diagnoses and treatments with another professional, and this is fueling demand for medical second opinions.
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.
story continues
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.
MDView launched its first service in July 2023 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.
Same-day delivery available | Buy this premium research report: https://www.coherentmarketinsights.com/insight/buy-now/6744
Related reports:
• Dermocosmetic skin care products market
• Critical care 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 provide practical insights and credibility in a variety of fields including aerospace and defense, agriculture, food and beverage, automotive, chemicals and materials, and an exhaustive list of almost every field and subdomain. It is known for providing reports that can be done. We create value for our clients through reliable and accurate reporting. We are also committed to playing a leading role in providing insights in various sectors post-COVID-19 and will continue to deliver measurable and sustainable results for our clients.
Follow us: LinkedIn | Twitter
Contact: Mr. Shah Senior Client Partner – Business Development Coherent Market Insights Phone: US: +1-206-701-6702 UK: +44-020-8133-4027 Japan: +81-050-5539-1737 India: + 91-848-285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com
Source link
