Medical Second Opinion Market Size to Expand Significantly by the End of 2026
February 18, 2022
Feb 18, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Medical Second Opinion Market.
It was estimated prior to this unanticipated outbreak that the Medical Second Opinion Market is projected to grow from USD 3.56 billion in 2020 to USD 10.24 billion by 2026 at a CAGR of over 19.3% during the forecast period. A medical second opinion is referred to as an additional consultation taken by the patient after the primary diagnosis. The patient can further opt for a medical second opinion if the patient feels dissatisfied with the diagnosis or if there is a need for further validation and confirmation in case of some serious surgical procedures. This service is usually considered for chronic diseases such as neurological disorders, ocular disorders, and nephrological disorders.
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Growing preference for healthcare cost optimization is the key factor augmenting the demand for medical second opinion services.
- In addition, growing awareness among people, reducing financial costs, increasing the need for improved diagnosis and treatment planning further bolster the market growth.
- Also, growing superior treatment outcomes, increasing number of hospitals worldwide, ease of interaction, rising population in the emerging countries, and growing prevalence of diseases due to change in lifestyle further propels the industry growth.
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By service providers, the medical second opinion market has been segmented into hospitals, health insurance companies, and online services.
- Under these, the hospitals segment garnered the highest market share in 2020 and is likely to register the fastest CAGR in the following years.
- This is mainly attributed to the feasibility they offer to the patients, technological advancements, rise in incidence and prevalence of asthma and COPD, and growing geriatric population, thus promulgates the segment growth.
By region, the North American market accounted for the largest share in 2020 and is projected to grow at a healthy CAGR during the assessment period. This is mainly attributed to advanced healthcare infrastructure, increasing awareness among people in the region, growing prevalence of diseases due to change in lifestyle, and increasing favourable government initiatives, further augments the regional growth. Rising treatment planning amongst people is also expected to contribute the regional market growth.
Key Players:
Key players operating in the global Medical Second Opinion market are-
- Medisense Healthcare Solutions Pvt. Ltd. (India),
- Second Opinion International (The U.S),
- Elite Medical Services (Elite Medical Services),
- Cigna (The U.S),
- Helsana (Switzerland),
- WorldCare (The U.S),
- Vidal Health Insurance TPA Pvt Ltd (India),
- Medix (The U.S),
- AXA (France),
- 2nd.MD (The U.S).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Medical Second Opinion analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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